Government of Saskatchewan ministries, Crown corporations and organizations are implementing contingency plans to minimize the impacts of postal service disruption.
Les ministères, sociétés d’État et organismes du gouvernement de la Saskatchewan mettent en œuvre des plans d’urgence (en anglais) visant à réduire les répercussions de l’interruption du service des postes.
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The Issues and Resolutions provided on the Farm Land Security Board (FLSB) HQP FAQ site are examples of questions coming to the Board. The resolutions are not to be read as legal opinions. All situations have unique details that must be considered in determining how HQP affects a mortgage.
This document is only a guide; readers must apply their own diligence and consult with a lawyer before deciding how to proceed.
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Abbreviations:
All farm land is not subject to Home Quarter Protection. Only the farm family's homestead is subject to HQP.
The Act, section 44(15), (16) and (17), states:
(15) Where, under The Farm Security Act, a mortgage executed prior to the coming into force of this Act was not subject to section 7 of that Act, then that mortgage is not subject to this Part.
(16) This Part does not apply to a mortgage where:
a) the mortgage is executed after the coming into force of this subsection; and
b) at the time when the mortgage is executed, the farm land that is subject to the mortgage is not a homestead.
(17) Where farm land that is the subject of a mortgage is not a homestead when this subsection comes into force, this Part does not apply to the mortgage.
Only the mortgage is excluded from HQP. HQP stays in place respecting all other debt including other mortgages. The term "waiving home quarter protection" is misleading as it incorrectly implies that other creditors can piggyback on a mortgage creditor's HQP exclusion order.
If the farmer lives in town and has a house on the farm caution says "yes" to exclude the farm homestead mortgage from HQP. The Act's definition of homestead includes the phrase "…house and buildings occupied by the farmer as his bona fide farm residence …" If the farm yard site includes a residence ensure the mortgage is excluded from HQP.
A Revolving credit mortgage can be excluded from HQP. The Solely New Funds/Excluded Debt Class Exclusion Order (LINK) applies to revolving credit mortgages. Also, when an existing revolving credit loan is being increased, a co-application can be submitted to the Board for its decision whether to exclude the mortgage from HQP.
Once a mortgage is excluded from HQP, normal changes to its repayment terms or lengthening its amortization do not affect the exclusion order.
As long as the new repayment terms do not require a new mortgage and no new security is added, the mortgage will continue to be excluded from HQP.
An exclusion order is required when the mortgage loan is to pay out interim construction financing, credit card or other debt. When the original creditor is refinancing an interim loan or credit card debt originally used for construction purposes, the mortgage purpose is refinancing – not construction – and an exclusion order is required.
Clause 4) of the SNF/ED Order states:
4) the homestead secured under the mortgage is registered in the name of the borrower or is being acquired by the borrower with the subject advance;
When the loan is given to a company or a person not holding title to the home quarter, always apply to have the mortgage excluded from the Protection. The two most common examples of this are:
Apply for a HQP exclusion order in both cases.
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