sec.30Compensation if heads of agreement revoked

sec.30 Compensation if heads of agreement revoked

This section applies if the farmer revokes the heads of agreement during the cooling-off period. A party to the heads of agreement has a right to claim reasonable compensation for a benefit received by the other party under the heads of agreement before the agreement was revoked. However, a mortgagee has no right to compensation under subsection (2) merely because the farmer revoked the heads of agreement. This section and section 29 do not affect any other right or remedy available to a party to the heads of agreement arising from the farm business debt or the farm mortgage. (sec.30-ssec.1) This section applies if the farmer revokes the heads of agreement during the cooling-off period. (sec.30-ssec.2) A party to the heads of agreement has a right to claim reasonable compensation for a benefit received by the other party under the heads of agreement before the agreement was revoked. (sec.30-ssec.3) However, a mortgagee has no right to compensation under subsection (2) merely because the farmer revoked the heads of agreement. (sec.30-ssec.4) This section and section 29 do not affect any other right or remedy available to a party to the heads of agreement arising from the farm business debt or the farm mortgage.