Part II of
The
Saskatchewan Farm Security Act ensures that farmers who are facing foreclosure
have the time and opportunity to seek arrangements with their creditor in order to
preserve continued ownership of their farm land.
Saskatchewan’s farm protection legislation was
instituted in 1985 to ensure that farm land was not foreclosed without a thorough
exploration of alternatives. The Act requires a mortgage or Writ of Execution
creditor to serve the farmer and the Farm Land Security Board a Notice of Intention to
Foreclose. The Act then allows a 150-day period following service of the Notice for
a review of the farmer’s financial affairs, a mediation meeting with the creditor
and, if necessary, a report to the court by the Board.
