sec.56Duration

sec.56 Duration

An exemption certificate for a farm mortgage takes effect when the authority’s decision to approve the mortgagee’s application for the certificate takes effect under section 77 . An exemption certificate for a farm mortgage ends on the earlier of the following days— if the parties entered into a heads of agreement and a contract, mortgage or other document to give effect to the heads of agreement— the day the farm business debt is discharged; or the day the farm business debt stops being secured by a farm mortgage over the farm property; otherwise—the day stated in the certificate. For subsection (2) (b) , the day stated must be the day that is 3 years after— if there was satisfactory mediation for the farm business debt—the last day of the mediation; or if the farmer failed to take part in the mediation in good faith—the last day of the mediation; or if the farmer gave a notice to the mortgagee or the authority stating the farmer declined mediation—the day the notice was given; or if the farmer failed to respond to a notice mentioned in section 53 (2) (d) —the day that is 20 business days after the notice was given; or if the mortgagee gave a notice inviting a request for mediation to the farmer and paragraphs (a) to (d) do not apply—the day that is 3 months after the notice was given; or otherwise—the day the certificate was issued. s 56 amd 2024 No. 17 s 192 s ch 1 pt 1 (sec.56-ssec.1) An exemption certificate for a farm mortgage takes effect when the authority’s decision to approve the mortgagee’s application for the certificate takes effect under section 77 . (sec.56-ssec.2) An exemption certificate for a farm mortgage ends on the earlier of the following days— if the parties entered into a heads of agreement and a contract, mortgage or other document to give effect to the heads of agreement— the day the farm business debt is discharged; or the day the farm business debt stops being secured by a farm mortgage over the farm property; otherwise—the day stated in the certificate. (sec.56-ssec.3) For subsection (2) (b) , the day stated must be the day that is 3 years after— if there was satisfactory mediation for the farm business debt—the last day of the mediation; or if the farmer failed to take part in the mediation in good faith—the last day of the mediation; or if the farmer gave a notice to the mortgagee or the authority stating the farmer declined mediation—the day the notice was given; or if the farmer failed to respond to a notice mentioned in section 53 (2) (d) —the day that is 20 business days after the notice was given; or if the mortgagee gave a notice inviting a request for mediation to the farmer and paragraphs (a) to (d) do not apply—the day that is 3 months after the notice was given; or otherwise—the day the certificate was issued.

• (a) if the parties entered into a heads of agreement and a contract, mortgage or other document to give effect to the heads of agreement— (i) the day the farm business debt is discharged; or (ii) the day the farm business debt stops being secured by a farm mortgage over the farm property;