Victorian Current Acts Victorian Current ActsS. 7(1) amended by No. 80/1996 s. 8(6).
(1) The seller may retake possession of any stock or livestock product that is the subject of a notice under section 6(1) within 7 days of receiving the notice if—
S. 7(1)(a) amended by No. 80/1996 s. 8(6).
(a) the stock or livestock product is still in the possession or under the control of the buyer; and
S. 7(1)(b) amended by No. 80/1996 s. 8(6).
(b) the seller has refunded all the money paid by the buyer in respect of the stock or livestock product.
S. 7(2) amended by No. 80/1996 s. 8(6).
(2) If the seller does this, the ownership of the stock or livestock product reverts to the seller (if the stock or livestock product is not still owned by the seller) once the seller retakes possession of the stock or livestock product.
S. 7(3) amended by No. 80/1996 s. 8(6).
(3) If the seller does not do this, the ownership of the stock or livestock product remains with the buyer, or passes to the buyer at the end of the 7th day after the seller receives the notice (as the case may be).
S. 7(4) amended by No. 80/1996 s. 8(6).
(4) However, if a seller's failure to retake possession is caused by any action taken, or not taken, by the buyer that impedes any action taken by the seller to refund any money owed to the buyer or to retake possession of the stock or livestock product, subsection (3) does not apply and the ownership of the stock or livestock product reverts to the seller (if the stock or livestock product is not still owned by the seller) at the end of the 7th day after the seller receives the notice.
(5) In this section a reference to stock is a reference to the carcass of the stock, and any product derived from the carcass of the stock, if the stock is dead.