Queensland Consolidated Acts

FARM BUSINESS DEBT MEDIATION ACT 2017 - SECT 92

92 Application of Act

(1) This Act applies in relation to a farm mortgage for a farm business debt, whether the mortgage was entered into, or the debt was incurred, before or after this section commenced.

(2) However, this Act does not apply if—

(a) the farmer and the mortgagee took part in mediation for the farm business debt under the Queensland farm finance strategy and entered into an agreement (however called) in writing because of the mediation; or

(b) the following enforcement action was taken before the commencement of this section—

(i) the mortgagee or the mortgagee’s agent entered into possession under the mortgage;

(ii) the mortgagee exercised power of sale under the farm mortgage and a contract of sale was entered into;

(iii) a judgment for the farm business debt was obtained.

(3) In this section—

"Queensland farm finance strategy" means the document—

(a) called the ‘Queensland farm finance strategy’; and

(b) dated 1 February 2008; and

(c) agreed to by the Queensland Farmers’ Federation Ltd ACN 055 764 488, the Australian Bankers’ Association Incorporated ARBN 117 262 978 and AgForce Queensland Industrial Union of Employers ABN 21 241 679 171.