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PART III.
Chattel Mortgages.
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Definitions in relation to chattel mortgages.
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23.—(1) In this Act—
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the expression “chattel mortgage” means an instrument under seal made between a farmer of the one part and the Corporation or a recognised bank of the other part whereby the farmer in consideration of moneys advanced to him by the mortgagee covenants with the mortgagee to repay such moneys with interest and charges in favour of the mortgagee either specific farming stock or (by way of floating charge) the farming stock from time to time on his farm or both specific farming stock and the farming stock from time to time on his farm with the repayment of the said moneys and interest;
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the expression “specific chattel mortgage” means a chattel mortgage whereby a charge on specific farming stock is created; the expression “floating chattel mortgage” means a chattel mortgage whereby a floating charge on the farming stock from time to time on a farm is created;
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a chattel mortgage whereby both a charge on specific farming stock and a floating charge on the farming stock from time to time on a farm are created is included in the expression “specific chattel mortgage” in so far as a charge on specific farming stock is thereby created and is included in the expression “floating chattel mortgage” in so far as such floating charge is thereby created;
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the expression “farming stock” means and includes animals and birds of every kind reared or kept for profit, the produce of such animals and birds, draught animals of every kind, agricultural machinery and implements, and agricultural crops whether growing in or severed from the land;
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the words “mortgagor” and “mortgagee” when used in relation to a chattel mortgage mean respectively the farmer by whom and the Corporation or recognised bank to whom such chattel mortgage is made;
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the expression “recognised bank” means a bank which is for the time being appointed by the Minister to be a recognised bank for the purposes of this Part of this Act.
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(2) An instrument shall not be excluded from being a chattel mortgage by reason only of one or more persons (in addition to the mortgagor and the mortgagee) being a party or parties thereto as surety or sureties only.
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(3) References in this Act to farming stock in relation to a chattel mortgage shall be construed as referring only to farming stock which is the absolute property of the farmer by whom such chattel mortgage is made.
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