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Reduction of interest paid on mortgages held by the Irish Land Commission as successors of the Commissioners under 32 & 33 Vict. c. 42, and the Church Temporalities Commissioners.
48 & 49 Vict. c. 73.
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25. Whereas in pursuance of section fifty-two of the Irish Church Act, 1869, the Commissioners acting under that Act credited the purchasers of land, or interests in land, with part of the purchase money on having security for payment of the same, and the sums so credited to purchasers, or many of them, are now mortgage debts due to the Irish Land Commission as the successors of the Commissioners acting under that Act, and are secured in some cases by a simple mortgage, and in other cases by an instalment mortgage providing for the payment of the principal sum with interest by instalments extending over a term of years (which instalments with the interest are in this section referred to as the instalments);
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And whereas the rate of interest on such mortgages was calculated at not less than four per centum per annum, but has been in some cases reduced to three and one-eighth per centum per annum by an order of the Irish Land Commission, under section twenty-three of the Purchase of Land (Ireland) Act, 1885, and it is expedient to provide in other cases for the like reduction in manner provided by this section: Be it therefore enacted as follows:—
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(1) As from the gale day next after the passing of this Act, or any later date specified in an order under this section, the annual amount payable to the Irish Land Commission in respect of any such instalment mortgage as above-mentioned shall, save as hereinafter mentioned, be reduced by such amount as is necessary to reduce the rate of interest from four to three and one-eighth per centum per annum, and the term may be extended by the Irish Land Commission, so that it do not exceed forty-nine years from the date of the mortgage.
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(2) As from the gale day next after the passing of this Act, or any later date specified in the order herein-after mentioned, the annual amount payable to the Irish Land Commission in respect of any such simple mortgage as above mentioned, shall, save as hereinafter mentioned, be at the rate for interest of three and one-eighth per centum, and for repayment of principal of seven-eighths per centum on the amount of principal due under such mortgage on the said day, and such amount shall be payable by half-yearly payments on the days on which the interest in the said mortgage is payable, and for forty-nine years from the said day, and the mortgage shall then, except for the purpose of recovering arrears, determine.
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(3) An order of the Irish Land Commission fixing the annual amount and the term of years shall, as soon as may be after the passing of this Act, be made and notified by post, or otherwise in manner directed by the Irish Land Commission, to the person for the time being paying the interest on any simple, or the instalment on any instalment mortgage, or otherwise appearing to the Commission to be liable to pay the same:
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(4) Provided that the Irish Land Commission may in any case in which they think the special circumstances justify so doing, grant such variation of the term as they think just, and may vary the order accordingly, so that the term shall not in any case exceed forty-nine years from the date of the mortgage.
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(5) Where on the gale day next after the passing of this Act there are unpaid arrears in respect of interest under any simple mortgage, or instalments under an instalment mortgage, over and above half-yearly payments due on the said gale day, this section shall not apply to such mortgage except that if the Treasury on the report of the Land Commission are satisfied that it is equitable to apply this section to any such mortgage—
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(a) The Treasury may order that on payment within a period fixed by the order and notified in like manner as above provided of a portion of the said arrears, being not less that the amount of interest or instalments due for six months, if so much be due, the remainder of the arrears shall be repaid by such addition to the periodical instalments as will be sufficient to pay the said remainder with interest at the rate of three and one-eighth per centum per annum by the expiration of the period at which the mortgage, by virtue of this Act or otherwise, will cease; and
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(b) Upon such order being made and portion of arrears paid, this section shall apply, and the Irish Land Commission shall make an order under this section with reference to such mortgage as if all arrears of interest and instalments required to be paid before the making of the order were paid, and such order shall also provide for such additions to the mortgage as above mentioned.
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(6) Any order of the Irish Land Commission under this section, also any order purporting to be made by such Commission in pursuance of section twenty-three of the Purchase of Land (Ireland) Act, 1885, whether before or after the passing of this Act, shall have effect as if the mortgage referred to in the order were modified in the manner provided by the order, and if the order provides for an addition to the debt in pursuance of this section as if the mortgage included that addition, and an addition so made shall have the same priority as the debt created by the mortgage, and any such order shall be binding on all persons interested in the equity of redemption of such mortgage.
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(7) Nothing in this section shall apply to a mortgage as to which an order has been made under section twenty-three of the Purchase of Land (Ireland) Act, 1885, before the passing of this Act.
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(8) Nothing in this section shall apply to the purchasers of perpetuity rents.
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