sec.17BMeaning of hire-purchase agreement

sec.17B Meaning of hire-purchase agreement

A hire-purchase agreement is an agreement entered into after the commencement of this section, under which— farm equipment is let or hired to a farmer and the farmer has an option to purchase the farm equipment; or a farmer agrees to purchase farm equipment by instalments, whether the instalments are described as rent, hire or something else. Two or more agreements, which individually are not hire-purchase agreements, are also a hire-purchase agreement , from the time the last agreement is entered into, if under the agreements— there is a bailment of farm equipment to a farmer; and the farmer may purchase the farm equipment or the property in the farm equipment may pass to the farmer. However, a hire-purchase agreement does not include an agreement mentioned in subsection (1) or (2) if— the property in the farm equipment passes to the farmer— at the time the agreement is entered into; or at any time before delivery of the farm equipment; or the total market value of the farm equipment at the time the agreement is entered into is more than $40000000. In this section— farmer , for a hire-purchase agreement, does not include a farmer engaged in the business of selling farm equipment of the same nature or description as the farm equipment being let, hired, purchased or bailed under the agreement. s 17B ins 2002 No. 52 s 10 (sec.17B-ssec.1) A hire-purchase agreement is an agreement entered into after the commencement of this section, under which— farm equipment is let or hired to a farmer and the farmer has an option to purchase the farm equipment; or a farmer agrees to purchase farm equipment by instalments, whether the instalments are described as rent, hire or something else. (sec.17B-ssec.2) Two or more agreements, which individually are not hire-purchase agreements, are also a hire-purchase agreement , from the time the last agreement is entered into, if under the agreements— there is a bailment of farm equipment to a farmer; and the farmer may purchase the farm equipment or the property in the farm equipment may pass to the farmer. (sec.17B-ssec.3) However, a hire-purchase agreement does not include an agreement mentioned in subsection (1) or (2) if— the property in the farm equipment passes to the farmer— at the time the agreement is entered into; or at any time before delivery of the farm equipment; or the total market value of the farm equipment at the time the agreement is entered into is more than $40000000. (sec.17B-ssec.4) In this section— farmer , for a hire-purchase agreement, does not include a farmer engaged in the business of selling farm equipment of the same nature or description as the farm equipment being let, hired, purchased or bailed under the agreement.

• (a) farm equipment is let or hired to a farmer and the farmer has an option to purchase the farm equipment; or
• (b) a farmer agrees to purchase farm equipment by instalments, whether the instalments are described as rent, hire or something else.