ADIS Code - WL
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Interests in Goods Act 2005 replaced wool liens lodged under the Liens on Crops and Wool and Stock Mortgages Act 1898 (repealed) with a category of agricultural goods mortgages called wool mortgage. Documents affecting a wool lien registered under the repealed Liens on Crops and Wool and Stock Mortgages Act 1898 may still be registered and NSW LRS requirements for those documents will still apply.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 is an advance of monies or goods that uses the fleece of the next ensuing clip from sheep as a security. A wool lien lasts for 1 year, ie the clip of one season, and there is no provision for renewal.
Use of fleece that has been clipped or use of the fleece from any other kind of livestock as a security must be in the form of a bill of sale. See s11 Liens on Crops and Wool and Stock Mortgages Act 1898.
For an assignment of wool lien and other related documents.
A lienor, ie. the mortgagor, must be a private person.
Where the lienor is a foreign company or a company acting as a trustee, the wool lien may be registered but no guarantee is given as to its validity. ASIC will not register a wool lien by a foreign company or a company acting as trustee.
Application form
The wording for a wool lien is set out in Schedule 3 Liens on Crops and Wool and Stock Mortgages Act 1898.
Lodgment requirements
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
(C) Locality - Not required.
Link Conveyance - Not required.
Principal Deed - Not required.
(D) Indexing - The lienor.
(E) Certification - Required.
Document requirements
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.
A wool lien must be lodged within 30 calendar days from the date of execution, see s4 Liens on Crops and Wool and Stock Mortgages Act 1898. The 30 day period does not include the day of execution and where the 30th day falls on a weekend, public holiday or NSW bank holiday, the next working day applies as the last day of lodgment.
Where the wool lien has been signed by several lienors on different dates, the date of execution is taken to be the most recent date.
If more than 30 days have lapsed since the date of execution, the wool lien may be registered if:
- the lodging party so insists. The registration copy will be stamped "Registration insisted upon" or
- the wool lien has been re-executed and attested.
Name: the full names (initials are acceptable) of the lienor and the lienee are required. Advise the lodging party of any discrepancies in names.
Depasturing: the location of the sheep is required. The sheep must be kept within NSW. A Torrens Title reference is acceptable. Old System land must be adequately described. A plan fee is not payable
Superintendent: the name of the person looking after the flock must be stated.
Execution: by the lienor. A power of attorney does not have to be registered. The lienee does not have to sign.
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
Where the lienors are a private person and a company, advise the lodging party that the company should also register the wook lien with ASIC. The company name will be included in the indexing.
CA Not required.
Indexing
Locality: nil.
Link Conveyance: nil.
Principal Deed: nil.
Noting: nil.
V: the lienor, deceased estates or trusts, and any variations thereof.
Locality: the residential address (city/town) of the lienor. If in another State add the abbreviation for that State.
P: nil.