FARM DEBT MEDIATION ACT 2011 - SECT 15 Application by creditor for issue of exemption certificate

FARM DEBT MEDIATION ACT 2011 - SECT 15

S. 15(1) amended by No. 16/2017 s. 59.

    (1)     A creditor may apply to the Small Business Commission for the issue of an exemption certificate if—

        (a)     the farmer is in default under the farm mortgage; and

        (b)     a prohibition certificate is not in force in respect of the farm mortgage; and

        (c)     satisfactory mediation—

S. 15(1)(c)(i) substituted by No. 22/2022 s. 98(1).

              (i)     has taken place concerning the farm debt to which the farm mortgage relates after the farmer, when in default under the farm mortgage, gave the creditor a request for mediation; or

              (ii)     has not taken place as the farmer has refused to mediate; or

              (iii)     has not taken place and at least 3 months have elapsed after a notice was given by the creditor under section 8, or any extended period that has been agreed to in writing by the creditor and farmer, and throughout that period the creditor has attempted to mediate in good faith.

S. 15(2) amended by No. 16/2017 s. 59.

    (2)     A creditor may apply to the Small Business Commission for an exemption certificate whether or not the creditor gave the farmer notice under section 8.

    (3)     If a creditor has given notice under section 8, the creditor must comply with that section and subsection (1)(c) before making an application under this section.

S. 15(4) substituted by No. 22/2022 s. 98(2).

    (4)     An application for an exemption certificate must be in the approved form.