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Effect of chattel mortgage charging specific stock to be purchased subsequently by means of a loan agreed to be made.
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22.—Where—
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(a) a recognised lender has agreed to make a loan to a recognised borrower wholly or partly for the purchase of specific stock, and
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(b) that recognised borrower, for the purpose of giving security for the loan, has, prior to such purchase, executed a specific chattel mortgage of the specific stock, and
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(c) the chattel mortgage is duly registered under this Part,
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that chattel mortgage shall, notwithstanding anything contained in this Part, create a charge on the said specific stock as on and from the date on which the said stock comes into the ownership and possession of the recognised borrower.
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