408. Floating charges.

A floating charge affects the farming stock1 and other agricultural assets2 belonging to the farmer3 from time to time, or the part of these mentioned in the charge4. The floating charge has the effect of a charge created by a duly registered debenture of a company5. However, the charge becomes a fixed charge upon the property comprised in the charge as existing at the date of its becoming a fixed charge upon:

  1.  

    (1)     the making of a bankruptcy order against the farmer6;

  2.  

    (2)     the farmer's death7;