Veterans’ Land Act — V-1.5 24
Surplus paid to veteran 24 (1) Subject to subsections (1.1) to (1.3), where a contract made by the Director with a veteran under this Part is rescinded or otherwise terminated and the property to which the contract relates is sold by the Director for more than the amount owing under the contract, the surplus shall be paid by the Director to the veteran, but in the case of any such sale on a term basis under an agreement of sale, the surplus shall be paid by the Director to the veteran at such time as the Director determines such payment to be warranted having regard to the amount then owing to him in respect of that property. Surplus paid into court (1.1) Where the Director has notice of an unsatisfied court order or judgment obtained against the veteran for the recovery or payment of money or of an unsatisfied court order or judgment referred to in section 37 obtained against the veteran, the Director may pay into court the surplus referred to in subsection (1) or such part thereof as would satisfy the order or judgment and related costs. Remainder of surplus paid to veteran (1.2) Where the Director pays less than the total surplus into court pursuant to subsection (1.1), he shall pay the remainder of the surplus to the veteran. Time of payment (1.3) Notwithstanding subsections (1.1) and (1.2), where the property referred to in subsection (1) is sold on a term basis under an agreement of sale, the surplus may be paid in accordance with subsections (1.1) and (1.2) at such time as the Director determines such payment to be warranted having regard to the amount then owing to him in respect of that property. How surplus calculated (2) For the purposes of subsection (1) the amount owing under the contract is the aggregate of (a) the amount that the veteran would have been required to pay for a transfer, conveyance or discharge of mortgage or hypothec at the date of the rescission or other termination of the contract; (b) the amount of any refund made to the veteran pursuant to subsection (3); (c) taxes and costs of insurance and repairs paid or incurred with respect to such property by the Director since the date of rescission or other termination; (d) costs incurred by the Director since the date of the rescission or other termination in taking over, maintaining and reselling the property; (e) interest from the date of rescission or other termination of the contract on so much of the amounts set out in paragraphs (a) and (b) as consists of principal at the rate or rates that would have been payable thereon under the contract had the contract not been rescinded or otherwise terminated; and (f) interest on the amounts set out in paragraphs (c) and (d) from the time the amounts were paid or incurred by the Director at the rate or rates in effect for the purpose of this paragraph at the time the contract was rescinded or otherwise terminated; minus any income derived by the Director from the property since the date of the rescission or other termination. Refunding of initial down payment (3) Where the contract between the Director and a veteran was rescinded or otherwise terminated and it is established to the satisfaction of the Director that (a) the property described therein did not deteriorate in value owing to wilful neglect by the veteran during his occupancy, and (b) failure of the veteran to observe the terms of his contract was due to his physical disability, or ill-health of his family, or his general unfitness to farm, or the unsuitability of the property, and that as a consequence thereof the veteran is in necessitous circumstances, the Director may, with the approval of the Governor in Council, refund to the veteran his initial down payment in whole or in part. Sale of livestock, etc. (4) In the event of any sale by the Director, pursuant to an agreement entered into by him with a veteran for the making of a grant under subsection 45(3), of any livestock, machinery or equipment referred to in paragraphs 45(4)(c) to (g),