407. Fixed charges.

407.     Fixed charges.

A fixed charge affects such of the farming stock1 and other agricultural assets2 belonging to the farmer3 at the date of the charge as is specified in the charge, but may also include, in the case of livestock, any progeny born after the date of the charge4, and any agricultural plant substituted for the plant specified in the charge5.

A fixed charge confers on the bank6 a right, upon the happening of any event specified in the charge as being an event authorising seizure of property subject to the charge, to take possession of such