Agricultural Credit Act, 1978

Chattel mortgage of specific stock.

[1947, s. 22.]

24.—Where—

(a) a recognised lender has agreed to make a loan to a recognised borrower wholly or partly for the purchase of specific stock, and

(b) that recognised borrower, for the purpose of giving security for the loan, has, prior to the purchase, executed a specific chattel mortgage of the specific stock, and

(c) the chattel mortgage is duly registered under this Part,

that chattel mortgage shall, notwithstanding anything contained in this Part, create a charge on the specific stock on and from the date on which the stock comes into the ownership and possession of the recognised borrower.