Veterans’ Land Act (R.S.C. 1970, c. V-4)

Marginal note:Consolidation of loans under section 71 or 72

77. Notwithstanding the maximum repayment period specified in section 76, where the Director enters into more than one agreement with a veteran under section 71 or 72, those agreements may be consolidated into one agreement and for the purposes of such consolidation a uniform repayment period may be provided for all loans under section 71 or 72, which period shall not exceed thirty years from the date of the last such loan.

Marginal note:Other terms

78. It shall be a term of every agreement of loan entered into under this Part that, in the event of the sale, lease or other disposition by the veteran of the land upon which the Director has, by virtue of section 81, a first and paramount lien, any portion of the loan then outstanding shall, at the option of the Director, forthwith become due and payable.

Marginal note:Director to take security

79. Subject to this Act, the Director shall, as security for a loan made under this Part to a veteran certified to be a full-time farmer, hold farm land, basic herd livestock or farm equipment sufficient, in the opinion of the Director, to secure the repayment of the amount of the veteran’s outstanding indebtedness under that loan.

Marginal note:Amount of Director’s security to be in land, etc.

80. The Director shall ensure at all times that not less than sixty per cent of the security held by him to secure repayment of a loan made under this Part and the outstanding cost to the Director owing under a Part I contract by a veteran certified to be a full-time farmer is in farm land and the balance, if any, in basic herd livestock and farm equipment not in excess of such amounts as the Governor in Council may prescribe.

Marginal note:Director’s lien

81. As long as any portion of a loan made under this Part remains unpaid, the Director has a first and paramount lien in respect thereof upon the land, livestock or farm equipment to which a Part I contract relates, and upon any land, basic herd livestock or farm equipment purchased or taken as security by the Director under this Part, which lien has priority over all other rights, interests, liens, charges, claims or demands whatever of any other person.

Marginal note:Lien where additional land purchased

82. Where proceeds of a loan made under this Part are used by the Director to purchase land, the land so purchased shall be held as security for the repayment of the loan in the same manner and subject to the same terms and conditions, as nearly as may be, as the land to which the Part I contract relates.