ADIS Code - WLD
From 1.3.2006 the Security Interests in Goods Act 2005 replaced wool liens lodged under the Liens on Crops and Wool and Stock Mortgages Act 1898 (repealed) with a category of agricultural goods mortgages called wool mortgage. Documents affecting a wool lien registered under the repealed Liens on Crops and Wool and Stock Mortgages Act 1898 may still be registered and NSW LRS requirements for those documents will still apply.
A wool lien lasts for 1 year, ie the clip from sheep for one season, and lodgment of a discharge is rare. There is no prescribed form for a discharge.
See s17 Liens on Crops and Wool and Stock Mortgages Act 1898. The requirements for a discharge of a wool lien are similar to those for a discharge of mortgage
Stamp duty - Not required.
Registration copy - Required. If unacceptable, Registration insisted upon is prohibited.
Statement of Title Particulars form - Not required.
NOS form - Not required.
Index Particulars form (completion)
(A) Lodging Party - Must be completed.
(B) Instrument - Wool Lien - Discharge
(C) Locality - Not required.
Link Conveyance - Not required.
Principal Deed - Required. The registered wool lien.
(D) Indexing - The lienor.
(E) Certification - Required.
Date: must be dated with the date of execution. If not dated advise the lodging party. If a date is not furnished, indicate Registration insisted upon and include the reason.
Name: the full names (initials are acceptable) of the lienee is required. Advise the lodging party of any discrepancies in names.
Operative Clause: "... hereby discharges wool lien ...".
Principal Deed: the number of the affected wool lien as stated in the discharge must be identical to the number stated on the IPF.
Execution: by the lienee. A power of attorney does not have to be registered. The lienor does not have to sign. The Act requires both parties to sign but Legal Division has advised that the signature of the lienee only is acceptable.
Attestation: required. Must be witnessed by a person of 18 years of age or older who is not a party to the document.
IPF: must be completed.
Staff processing information
A partial discharge of a registered wool lien must be entered under the Wool Lien General Frame, ie code "WLG", with a Noting: "Discharge of wool lien [number] affecting [details]". Enter the wool lien as a Principal Deed. Enter the lienor as a Vendors entry.
CA Not required.
Link Conveyance: nil.
Principal Deed: required. The registered wool lien.
V: the lienor, deceased estates or trusts, and any variations thereof.