Agricultural Credit Act, 1947

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Chapter III.

Unregistered land.

Priority of certain, charges in favour of the Corporation on unregistered land.

42.—(1) Where—

(a) (i) a person is in occupation of land which is for the time being subject to a periodic (Land Commission) sum, and

(ii) such person is certified by the Land Commission to be the person by whom such periodic (Land Commission) sum is payable at the date of such certificate, and

(iii) such person (either alone or in conjunction with other persons) within one month after the date of such certificate charges such land in favour of the Corporation with payment of a principal sum not exceeding four hundred pounds and any interest, and

(iv) the instrument effecting such charge is duly registered in the Registry of Deeds,

or

(b) (i) a person (in this paragraph referred to as the personal representative) is, in his capacity as a personal representative of a deceased person, in occupation of land which is for the time being subject to a periodic (Land Commission) sum, and

(ii) the Land Commission certify in respect of such land that a periodic (Land Commission) sum is at the date of such certificate payable by the personal representative, and

(iii) the personal representative (either alone or in conjunction with other persons) within one month after the date of such certificate charges such land in favour of the Corporation with payment of a principal sum not exceeding four hundred pounds and any interest, and

(iv) the instrument effecting such charge is duly registered in the Registry of Deeds,

then, subject to the provisions of this section, such charge (which shall be construed as extending, in addition to the said principal sum and interest, to the costs and expenses of all legal proceedings instituted by the Corporation for the purpose of realising the amount at any time owing to the Corporation on foot of the said principal sum and interest) shall as against the land so charged be in priority to and shall override all estates and interests in and all incumbrances and burdens on the said land which may be subsisting at the date of such instrument except the said periodic (Land Commission) sum, compounded arrears of rent within the meaning of the Land Purchase Acts, mortgages in favour of the Land Commission, any land purchase annuity which may subsequently be charged on the said land under the Land Purchase Acts, any annuity, rent charge or other periodic payment payable to the Commissioners of Public Works in Ireland, any charge or mortgage in favour of the said Commissioners on foot of any moneys due or payable to them in respect of a local loan within the meaning of the Local Loans Fund Act, 1935 (No. 16 of 1935), and any of the charges mentioned in paragraphs (a), (b), (d), (e) and (g) of section 47 of the Act of 1891.

(2) Where at the date of an instrument effecting a charge on land which would, on such instrument being registered in the Registry of Deeds, be entitled, but for this subsection, to priority under this section, a caution under section 61 of the Act of 1891, as extended by section 43 of this Act, appears in the Land Registry in respect of such land, then, notwithstanding anything contained in subsection (1) of this section, the relative priorities of such charge and of the estate, interest, incumbrance, or other claim against such land of the person by whom such caution was lodged shall, unless such person agrees to the contrary, be determined as if subsection (1) of this section had not been enacted.