Agricultural Credit Act, 1927
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Effect of chattel mortgages in relation to execution orders. |
31.—(1) A chattel mortgage shall not prevent or restrict the lawful seizure of any farming stock comprised therein or affected thereby by a landlord distraining for rent or a duly authorised officer distraining or levying under the Income Tax Acts or a rate collector distraining for rates or the lawful seizure and sale of any such farming stock under an execution order issued for the enforcement of a judgment or order for the payment of moneys due or payable to or for the benefit of the Central Fund or the repayment of advances made out of moneys provided by the Oireachtas or the interest on such advances or of moneys due or payable to the Irish Land Commission under the Land Purchase Acts or to a rate collector in respect of rates levied by the council of a county, a county or other borough, or an urban district or the commissioners of a town, or to a landlord in respect of rent. | |
(2) Save as is provided in the foregoing sub-section no farming stock comprised in or affected by a chattel mortgage shall be seized or sold under an execution order, unless before such seizure the creditor has paid to the under-sheriff or county registrar executing such execution order the full amount of the principal moneys and interest then owing and unpaid on the security of such chattel mortgage. | ||
(3) Whenever a creditor pays under the foregoing sub-section to an under-sheriff or county registrar the full amount owing on the security of a chattel mortgage, the following provisions shall have effect, that is to say:— | ||
(a) the under-sheriff or county registrar shall pay such amount to the mortgagee and the mortgagee shall accept such amount in discharge of the moneys secured by such chattel mortgage notwithstanding anything to the contrary contained in such chattel mortgage and in particular notwithstanding that such moneys are not then due or payable, and | ||
(b) the said amount shall be added to the debt for which execution is leviable under the execution order, and such execution order shall have effect accordingly. | ||
(4) For the purpose of enabling the creditor to take advantage of the provisions of sub-sections (2) and (3) of this section, the following provisions shall have effect, that is to say:— | ||
(a) whenever a creditor requires an execution order to be executed against any farming stock the under-sheriff or county registrar shall inspect the appropriate register of chattel mortgages and if on such inspection such farming stock is found to be comprised in or affected by a chattel mortgage such under-sheriff or county registrar shall inform the creditor of the existence of such chattel mortgage the date thereof and the name and address of the mortgagee, and | ||
(b) the mortgagee shall on demand made by the creditor furnish to the creditor a statement of the full amount of the principal moneys and interest then owing and unpaid on the security of the chattel mortgage. | ||
(5) In this section the expression “execution order” has the same meaning as it has in the Enforcement of Court Orders Act, 1926 (No. 18 of 1926) and the word “creditor” means the person at whose instance an execution order is issued. |