Stock, Wool, and Crop Mortgages Act 1930
An Act to make provision for the registration of securities on live-stock, wool, and crops, in certain cases, and to regulate the effect thereof
[Royal Assent 6 December 1930]
Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
This Act may be cited as the Stock, Wool, and Crop Mortgages Act 1930 .
[Section 2 Inserted by No. 9 of 1982, s. 7 and Sched. 10 ]In this Act, except in so far as the context or subject-matter otherwise indicates or requires, Commissioner means the Commissioner for Corporate Affairs holding office under section 4 of the Commissioner for Corporate Affairs Act 1980 , and includes any person holding that office in an acting capacity.
2A. Act not to apply to certain mortgages
[Section 2A Inserted by No. 9 of 1982, s. 7 and Sched. 10 ][Section 2A Amended by No. 69 of 1984, s. 4 ]This Act does not apply to or in relation to a document which would be a mortgage required to be registered under this Act if it were not for the fact that the document is also a registrable charge to and in relation to which the provisions of Division 9 of Part IV of the Companies (Tasmania) Code apply.
(1) Subject to the provisions of this Act, any person who, in good faith, makes or agrees to make an advance of money or supply of goods, or an extension of credit, or gives or agrees to give accommodation to the holder of land or the owner of stock upon any stock belonging to such holder or owner, may take security in respect thereof as hereinafter provided.(2) Such security shall be by mortgage, and shall be in the form prescribed in the schedule , and shall be registered as provided by this Act within thirty days after the date thereof.(3) Every mortgage of stock made under this Act shall extend to and include all progeny of the stock comprised therein.(4) Every mortgage of stock made under this Act shall expire and cease to have effect upon the expiration of two years from the date of its registration, or, if the same is reregistered as hereinafter provided, from the date of its last reregistration.(5) The provisions of this section shall not apply to a mortgage of stock, or which includes any stock as part of the security thereby given, unless the same is in respect of an advance made for or towards the purchase of such stock, or in respect of any unpaid purchase-money due from the mortgagor to the vendor of such stock.
[Section 4 Subsection (5) amended by 2 Geo. VI No. 6, s. 2 ](1) Security may be taken as provided by section three hereof by any such person as therein mentioned in respect of any –from the owner of the sheep or the holder of the land on which such wool or crop is grown, subject to the provisions hereinafter contained.(a) unshorn wool; or(b) crop not then harvested –(2) Every such mortgage shall empower the mortgagee to take possession of the subject-matter thereof, and to –if and whenever the same may be necessary for perfecting or protecting his security under such mortgage.(a) dip and shear the sheep bearing such wool; and(b) cut, gather, harvest, and otherwise deal with any such crop –(3) Every such mortgage shall expire and cease to have effect upon the expiration of twelve months from the date of its registration under this Act.(4) Where a mortgage of crop is given under this Act by the tenant or mortgagor respectively of the land whereon such crop is or has been growing, the mortgagee of such crop, before selling the same, shall pay –not exceeding in either case the rent or interest in respect of one year, as may be due to such landlord or mortgagee, as the case may be, at the time such crop is seized by the mortgagee thereof, and all sums so paid shall be recoverable by the mortgagee of such crop under his said security thereon.(a) in the first of such cases to the landlord of such land such rent; and(b) in the second of such cases to any mortgagee of such land such interest –(5) [Section 4 Subsection (5) amended by 25 Geo. V No. 78 ]For the purposes of this section crops shall include hops and any other commercial commodity, being the produce of the soil, which –in or upon any specified area of land, within the period specified in that behalf in the mortgage.(a) is growing;(b) is to be sown on planted by the mortgagor; or(c) will in the ordinary course of nature be produced –
5. Registration and effect of mortgage
(1) [Section 5 Subsection (1) amended by No. 9 of 1982, s. 7 and Sched. 10 ]Every mortgage under this Act shall be registered within thirty days after the date thereof by filing with the Commissioner a true copy thereof, certified by affidavit.(2) A mortgage of stock may be reregistered at any time before the expiry thereof by the filing, by or on behalf of any party thereto, of an affidavit in the prescribed form and containing the prescribed particulars showing that such mortgage is a subsisting security for the amount stated in such affidavit.(3) [Section 5 Subsection (3) amended by No. 9 of 1982, s. 7 and Sched. 10 ]The Commissioner shall keep a register in the prescribed form of all such mortgages, and shall enter therein the prescribed particulars, and shall keep in the prescribed manner and form an index to such register.(4) Every such mortgage duly made and registered as aforesaid shall entitle the mortgagee to all property in the goods and chattels therein specified or described as security for such advance, extension of credit, or accommodation, and during the continuance of any such mortgage the possession of the subject-matter thereof by the mortgagor shall be deemed to be possession by the mortgagee.(5) Stock which is subject to a mortgage under this Act shall not be distrained for rent or interest payable to the landlord or mortgagee of the land whereon such stock is kept unless such landlord or mortgagee shall have paid to the holder of the mortgage under this Act the amount due on his security over such stock.
