The Gazette 1978

GAZETTE

JULY-AUGUST 1978.

Under Section 31 a Floating Chattel Mortgage is converted into a Specific Chattel Mortgage where the principal money secured remains unpaid for 28 days after the appointed date or interest is in arrears for 56 days after becoming due. The Mortgagee must:— 1. Serve on the Mortgagor notice in writing that the Floating Charge has become fixed. 2. The Mortgagor must take an inventory of the stock then on the lands to which the floating Chattel relates. 3. Within 7 days after the day on which the notice is served the Mortgagee must send to the Circuit Court office by registered post a true copy of the Notice and a true copy of the inventory. Once these conditions have been complied with from then on the Floating Chattel Mortgage shall have the same effect as the Specific Chattel Mortgage. Section 33 of the Act deals with the effect of the Chattel Mortgage on Execution Orders. Section 34 states that the Chattel Mortgage shall have priority in accordance with the times in which it is registered under the Act. Charges on Land In Favour of the Corporation Part 4 of the Act deals with Charges on land in favour of the Agricultural Credit Corporation. A Charge includes a mortgage or any other means by which land is charged for the payment of money. Registered Land This Charge created by Part 4 of the Act will rank in priority over equitable claims against registered land or equities which arise where the owner is not an absolute owner. The Priority is created by Section 39 of the Act which states that where a Charge in favour of the Corporation for the repayment of a loan is registered as burden effecting registered land then the Charge and the costs and expenses of all legal proceedings relating to the charge shall as against the land be in priority to and shall override any equitable claim against die lands. However, under Section 39(2) does not apply where a person claiming to be entitled to an equitable claim against the lands registered a caution under Section 97 of the Registration of Title Act, 1964 at the time of the priority charge. Neither shall it operate where the total amount of the charge exceeds £25,000. Under Section 40 a priority charge on registered land which is not a permanent improvement charge on the land shall as between the Mortgagor Equitable'claimant bedeems to be charged on all the land to which the Mortgagor is beneficially entitled. Under Section 40 Subsection (2) money paid to the Corporation by or out of the share in the estate or interest of an Equitable claimant on foot of a priority charge on registered lands which is not a permanent improvement charge on the land shall be repaid to the equitable claimant by the Mortgagor and shall be considered a debt due by the Mortgagor to the equitable claimant and shall be treated as such. Section 41 gives special protection to minors and persons of unsound mind. Under Sections 42, 43 and 44 exactly similar principals are enacted in relation to charges in favour of the corporation on unregistered lands. Sections 47 to 53 deal with miscellaneous provisions in relation to Charges on land. Section '53 provides for the exemption from stamp duty and fee of such charges.

Chargeable Order This part of the act is the most far reaching and progressive and controversial section of the act. Where the Agricultural Credit Corporation opposes to lend money for improving land to a registered owner or a person in occupation of registered land the provisions of Section 54 apply. The ACC may make an order charging the land with payment of the money and the Chargeable Order under the Section shall operate to charge the money and interest thereon on the lands to which the Order relates from the date of the Order or the date from which the money is lent whichever is the later. Where the order is made it shall be registered as a burden effecting the lands. Section 55 provides that a Charge created under this part of the Act shall be deemed to be a mortgage made by Deed within the meaning of the Conveyancing Acts 1881 to 1911 and the Corporation shall be the Mortgagee for the purposes of those acts and accordingly should have all the powers conferred by those Acts on Mortgages under mortgages made by Deed and a Charge created under this part of the Act shall when registered be deemed to be a registered charge within the meaning of the Registration of Title Act 1964 and the lands to which the charge relates shall be deemed, for the purpose of Section 39, to have been charged by the registered owner thereof in favour of the Corporation with the repayment of the amount of the charge and interest. Section 56 provides that all money payable on foot of the Charge created by Section 54 shall be recoverable from the person who is the registered owner of the lands as a personal liability. However, under Section 56 (B) a subsequent registered owner could recover the money as a personal debt from the previous registered owner who had benefited from the loan. Section 56 Subsection 2 provides that the money can also be recovered from a person in occupation of the lands. (Other than the registered owner of the lands). However, under Section 56 Subsection 2 paragraph B a subsequent person in occupation of the lands can claim the money as a personal debt from the previous occupier of the land who had benefited from the loan. Section 57 of the act deals with the conditions and variations of the Charging Order. Section 58 of the act deals with the cancellation of Charges. This concludes my report on the above Act which I hope will be of benefit to the reader. A BLOW FOR THE RESTRICTIVE PRACTICES COMMISSION June Issue, 1978. The following omission and mistake were respectively made in the publication of this article: 1. An appeal is being taken from the judgment of Mr. Justice McWilliam in the High Court; and 2. The report, attributed to the Restrictive Practices Commission was, in fact, a report produced by the Examiner of Restrictive Practices. The Editor.

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