Agricultural Credit Act, 1947
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PART III. Chattel Mortgages. | ||
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Definitions for purposes of Part III. |
21.—(1) In this Part— | |
the expression “the Act of 1926” means the Enforcement of Court Orders Act, 1926 (No. 18 of 1926), as amended by the Enforcement of Court Orders Act, 1940 (No. 23 of 1940); | ||
the expression “chattel mortgage”, when used without qualification, means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part which is— | ||
(a) a floating chattel mortgage, or | ||
(b) a specific chattel mortgage, or | ||
(c) both a floating chattel mortgage and a specific chattel mortgage; | ||
the expression “execution order” means an execution order within the meaning of the Act of 1926; | ||
the expression “floating chattel mortgage” means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part whereby the recognised borrower charges the stock from time to time on the recognised borrower's land with the payment of any moneys to the recognised lender; | ||
the word “land”, when used in relation to a recognised borrower means the buildings or land or buildings and land in or on which the recognised borrower carries on business; | ||
the expression “the mortgagee”, when used in relation to a chattel mortgage, means the recognised lender to whom the chattel mortgage is given; | ||
the expression “the mortgagor”, when used in relation to a chattel mortgage, means— | ||
(a) if the recognised borrower (party thereto) is an individual who is a farmer,— | ||
(i) in case he is alive and has not become a bankrupt or of unsound mind, the recognised borrower, or | ||
(ii) in case he has died, his heirs, executors, administrators and successors, or the executor de son tort of his estate or the person into whose possession or control, legal or actual, the chattels charged under such chattel mortgage have passed by reason of such death, or | ||
(iii) in case he becomes a bankrupt, his assignee, or | ||
(iv) in case he becomes of unsound mind, his committee or guardian, | ||
(b) if the recognised borrower (party thereto) is a body corporate, the said body corporate; | ||
the expression “recognised bank” means a bank which was appointed a recognised bank under section 24 of the Principal Act or for the time being has been appointed by the Minister to be a recognised bank for the purposes of this Part. | ||
the expression “recognised borrower” means any person being— | ||
(a) an individual who is a farmer, or | ||
(b) a body corporate to which the Corporation may, having regard to section 14 of this Act, lend or advance money; | ||
the expression “recognised lender” means any body, being— | ||
(a) the Corporation, or | ||
(b) a recognised bank; | ||
the expression “specific chattel mortgage” means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part whereby the recognised borrower charges specific stock (wheresoever situate) with the payment of any moneys to the recognised lender; | ||
the word “stock” means agricultural stock and includes— | ||
(a) animals and birds of every kind and the progeny and produce of such birds and animals, | ||
(b) agricultural machinery, vehicles and implements, | ||
(c) agricultural crops (whether growing on, or severed from, the land), | ||
(d) machinery, implements, vehicles, fixtures and fittings used in or for the preparation for sale or the manufacture or processing or marketing of any agricultural produce. | ||
(2) Where a chattel mortgage creates both a charge on specific stock and a floating charge on the stock from time to time on particular land, the chattel mortgage shall, for the purposes of this Part, be— | ||
(a) in so far as it creates a charge on specific stock, a specific chattel mortgage, and | ||
(b) in so far as it creates a floating charge on the stock from time to time on particular land, a floating chattel mortgage. | ||
(3) An instrument shall not be excluded from being a chattel mortgage by reason only of one or more persons (in addition to the mortgagor and mortgagee) being a party or parties thereto as surety or sureties only. | ||
(4) References in this Part to stock in relation to a chattel mortgage shall, subject to section 22 of this Act, be construed as references only to stock which is the absolute property of the mortgagor. | ||
(5) References, in the following provisions of this Part, namely paragraph (b) of subsection (6) of section 24 , and sections 26 and 31 , to the county registrar shall,— | ||
(a) in the application of the said provisions to a county or county borough in which there is for the time being an under-sheriff, be construed as references to the under-sheriff for that county or county borough, and | ||
(b) in the application of the said provisions to a county or county borough in which there is for the time being a sheriff, appointed under section 12 of the Court Officers Act, 1945 (No. 25 of 1945), in whom the functions of the county registrar in relation to the execution of execution orders are for the time being vested, be construed as references to the sheriff for that county or county borough. |