Agricultural Credit Act, 1927

Priorities of chattel mortgages.

28.—(1) Chattel mortgages shall have priority in accordance with the times at which they are respectively registered or first registered (as the case may be) under this Act.

(2) A specific chattel mortgage of any farming stock which is at the date of such chattel mortgage on a farm to which a prior floating chattel mortgage then applies shall be void and of no effect so long but so long only as any principal moneys or interest remain owing on the security of such floating chattel mortgage.

(3) A bill of sale made before the passing of this Act shall if and so long as it continues to be valid and enforceable under the Bills of Sale Acts, 1879 and 1883 have priority over a chattel mortgage.

(4) Farming stock comprised in a specific chattel mortgage or in a floating chattel mortgage which has become fixed shall not be deemed to be in the possession, order or disposition of the mortgagor within the meaning of the Irish Bankrupt and Insolvent Act, 1857 or any Act altering or amending that Act.