6. Effect of redemption or expiration of mortgage
Upon the expiration of any such mortgage or upon payment to the mortgagee of all moneys due to him thereunder, whichever event first happens, the property thereby vested in the mortgagee shall revert to, and revest in, the mortgagor, but this provision shall not extend to the property in any goods or chattels of which the mortgagee, under and by virtue of such mortgage, may have lawfully disposed prior to such payment or, in case of expiration, which he may have seized for the purpose of such disposal prior to such expiration as the case may be.
(1) Every mortgage under this Act may be transferred by the endorsement thereon of a memorandum in writing, signed by the mortgagee, and attested, and stating that his right, title, and interest therein is hereby transferred to the person named and described in such memorandum.(2) Any such transfer shall have the effect of vesting in such person all the right, title, and interest of the mortgagee, and such person shall be deemed thenceforth to be the mortgagee.
(1) [Section 8 Subsection (1) amended by No. 9 of 1982, s. 7 and Sched. 10 ]A receipt for all moneys secured by any such mortgage as aforesaid, or for the final balance thereof, signed by the person entitled to such moneys, or by his agent on his behalf, may be registered upon payment of a fee of $1 by filing with the Commissioner a true copy thereof verified by affidavit, and by producing to him the original receipt and the mortgage to which the same relates.(2) Such registration shall operate as an extinction of such mortgage, but shall not affect anything lawfully done thereunder prior to such registration.
[Section 9 Amended by No. 55 of 1965, s. 5 ][Section 9 Amended by No. 43 of 1991, s. 5 and Sched. 1 ]No person being the owner of any stock, wool, or crop in respect of which any mortgage under this Act is in force shall, or being the overseer, manager, servant, or agent, of such owner shall –(a) sell, dispose of, destroy, or make away with any property, the subject of such mortgage, without the consent of the mortgagee thereof; or(b) do any act or thing whereby the right of property of such mortgagee in the subject-matter of such mortgage or any part thereof is, or is calculated to be, defeated, destroyed, or prejudiced.Penalty: Fine not exceeding 10 penalty units or imprisonment for a term not exceeding 6 months.
[Section 10 Amended by 25 Geo. V No. 78 ][Section 10 Amended by No. 55 of 1965, s. 5 ][Section 10 Amended by No. 43 of 1991, s. 5 and Sched. 1 ]No person shall publish in any trades journal or other similar publication any list or record of the names of persons giving mortgages under this Act.Penalty: Fine not exceeding one penalty unit.
11. Application of certain provisions of the Bills of Sale Act 1900
The provisions of –[Section 11A Repealed by No. 69 of 1984, s. 5 ]of the Bills of Sale Act 1900 , where applicable, shall apply to all mortgages under this Act in the same manner and to the same extent as if the said sections had been re-enacted herein, with the substitution therein of the word "mortgage" in place of the words "bill of sale," and of the words "mortgagor" and "mortgagee," respectively, in place of the words "grantor" and "grantee" wherever occurring, and, except as aforesaid, the provisions of the said Act shall have no application to any mortgage duly made and registered as provided by this Act.(a) sections four , twenty-one , and twenty-two ;(b) sections twenty-five to twenty-eight , inclusive;(c) section thirty-two ;(d) section thirty-four ;(e) sections thirty-six and thirty-seven ; and(f) sections thirty-nine to forty-seven , inclusive –
[Section 12 Amended by 25 Geo. V No. 78 ]The Governor may make regulations for the purposes of this Act.[Section 13 Repealed by 23 Geo. V No. 2, s. 2 ]
SCHEDULE 1
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Form
