sec.12Restriction on mortgagee enforcement action

sec.12 Restriction on mortgagee enforcement action

A mortgagee must not take enforcement action under a farm mortgage unless— this Act does not apply in relation to the farmer or the farm mortgage; or an exemption certificate is in force for the farm mortgage. Maximum penalty—100 penalty units. If a corporation commits an offence against this provision, an executive officer of the corporation may be taken, under section 89 , to have also committed the offence. Enforcement action that is taken by a mortgagee in relation to a farm mortgage in contravention of subsection (1) has no effect. Subsection (2) applies despite any other Act or law. (sec.12-ssec.1) A mortgagee must not take enforcement action under a farm mortgage unless— this Act does not apply in relation to the farmer or the farm mortgage; or an exemption certificate is in force for the farm mortgage. Maximum penalty—100 penalty units. If a corporation commits an offence against this provision, an executive officer of the corporation may be taken, under section 89 , to have also committed the offence. (sec.12-ssec.2) Enforcement action that is taken by a mortgagee in relation to a farm mortgage in contravention of subsection (1) has no effect. (sec.12-ssec.3) Subsection (2) applies despite any other Act or law.

• (a) this Act does not apply in relation to the farmer or the farm mortgage; or
• (b) an exemption certificate is in force for the farm mortgage.