Farm Business Debt Mediation Act 2017
sec.55Issuing certificate
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sec.55 Issuing certificate
If the authority decides to approve a mortgagee’s application for an exemption certificate, the authority must issue the certificate, in the approved form, to the mortgagee. The exemption certificate must— state the name of the farmer and the mortgagee; and identify the farm property; and state— if the day on which the certificate ends can be worked out under section 56 (2) —the day on which the certificate ends; or otherwise—that the certificate ends when the farm business debt has been discharged or is no longer secured by the farm mortgage. The authority must give a copy of the certificate to the farmer. The authority must comply with this section as soon as practicable after deciding to approve the mortgagee’s application. (sec.55-ssec.1) If the authority decides to approve a mortgagee’s application for an exemption certificate, the authority must issue the certificate, in the approved form, to the mortgagee. (sec.55-ssec.2) The exemption certificate must— state the name of the farmer and the mortgagee; and identify the farm property; and state— if the day on which the certificate ends can be worked out under section 56 (2) —the day on which the certificate ends; or otherwise—that the certificate ends when the farm business debt has been discharged or is no longer secured by the farm mortgage. (sec.55-ssec.3) The authority must give a copy of the certificate to the farmer. (sec.55-ssec.4) The authority must comply with this section as soon as practicable after deciding to approve the mortgagee’s application.
- (a) state the name of the farmer and the mortgagee; and
- (b) identify the farm property; and
- (c) state— (i) if the day on which the certificate ends can be worked out under section 56 (2) —the day on which the certificate ends; or (ii) otherwise—that the certificate ends when the farm business debt has been discharged or is no longer secured by the farm mortgage.
- (i) if the day on which the certificate ends can be worked out under section 56 (2) —the day on which the certificate ends; or
- (ii) otherwise—that the certificate ends when the farm business debt has been discharged or is no longer secured by the farm mortgage.
- (i) if the day on which the certificate ends can be worked out under section 56 (2) —the day on which the certificate ends; or
- (ii) otherwise—that the certificate ends when the farm business debt has been discharged or is no longer secured by the farm mortgage.