The object of mediation under the above-mentioned Farm Debt Mediation Act is to provide for the efficient and equitable resolution of farm debt disputes. Mediation is required before a creditor can take possession of property or other enforcement action under a farm mortgage. The Act applies to a "farm debt" which is a debt incurred by a farmer for the purposes of the conduct of a "farming operation" that is wholly or partially secured by a farm mortgage. A "farm mortgage" is defined as a mortgage over "farm property" which secures the obligations of a farmer as a debtor or guarantor but does not include any stock mortgage or any crop or wool lien, any farm machinery that is leased or any security interest within the meaning of the Personal Property Securities Act 2009 in respect of stock, crops or wool. A "farm property" is a farm or any part of a farm or farm machinery used in connection with a farming operation or a water share issued to a farmer under the Water Act 1989 for the purposes of a farming operation. Under the Act, "Farming operation" is given a broad meaning and includes any of the following activities undertaken for commercial gain: 1) Agricultural, pastoral, horticultural or apicultural activities. 2) Poultry farming, dairy farming or any business that consists of the cultivation of soils, the gathering of crops or the rearing of livestock. 3) Any prescribed activities. The text consists of 36 sections.
Canadá · 1998-03-13