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ARTICLE · 12 JULY 2016

Things You May Not Know About The Farm Debt Mediation Act

Miller Thomson
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Most or all creditors who lend to farmers will be familiar with the Farm Debt Mediation Act, S.C. 1997, c. 21 (the "FDMA") and the need to serve a notice under the FDMA before taking action against a farmer.

CanadaFinance and Banking
David Gerecke
David Gerecke
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Most or all creditors who lend to farmers will be familiar with the Farm Debt Mediation Act, S.C. 1997, c. 21 (the "FDMA") and the need to serve a notice under the FDMA before taking action against a farmer.  However, there are some details of how the FDMA operates that may not be as well-known.  This piece will highlight some of those details.

As a brief introduction, the FDMA requires every secured creditor who intends to enforce any remedy against a farmer's property, or commence proceedings for the recovery of a debt or the realization of any security against a farmer must give written notice to the farmer (following a prescribed form) of no less than 15 business days.  If a secured creditor fails to give that notice, any act done against the creditor will be null and void.  The relevant provisions state as follows:

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