Chapter IV.

Miscellaneous Provisions in relation to charges on land.

47. —(1) Any person who is a tenant for life within the meaning of the Settled Land Acts, 1882 to 1890, of any land or has under those Acts the powers of a tenant for life in respect of any land may borrow from the Corporation and the Corporation may lend to any such person money for permanent improvement purposes on the security hereinafter authorised.

(2) Money borrowed under this section shall be paid by the Corporation to the trustees for the purposes of the Settled Land Acts, 1882 to 1890, of the settlement under which the borrower is tenant for life or has the powers of a tenant for life or to persons appointed under this section to receive such money, and such money shall be capital money arising under the said settlement within the meaning of the said Acts, and the purpose for which such money is borrowed under this section shall as respects such money be a purpose for which capital money may be applied under the said Acts, and the said Acts shall apply to the said money accordingly.

(3) Where money is proposed to be borrowed under this section and there are not trustees for the purposes of the Settled Land Acts, 1882 to 1890, of the settlement under which the borrower is tenant for life or has the powers of a tenant for life under those Acts and the rateable valuation of the land comprised in the said settlement does not exceed sixty pounds, the Minister for Agriculture may nominate two suitable persons (other than the borrower) to receive such money and thereupon the persons so nominated shall become and be trustees for the purposes of the said Acts of the said settlement in respect of such money but no further or otherwise

(4) Where money is borrowed under this section the borrower may charge all the land comprised in the settlement under which he is tenant for life or has the powers of a tenant for life with the repayment to the Corporation of the moneys so borrowed and the interest thereon and such charge shall have effect as a disposition under the Settled Land Acts, 1882 to 1890, and, where the circumstances are such that such charge, if made by any of the persons specified in subsection (1) of section 39 of this Act or in subsection (1) of section 42 of this Act, would be a priority charge, such charge shall be a priority charge and a permanent improvement charge and Chapter II or Chapter III (as the case may require) of this Part shall apply to such charge accordingly.

48. —A personal representative of a deceased person shall be entitled to mortgage or charge the land of the said deceased person, by way of priority charge or otherwise, to secure the repayment to the Corporation of an advance, not exceeding four hundred pounds and interest thereon, made to him as such personal representative for any purpose for which the Corporation is entitled to make an advance to any person, and any such mortgage or charge so given or made by such personal representative shall be deemed to have been given or made in due course and for the purpose of administering the estate of the said deceased person.

49. —(1) Whenever the Corporation, in exercise of the powers of sale conferred on it by the Conveyancing Act, 1881, or otherwise as registered owner of a priority charge on registered land, sells the whole or any part of the land comprised in the folio of a register of freeholders on which the said priority charge is registered as a burden—

(a) the power of the Corporation to transfer land so sold to the purchaser thereof shall be exercisable as if no note as to equities appeared on such folio,

(b) such transfer shall have the same effect as if no note as to equities appeared on such folio, and

(c) upon the registration of the transferee, the said note as to equities shall be discharged in so far as it affects the land so transferred.

(2) Whenever the Corporation, in exercise of the powers of sale conferred on it by the Conveyancing Act, 1881, or otherwise as a mortgagee under and by virtue of a priority charge on unregistered land, sells the whole or any part of such land,

(a) the power of the Corporation to convey land so sold to the purchaser thereof shall be exercisable so as to convey to the purchaser all the estate and interest of the mortgagor in such land,

(b) a conveyance of such land by the Corporation, in exercise of its powers as mortgagee, shall operate to convey to the purchaser thereof all the estate and interest of the mortgagor in such land, and

(c) such conveyance shall have the same effect and operation as if the mortgagor was at the date of the instrument of charge beneficially entitled to the estate or interest in the said land created by any agreement or undertaking to purchase entered into or deemed to have been entered into with the Land Commission by him or his predecessors in title in respect of the said land freed from all interests, incumbrances and claims other than those saved and excepted by section 42 of this Act, but subject to all conditions (whether statutory or contained in any such agreement or undertaking to purchase) which affected the mortgagor's estate or interest in the said land immediately before the sale thereof by the Corporation.

(3) The purchase money arising from a sale by the Corporation in exercise of its powers of sale (other than a sale by order or direction of the Court) of land subject to a priority charge shall, after discharge of prior incumbrances to which the sale is not made subject, if any, and over which such priority charge has not been given priority by the Acts or by this Act, be applied in discharge of the principal money and interest due on the security of the said priority charge and in payment of the costs, charges and expenses properly incurred by the Corporation as incident to the sale or any attempted sale of such land and the residue of such purchase money shall be paid to the mortgagor or other person or persons authorised to give receipts for the proceeds of sale of the property charged, provided always that in any case of doubt as to the person or persons entitled to receive such residue the Corporation shall pay the same into Court pursuant to the provisions of the Trustee Act, 1893, or the provisions of that Act and of the County Officers and Courts (Ireland) Act, 1877, as the case may be.

(4) If at any time after the money secured by a priority charge becomes due, the Corporation institutes proceedings in the High Court or in the Circuit Court to realise its security and obtains an order or decree for sale of the land charged or any part thereof in default of payment of the amount due to the Corporation, the Court may, at the request of the Corporation, direct that the land be sold by the Corporation out of Court (with liberty to the Corporation to bid at such sale) at any time after the expiration of the period fixed for payment by the said order or decree (notwithstanding that any account of debts and incumbrances, inquiry as to priorities or other account or inquiry directed by the said order or decree has not been taken or made at the time of sale) and the Court may fix the reserved price and the remuneration of the auctioneer and may direct that the residue of the purchase money produced by such sale, after payment and discharge thereout of all prior incumbrances to which the sale is not made subject, if any, and over which such priority charge has not been given priority by the Acts or this Act, and the principal money, interest and costs due to the Corporation together with the costs and expenses of and incident to the sale, be paid into Court to the credit of the suit and such direction may be given by the Court in the absence of any evidence that all or any parties interested in the land ordered to be sold are before the Court or are bound by the order or decree for sale and such sale shall not be deemed to be proceedings altogether out of Court.

(5) Nothing in this section shall be construed as affecting any powers of resumption of land conferred on the Land Commission by the Land Purchase Acts.

50. —Where—

(a) land is offered for sale by the Land Commission under any statutory power in that behalf vested in them, and

(b) such land is subject to a charge in favour of the Corporation to secure the repayment of money, and

(c) such money is expressed in the instrument of charge to have been advanced for permanent improvement purposes and for no other purpose.

such land shall be sold subject to such charge in addition to any other charge, incumbrance or liability subject to which such land is required to be sold.

51. —Notwithstanding anything contained in section 35 of the Land Act, 1927 (No. 19 of 1927),—

(a) a priority or other charge in favour of the Corporation created by an evicted tenant on a parcel of land purchased by him under the Land Purchase Acts shall be a good and valid charge on the said land,

(b) the Corporation may enforce such priority or other charge by any process or proceeding of law.

52. —Every reference in any enactment (other than this Act) to a permanent improvement charge under the Acts shall be construed as a reference to a charge on land in favour of the Corporation to secure any money which is expressed in the instrument of charge to have been advanced for permanent improvement purposes.