4Definitions

4 Definitions

4 Definitions

(1) In this Act:

approved form means the form approved by the Authority.

Authority means the New South Wales Rural Assistance Authority constituted by the Rural Assistance Act 1989.

business day means a day that is not a Saturday, a Sunday or a public holiday throughout New South Wales.

creditor means a person to whom a farm debt is for the time being owed by a farmer.

default, in relation to a farm mortgage, means failure to perform an obligation that, under the terms of the mortgage, is a ground for enforcement action.

Note—

Examples of default on the part of a farmer include failure to pay the principal, interest or other money the payment of which is secured by a farm mortgage; failure to keep the property subject to the farm mortgage insured; and failure to submit financial statements required by the creditor.

draft mediation agreement means a draft agreement prepared under section 18J.

enforcement action, in relation to a farm mortgage, means taking possession of property under the mortgage or any other action to enforce the mortgage, including the giving of any statutory enforcement notice, or the continuation of any action to that end already commenced, but does not include:

(a) the completion of the sale of property held under the mortgage in respect of which contracts were exchanged before the commencement of this Act, or

(b) the enforcement of a judgment that was obtained before the commencement of this Act.

exemption certificate—see section 13.

farm means land on which a farmer engages in a farming operation.

farm debt means a debt incurred by a farmer for the purposes of the conduct of a farming operation that is secured wholly or partly by a farm mortgage.

farm machinery means any of the following things that are commonly used for the purposes of a farming operation:

(a) a vehicle, machine or other implement,

(b) any other thing of a class prescribed by the regulations.

farm mortgage includes any interest in, or power over, any farm property securing obligations of the farmer whether as a debtor or guarantor, including any interest in, or power arising from, a hire purchase agreement relating to farm machinery, but does not include:

(a) any stock mortgage or any crop or wool lien, or