Agricultural Credit Act, 1978

Charges by personal representatives.

[1947, s. 48; 1965, s. 7; 1973, s. 5.]

48.—A personal representative of a deceased person shall be entitled to mortgage or charge the land of the deceased person, by way of priority charge or otherwise—

(a) to secure the repayment to the Corporation of an advance or advances not exceeding £25,000 and interest thereon, made to him as such for any purpose for which the Corporation is entitled to make an advance to any person, or

(b) to secure the payment to the Corporation of any money liable to be paid by it on foot of a guarantee of the payment of money not exceeding in amount £25,000 and interest thereon by the personal representative given by the Corporation in respect of the personal representative as such for any purpose for which the Corporation is entitled to give a guarantee in respect of any person,

and any such mortgage or charge shall be deemed to have been given or made in due course and for the purpose of administering the estate of the deceased person.