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Agricultural Credit Act, 1947

Priorities of chattel mortgages.

32.—(1) Chattel mortgages shall have priority in accordance with the times at which they are respectively registered under this Part.

(2) A bill of sale made before the passing of the Principal Act shall, if and so long as it continues to be valid and enforceable under the Bills of Sale Acts 1879 and 1883, have priority over a chattel mortgage.

(3) Stock comprised in a specific chattel mortgage or in a floating chattel mortgage which has become fixed shall not be deemed to be in the possession, order or disposition of the mortgagor within the meaning of the Irish Bankrupt and Insolvent Act, 1857, or any Act altering or amending that Act.