Canadian Agricultural Loans Regulations (SOR/99-122)

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 property that does not form part of or is not affixed to real or immovable property, the borrower shall own the property outright or hold rights under a conditional sales contract or term contract; and

• (b) in the case of a loan in respect of property 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) hold a lease in real or immovable property with the lease term extending at least two years beyond the term of the loan.