Victorian Numbered Acts Victorian Numbered ActsIn this Act—
"commencement day" means the day on which this Act comes into operation;
"creditor" means a person to whom a farm debt is for the time being owed by a farmer;
"default", in relation to a farm mortgage, means failure to perform an obligation that, under the terms of the mortgage, is a ground for enforcement action;
Examples
1 Failure to pay the principal, interest or other money the payment of which is secured by a farm mortgage.
2 Failure to keep the property subject to the farm mortgage insured.
3 Failure to submit financial statements required by the creditor.
"Department "means the Department of Primary Industries;
"enforcement action", in relation to a farm mortgage, means taking possession of property under the mortgage or any other action to enforce the mortgage, including the giving of any statutory enforcement notice, or the continuation of any action to that end already commenced, but does not include—
(a) the completion of the sale of property held under the mortgage in respect of which contracts were exchanged before the commencement day; or
(b) the enforcement of a judgment that was obtained before the commencement day;
"exemption certificate" means a certificate issued under section 16 in respect of a farm mortgage;
"farm" means land on which a farmer engages in a farming operation;
"farm debt" means a debt incurred by a farmer for the purposes of the conduct of a farming operation that is secured wholly or partly by a farm mortgage;
"farm machinery" means any of the following goods acquired for the purposes of a farming operation—
(a) a harvester, binder, tractor, plough or other agricultural implement;
(b) any other goods of a class commonly used for the purposes of a farming operation that are prescribed as farm machinery;
"farm mortgage" includes any interest in, or power over, any farm property securing obligations of the farmer whether as a debtor or guarantor, including any interest in, or power arising from, a hire purchase agreement relating to farm machinery, but does not include—
(a) any stock mortgage or any crop or wool lien; or
(b) the interest of the lessor of any farm machinery that is leased; or
(c) a security interest, within the meaning of section 12 of the Personal Property Securities Act 2009 of the Commonwealth, in stock, crops or wool;
"farm property" means—
(a) a farm or part of a farm; or
(b) farm machinery used by a farmer in connection with a farming operation; or
(c) a water share within the meaning of the Water Act 1989 issued to a farmer for the purposes of a farming operation;
"farmer" means a person (whether an individual person or a corporation) who is solely or principally engaged in a farming operation and includes a person who owns land cultivated under a share-farming agreement and the personal representatives of a deceased farmer;
"farming operation" means any of the following activities undertaken for commercial gain—
(a) agricultural, pastoral, horticultural or apicultural activities;
(b) poultry farming, dairy farming or any business that consists of the cultivation of soils, the gathering of crops or the rearing of livestock;
(c) any prescribed activities;
"function" includes a power, authority or duty;
"hire purchase agreement" has the same meaning as in the Duties Act 2000 ;
"mediator "means a person contracted by the Small Business Commissioner under section 20 to mediate farm debt disputes between creditors and farmers under this Act;
"prohibition certificate" means a certificate issued under section 14 in respect of a farm mortgage;
satisfactory mediation has the meaning given by section 4 ;
"Secretary" means the Secretary to the Department;
"Small Business Commissioner" means the Small Business Commissioner appointed under the Small Business Commissioner Act 2003 ;
"statutory enforcement notice" means—
(a) a notice under section 76(1) of the Transfer of Land Act 1958 ;
(b) a notice under clause 5 of Schedule 12A to the Water Act 1989 ;
(c) any prescribed notice given under an Act.