Agricultural Credit Act, 1978
|
Effect of chattel mortgage on execution orders. [1947, s. 31.] |
33.—(1) A chattel mortgage shall not prevent or restrict the lawful seizure and sale of any stock comprised therein or affected thereby under— | |
(a) a warrant issued under section 28 of the Land Act, 1933 , or | ||
(b) an execution order issued for the enforcement of a judgement or order for the payment of— | ||
(i) money due or payable to or for the benefit of the Central Fund, or | ||
(ii) money in respect of advances made out of money provided by the Oireachtas or the interest on such advances, or | ||
(iii) money due or payable to the Land Commission under the Land Purchase Acts, or | ||
(iv) money due to the Commissioners of Public Works in Ireland in respect of a local loan, within the meaning of the Local Loans Fund Act, 1935 , or | ||
(v) money due to a rate collector in respect of rates levied by the council of a county, the corporation of a county or other borough, the council of an urban district or the commissioners of a town. | ||
(2) A floating chattel mortgage shall not prevent or restrict the lawful seizure and sale of any stock comprised therein or affected thereby under an execution order issued for the enforcement of a judgment or order for the payment of money due or payable to a landlord in respect of rent. | ||
(3) Save as is provided in subsections (1) and (2), no stock comprised in or affected by a chattel mortgage shall be seized or sold under an execution order, unless before the seizure the creditor has previously obtained the consent in writing of the mortgagee or has paid to the sheriff or county registrar executing the execution order the full amount of the principal money and interest and costs then owing and unpaid on the security of the chattel mortgage. | ||
(4) Whenever a creditor pays under subsection (3) to a sheriff or county registrar the full amount owing on the security of a chattel mortgage— | ||
(a) the sheriff or county registrar shall pay the amount to the mortgagee and the mortgagee shall accept the amount in discharge of the money secured by the chattel mortgage notwithstanding anything to the contrary contained in the chattel mortgage and in particular notwithstanding that the money is not then due or payable, and | ||
(b) the amount shall be added to the debt for which execution is leviable under the execution order, and the execution order shall have effect accordingly. | ||
(5) For the purpose of enabling a creditor to take advantage of the provisions of subsections (3) and (4)— | ||
(a) whenever a creditor requires an execution order to be executed against any stock, the sheriff or county registrar shall inspect the appropriate register of chattel mortgages and if, on that inspection, the stock is found to be comprised in or affected by a chattel mortgage he shall inform the creditor of the existence of the 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 sheriff or county registrar for transmission to the creditor a statement of the full amount of the principal money and interest and costs then owing and unpaid on the security of the chattel mortgage. | ||
(6) In this section “creditor” means the person at whose instance in execution order is issued, but does not include the mortgagee under a chattel mortgage. |