Canadian Agricultural Loans Regulations

5 For the purposes of paragraphs 4(3)(b) and 6(2)(b) of the Act,

• (a) in the case of a loan in respect of an item that does not form part of or is not affixed to real or immovable property, the borrower shall own the item outright or have purchased it under a conditional sales contract; and

• (b) in the case of a loan in respect of an item that forms part of or is affixed to real or immovable property, the borrower shall

  • (i) own the real or immovable property,

  • (ii) lease the real or immovable property pursuant to the Prairie Farm Rehabilitation Act or the Veterans’ Land Act, R.S.C. 1970, c. V-4, or

  • (iii) have a leasehold interest in the real or immovable property that extends at least two years beyond the term of the loan.