Agricultural Credit Act, 1947

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PART IV.

Charges on land in favour of the Corporation.

Chapter I.

Preliminary.

Definitions for purposes of Part IV.

37.—In this Part—

the expression “the Act of 1891” means the Registration of Title Act, 1891, as amended by the Registration of Title Act, 1942 (No. 26 of 1942);

references to equitable claims against registered land shall be construed as references to estates and interests in, and incumbrances on, and claims against, such land which at the date of the registration of a priority charge against such land are not entered in the register of freeholders but are preserved by virtue of such land being registered subject to equities;

references to an equitable claimant shall be construed as references to a person entitled to an equitable claim against registered land;

the expression “the Land Commission” means the Irish Land Commission;

the word “mortgagor” means a person by whom a priority charge is given and the heirs, executors, administrators and assigns of such person;

the expression “periodic (Land Commission) sum” means any sum for the time being payable to the Land Commission being—

(a) rent, or

(b) interest in lieu of rent, or

(c) payment in lieu of rent, or

(d) interest on purchase money, or

(e) any annual or other periodic payment whatsoever;

the expression “permanent improvement charge” means, in relation to any land, a priority charge on such land in respect of which it is shown by the mortgagor that—

(a) the principal sum secured by such charge was advanced by the Corporation solely for permanent improvement purposes, and

(b) the said principal sum was expended for one or more of those purposes;

the expression “permanent improvement purposes”, in relation to a charge on land, means any one or more of the following purposes—

(a) constructing, altering, improving or repairing buildings on such land,

(b) making on such land improvements of a permanent character calculated to increase, or facilitate or conduce to the increase of, the productivity of such land,

(c) paying the costs and expenses of borrowing the money secured by the charge and giving security for the repayment thereof;

the expression “priority charge” means—

(a) in relation to registered land, a charge on such registered land to which priority is given by section 39 of this Act,

(b) in relation to unregistered land, a charge on such unregistered land to which priority is given by section 42 of this Act;

the expression “puisne claim” means, in relation to unregistered land, any estate or interest in, or incumbrance on, or claim against such land which is postponed in priority by virtue of section 42 of this Act to a priority charge on such land;

the expression “puisne claimant” means, in relation to unregistered land, a person entitled to a puisne claim;

the expression “register of freeholders” means a register of freeholders maintained under the Act of 1891;

the expression “registered land” means land registered in a register of freeholders;

the expression “registered subject to equities” means, in relation to registered land, registered subject to a note that such land is registered subject to the rights or equities (if any) arising from the interest vested in a purchaser thereof under the Land Purchase Acts being deemed to be a graft on such purchaser's previous interest or arising in any other manner from the existence of such previous interest;

the expression “the registering authority” means the registering authority under the Act of 1891;

the word “registration” means registration in a register of freeholders, and cognate words shall be construed accordingly;

the expression “the Registry of Deeds” means the office for registering deeds, conveyances and wills in Ireland;

the expression “unregistered land” means land which is, at the date of the execution of the relevant instrument of charge in favour of the Corporation, subject to a periodic (Land Commission) sum and is not registered land.