Queensland Consolidated Acts

FARM BUSINESS DEBT MEDIATION ACT 2017 - SECT 56

56 Duration

(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 .

(2) An exemption certificate for a farm mortgage ends on the earlier of the following days—

(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;

(b) otherwise—the day stated in the certificate.

(3) For subsection (2) (b) , the day stated must be the day that is 3 years after—

(a) if there was satisfactory mediation for the farm business debt—the last day of the mediation; or

(b) if the farmer failed to take part in the mediation in good faith—the last day of the mediation; or

(c) if the farmer gave a notice to the mortgagee or the authority stating the farmer declined mediation—the day the notice was given; or

(d) 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

(e) 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

(f) otherwise—the day the certificate was issued.