Soldier Settlement Act — S-12.8 22
Terms of sale set forth in agreement binding 22 All sales of property made pursuant to the provisions of this Act and whereon any balance of the sale price shall remain payable by instalments or otherwise, shall be evidenced by agreement of sale, which shall fully set forth the terms of sale. Board may rescind agreement on default of settler 2. If any instalment mentioned in any such agreement of sale is not punctually made or if the settler makes any other default in performance of the terms of such agreement, the Board may without any formal re-entry or retaking and without resort to proceedings in equity or at law, rescind such agreement and resell or otherwise deal with the property as authorized by this Act. Rescission vests property in Board 3. The effect of such rescission shall be to vest such property in the Board absolutely free and discharged of all rights and claims of the settler, and of all persons claiming or entitled to claim through or under him, for any estate in, or lien, charge or encumbrance upon or against such property. Surplus of resale paid to settler; deficiency paid by settler 4. If and when such property is resold by the Board, any surplus remains in its hands beyond the amount owing to it as balance of the sale price and interest at five per centum per annum and expenses of taking over and reselling the property, the Board shall pay such surplus to the settler; but if, instead, a deficiency arises, that deficiency shall be paid by the settler to the Board, which shall have a right of action against him therefor. Board may order payment of the surplus to credit of the Assurance Fund 5. In the case of a settler who has not, in the opinion of the Board, established an equitable claim to such surplus by having taken possession of the land affected and by effecting improvements thereon or otherwise, or who has abandoned the property without notice, the Board may pay the surplus, or, in the discretion of the Board, that part of the surplus in excess of the initial payment made by the settler, to the Receiver General to the credit of the Soldier Land Settlement Assurance Fund. Notice by Board to settler 6. Before exercising as against land the rights by this section given, the Board shall give to the settler notice of its intention so to do, which notice shall be deemed duly given if mailed in any post office by registered letter addressed to the settler at his last address known to the Board thirty clear days before the Board acts hereunder. Agreement of sale rescinded Settler may be reinstated (7) In the case of any land the title to which may pass by virtue of subsection five of section four of this Act from the Director of Soldier Settlement by reason of any action or proceeding at the instance of a taxing authority, the agreement of sale shall forthwith upon due publication by the taxing authority of any notice of sale of the said land for arrears of taxes be rescinded as fully and with the same effect as if such agreement had been duly rescinded by the Director of Soldier Settlement, but the settler shall be reinstated in such rights with respect to the land as he had prior to the rescission of his agreement upon due payment by him to the Director of Soldier Settlement of the moneys necessary to effect redemption of the land or upon the production by him to the Director of Soldier Settlement of a certificate of redemption duly completed in respect of such land. R.S., 1927, c. 188, s. 22; 1934, c. 41, s. 3