Victorian Consolidated Legislation

Instruments Act 1958 - SECT 70

Right of lienee to wool

70. Right of lienee to wool

In all cases where any person bona fide makes any advance of money or gives
any negotiable security or supplies any chattels to any proprietor of stock,
on condition of receiving the wool of the then next ensuing clip of such
proprietor as absolutely purchased by or in payment of or to secure the
payment of any such money or negotiable security or for any such chattels (as
the case may be), and where the agreement relating to such purchase advance or
security is made in the form or to the effect in the Seventh Schedule hereto,
and is registered within thirty days after the date of such agreement by
leaving in the office of the Registrar-General a true copy thereof verified on
oath before the said Registrar-General or before any person authorized to take
affidavits, the person making such purchase or advance or giving such
negotiable security or supplying such chattels shall be entitled to the whole
of the wool mentioned in such agreement, whether such advance of money or the
giving such negotiable security or the supply of such chattels was before at
or after the granting of any such preferable lien, so long as the registered
agreement relating thereto purports on the face of it to have been made in
payment or to secure the payment of such money or negotiable security or for
such chattels; and possession of such wool by the said proprietor his
executors or administrators shall be to all intents and purposes in the law
the possession of the person making such purchase or advancing such money or
giving such negotiable security or supplying such chattels; and after such
advance has been repaid or such negotiable security satisfied or such chattels
paid for, with such interest and commission as are specified in any such
agreement, the possession and property of the said wool shall if such
agreement was made by way of security revest in such proprietor, subject
nevertheless to any charge in the meantime created by the proprietor and which
then affects the same.