Agricultural Credit Act, 1947
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Sales by Corporation under priority charges. |
49.—(1) Whenever the Corporation, in exercise of the powers of sale conferred on it by the Conveyancing Act, 1881 , or otherwise as registered owner of a priority charge on registered land, sells the whole or any part of the land comprised in the folio of a register of freeholders on which the said priority charge is registered as a burden— | |
(a) the power of the Corporation to transfer land so sold to the purchaser thereof shall be exercisable as if no note as to equities appeared on such folio, | ||
(b) such transfer shall have the same effect as if no note as to equities appeared on such folio, and | ||
(c) upon the registration of the transferee, the said note as to equities shall be discharged in so far as it affects the land so transferred. | ||
(2) Whenever the Corporation, in exercise of the powers of sale conferred on it by the Conveyancing Act, 1881 , or otherwise as a mortgagee under and by virtue of a priority charge on unregistered land, sells the whole or any part of such land, | ||
(a) the power of the Corporation to convey land so sold to the purchaser thereof shall be exercisable so as to convey to the purchaser all the estate and interest of the mortgagor in such land, | ||
(b) a conveyance of such land by the Corporation, in exercise of its powers as mortgagee, shall operate to convey to the purchaser thereof all the estate and interest of the mortgagor in such land, and | ||
(c) such conveyance shall have the same effect and operation as if the mortgagor was at the date of the instrument of charge beneficially entitled to the estate or interest in the said land created by any agreement or undertaking to purchase entered into or deemed to have been entered into with the Land Commission by him or his predecessors in title in respect of the said land freed from all interests, incumbrances and claims other than those saved and excepted by section 42 of this Act, but subject to all conditions (whether statutory or contained in any such agreement or undertaking to purchase) which affected the mortgagor's estate or interest in the said land immediately before the sale thereof by the Corporation. | ||
(3) The purchase money arising from a sale by the Corporation in exercise of its powers of sale (other than a sale by order or direction of the Court) of land subject to a priority charge shall, after discharge of prior incumbrances to which the sale is not made subject, if any, and over which such priority charge has not been given priority by the Acts or by this Act, be applied in discharge of the principal money and interest due on the security of the said priority charge and in payment of the costs, charges and expenses properly incurred by the Corporation as incident to the sale or any attempted sale of such land and the residue of such purchase money shall be paid to the mortgagor or other person or persons authorised to give receipts for the proceeds of sale of the property charged, provided always that in any case of doubt as to the person or persons entitled to receive such residue the Corporation shall pay the same into Court pursuant to the provisions of the Trustee Act, 1893 , or the provisions of that Act and of the County Officers and Courts (Ireland) Act, 1877 , as the case may be. | ||
(4) If at any time after the money secured by a priority charge becomes due, the Corporation institutes proceedings in the High Court or in the Circuit Court to realise its security and obtains an order or decree for sale of the land charged or any part thereof in default of payment of the amount due to the Corporation, the Court may, at the request of the Corporation, direct that the land be sold by the Corporation out of Court (with liberty to the Corporation to bid at such sale) at any time after the expiration of the period fixed for payment by the said order or decree (notwithstanding that any account of debts and incumbrances, inquiry as to priorities or other account or inquiry directed by the said order or decree has not been taken or made at the time of sale) and the Court may fix the reserved price and the remuneration of the auctioneer and may direct that the residue of the purchase money produced by such sale, after payment and discharge thereout of all prior incumbrances to which the sale is not made subject, if any, and over which such priority charge has not been given priority by the Acts or this Act, and the principal money, interest and costs due to the Corporation together with the costs and expenses of and incident to the sale, be paid into Court to the credit of the suit and such direction may be given by the Court in the absence of any evidence that all or any parties interested in the land ordered to be sold are before the Court or are bound by the order or decree for sale and such sale shall not be deemed to be proceedings altogether out of Court. | ||
(5) Nothing in this section shall be construed as affecting any powers of resumption of land conferred on the Land Commission by the Land Purchase Acts. |