Farm Business Debt Mediation Act 2017
sec.29Revoking heads of agreement during cooling-off period
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sec.29 Revoking heads of agreement during cooling-off period
The farmer may revoke the heads of agreement during the cooling-off period. The farmer revokes the heads of agreement by serving the mortgagee with a notice of the revocation signed by the farmer, the farmer’s lawyer or another authorised agent. When the notice is served on the mortgagee, the heads of agreement has no effect. (sec.29-ssec.1) The farmer may revoke the heads of agreement during the cooling-off period. (sec.29-ssec.2) The farmer revokes the heads of agreement by serving the mortgagee with a notice of the revocation signed by the farmer, the farmer’s lawyer or another authorised agent. (sec.29-ssec.3) When the notice is served on the mortgagee, the heads of agreement has no effect.