QLDIn ForceAct
Credit (Rural Finance) Act 1996
sec.10Exception to s 7 —taking possession to protect equipment
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sec.10 Exception to s 7 —taking possession to protect equipment
Section 7 does not apply to a mortgagee in exercising, or purporting to exercise, a right under a mortgage to take possession of farm equipment if the mortgagee reasonably believes— the mortgagor has removed or disposed of the equipment, or intends to remove or dispose of the equipment, in contravention of the mortgage; or it is necessary to take possession urgently to protect the equipment.
- (a) the mortgagor has removed or disposed of the equipment, or intends to remove or dispose of the equipment, in contravention of the mortgage; or
- (b) it is necessary to take possession urgently to protect the equipment.