What is a Quit Claim and how is it used?
A quit claim is an agreement given by a creditor to quit pursuing the debtor, usually in exchange for the asset on which the debt is owing, typically land. Can I lose my home quarter? Yes, if you have given a Land Titles Act mortgage or equitable mortgage on the home quarter or otherwise given the home quarter as security for a loan or credit and you have defaulted under the loan or credit arrangement. However, if the home quarter has not been provided as security, under the Civil Enforcement Act, a creditor cannot seize the home quarter provided the home quarter is the farmer’s residence and is part of the farm. Can a creditor foreclose on land or seize assets any time it likes, even if I have made my payments on time? No. A creditor can only foreclose on land or seize assets if the loan agreement is in default. A loan is in default if you do not comply with the terms of the loan agreement. Typically, default occurs when you fail to make the payments, but default can also occur under
