Credit (Rural Finance) Act 1996
sec.20Contracting out
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sec.20 Contracting out
The following provisions of a mortgage or other instrument are void— a provision to avoid or modify the effect of this Act; a provision to have a mortgagor indemnify a mortgagee for any loss or liability arising under this Act. A mortgagee must not be a party to a mortgage or other instrument containing a provision mentioned in subsection (1) . Maximum penalty—100 penalty units. (sec.20-ssec.1) The following provisions of a mortgage or other instrument are void— a provision to avoid or modify the effect of this Act; a provision to have a mortgagor indemnify a mortgagee for any loss or liability arising under this Act. (sec.20-ssec.2) A mortgagee must not be a party to a mortgage or other instrument containing a provision mentioned in subsection (1) . Maximum penalty—100 penalty units.
- (a) a provision to avoid or modify the effect of this Act;
- (b) a provision to have a mortgagor indemnify a mortgagee for any loss or liability arising under this Act.