South Australian Consolidated Acts

STOCK MORTGAGES AND WOOL LIENS ACT 1924 - SCHEDULE 5

Schedule 5—Meaning of abbreviated expressions

1         The words "upon demand" mean upon demand being made by notice in writing signed by the person entitled to make the demand, or any agent or clerk or servant of such person, served upon the person upon whom the demand is to be made, either personally or by posting the same in a duly registered letter addressed to him at his usual or last-known place of abode in South Australia.

2         The words "further advances" mean such further sum or sums of money as may be advanced or paid by the mortgagee or lienee to the mortgagor or lienor after the execution of this instrument, and include also such sums as may become owing by the mortgagor or lienor to the mortgagee or lienee during the continuance of this security for goods supplied, for bills and notes discounted and paid, and for other loans, credits, and advances that may during the continuance of this security be made by the mortgagee or lienee to or for the accommodation or at the request of the mortgagor or lienor.

3         The words "will, upon demand, pay the balance due upon the account-current between them" mean that the mortgagor or lienor will, on demand, pay to the mortgagee or lienee the balance on the account-current of the mortgagor or lienor with the mortgagee or lienee for the time being owing for and on account of the moneys advanced on the execution hereof, or intended to be hereby secured, and for further advances as defined by the Stock Mortgages and Wool Liens Act 1924 , and for interest, commission, and other lawful charges from the day of such demand being made till the actual payment thereof, at the rate mentioned in this instrument without any deduction; and it is hereby declared and agreed that the said account-current shall be made up with half-yearly rests on the half-yearly days mentioned for that purpose in this instrument, in each year [ or if no such days are mentioned in the instrument, then on the 31st day of March and the 30th day of September in each year], until the final balance of account is fully paid; and that this instrument shall be a continuing security for all moneys for the time being owing by the mortgagor or lienor, notwithstanding that the current account between them may have at any time theretofore been in credit by payments, settlement of account, or otherwise; and also that upon every such half-yearly day interest shall be considered as converted into principal, and the balance shall be chargeable with interest as aforesaid as upon further advances, and also that in making up such account interest at the rate specified in this instrument shall be calculated on the daily debtor balances; and also that, upon any such demand as aforesaid, all bills of exchange or promissory notes given by the mortgagor or lienor to the mortgagee or lienee and then current may, at the option of the mortgagee or lienee, and shall in case of entry into possession or sale by the mortgagee or lienee, be considered as matured or become due, subject to a rebate of interest upon the amount thereof for the time during which the same have to run, to be calculated at the rate at which interest is payable under this instrument, and that the amount of such bills or promissory notes, subject to such rebate, may be charged to the mortgagor or lienor in such account at the time of making such demand.

4         The words "will brand, earmark, and mark" mean that the party liable to brand, earmark, and mark will keep all the stock subject to this security at all times while this instrument remains in force distinctly branded, earmarked, and marked with the brands, earmarks, and marks specified in this instrument, failing which it shall be lawful for, but not imperative on, the other party hereto to enter upon any lands or premises where any stock subject to this security are, and to take possession of the same, and brand, earmark, and mark the same with the brands, earmarks, and marks specified in this instrument, with the right to use all branding, earmarking, marking, and other implements and plant requisite therefor, and all costs, charges, and expenses occasioned to him by so doing, shall be recoverable from the party liable to brand, earmark, and mark as if the same had been advanced by way of loan as a further advance on the security of this instrument.

5         The words "stock subject to this security" mean and include not only the stock described or referred to in this instrument or in any inventories or Schedules hereto, but also all stock which are by the provisions of the Stock Mortgages and Wool Liens Act 1924 , or otherwise deemed to be comprised and included in this instrument.