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2 1978

AGRICULTURAL CREDIT ACT, 1978

PART IV

Charges on Land in favour of the Corporation

Chapter 1

Preliminary

Definitions for Part IV.

[cf. 1947, s. 37.]

37. —In this Part—

the Act of 1964” means the Registration of Title Act, 1964 ;

charge” includes mortgage and any other means by which land is charged with or made liable for or security for the payment of money;

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 the land are not entered in a register but are preserved by virtue of the registration of the owner otherwise than with an absolute title and references to an equitable claimant shall be construed accordingly;

interest in lieu of rent” includes any money payable under that name to the Land Commission under the Land Purchase Acts;

payment in lieu of rent” includes any money payable under that name to the Land Commission under the Land Purchase Acts;

interest on purchase money” includes any money payable under that name to the Land Commission under the Land Purchase Acts;

land purchase annuity” means a terminable annuity payable under that name to the Land Commission under the Land Purchase Acts in repayment of an advance made by that Commission under those Acts;

mortgage” includes any instrument by which land is charged with or made liable for or security for the payment of money;

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

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;

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

(a) the principal sum secured by the 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;

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 the land,

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

(c) any other purpose which will be or is intended to be of permanent or long-term benefit to the farm business conducted on the land,

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

priority charge” means—

(a) in relation to registered land, a charge on the registered land to which priority is given by section 39;

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

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

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

register” means a register maintained under the Act of 1964;

registered land” means land the ownership of which is entered in a register;

the registering authority” means the registering authority under the Act of 1964;

registration” means registration in a register and cognate words shall be construed accordingly;

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

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.

Application of Part IV to existing charges.

[1947, s. 38.]

38. —This Part applies in respect of every charge on land given before the commencement of this Act in favour of the Corporation and subsisting immediately before such commencement and to which this Part would have been applicable if it had been in force at the time the charge was given, and any proceedings taken or thing done before such commencement as respects the charge under any provision of the Acts repealed by this Act shall be deemed to have been taken or done under the corresponding provision of this Act.