sec.16Court may make relieving order

sec.16 Court may make relieving order

The court must decide the application by dismissing it or by making a relieving order. In deciding the application, the court must consider— whether the mortgagor has a reasonable prospect of being able to remedy the stated default within 1 year after the notice day; and how necessary the equipment is to the mortgagor in carrying out the farming business; and whether the mortgagor has removed, damaged or disposed of the equipment, or intends to remove, damage or dispose of the equipment, in contravention of the mortgage; and anything else the court considers relevant to making a just decision. A relieving order is an order that— if the mortgagee has possession of the equipment—the mortgagee must return it to the mortgagor; and the mortgagee must not take possession of, or sell, the equipment for a stated period ending not later than 1 year after the notice day. The court may make a relieving order on terms it considers appropriate, including, for example, that the mortgagor pay any enforcement expenses incurred by the mortgagee. In this section— notice day means the day the mortgagee is given the notice of application or, if the court orders that the mortgagor is not required to give the notice, the day the court makes that order. stated default means— if the mortgagee has given the mortgagor a default notice under part 2 —the default stated in the notice; or otherwise—the default that is claimed by either party to have been made by the mortgagor. (sec.16-ssec.1) The court must decide the application by dismissing it or by making a relieving order. (sec.16-ssec.2) In deciding the application, the court must consider— whether the mortgagor has a reasonable prospect of being able to remedy the stated default within 1 year after the notice day; and how necessary the equipment is to the mortgagor in carrying out the farming business; and whether the mortgagor has removed, damaged or disposed of the equipment, or intends to remove, damage or dispose of the equipment, in contravention of the mortgage; and anything else the court considers relevant to making a just decision. (sec.16-ssec.3) A relieving order is an order that— if the mortgagee has possession of the equipment—the mortgagee must return it to the mortgagor; and the mortgagee must not take possession of, or sell, the equipment for a stated period ending not later than 1 year after the notice day. (sec.16-ssec.4) The court may make a relieving order on terms it considers appropriate, including, for example, that the mortgagor pay any enforcement expenses incurred by the mortgagee. (sec.16-ssec.5) In this section— notice day means the day the mortgagee is given the notice of application or, if the court orders that the mortgagor is not required to give the notice, the day the court makes that order. stated default means— if the mortgagee has given the mortgagor a default notice under part 2 —the default stated in the notice; or otherwise—the default that is claimed by either party to have been made by the mortgagor.