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ARRANGEMENT OF CLAUSES.
Preamble recites 12 & 13 Vict. c. 77.
Land sold under 12 & 13 Vict. c. 77. may be charged in favour of Persons advancing Part of Purchase Money, but Charge not to exceed One Half the Purchase Money; Sect. 1.
Form of Charge; 2.
Certificate to be referred to in Conveyance; 3.
All Conveyances and Assignments by the Incumbered Estates Commissioners to be executed in Duplicate, and One Duplicate registered; and where Certificate issued, Conveyance or Assignment to be marked for Reference; and any Person may have an Office Copy of registered Duplicate; 4.
-On Issue of Certificate, Principal and Interest to become a Charge in priority of the Purchaser's Title; 5.
Certificates to be transferable by Endorsement; 6.
Registrar of Deeds to keep a Register of Owners of Certificates of Charge; 7.
Persons claiming, on Transmission of Charge, by Death, &c. of Owner of Certificate, may be registered, on Proof of Title, by Declaration, &c.; 8.
Receipt to be delivered up on Payment; 9.
Persons paying off Money owing on Certificates not bound to regard Trusts; Receipt of Owner of Certificate a Discharge; 10.
Where Principal or Interest due on any Certificate is in arrear for Three Months, Commissioners may order a Sale of the Lands charged; 11.
Petitioner for Sale to deposit his Certificate, and shall be liable to have such Certificate redeemed; 12.
Money charged by Certificate not to be deemed a Debt; 13.
Owner of Land may pay off Certificates, on giving Three Months Notice; 14.
Notices may be sent through the Post Office to registered Name and Address, and published in Dublin Gazette; 15.
In what Place Monies secured by Certificates to be Bona notabilia; 16.
Judgment not to be a Charge upon Certificate; 17.
Stamp on Certificates; 18.
Power to Trustees having Authority to invest on Real Securities in England or Wales, Great Britain, or Ireland, to lend Money on Security of Certificates of Charge; 19.
Commissioners may frame and promulgate Forms and Directions,
and make General Rules for Procedure under this Act; 20.
On Determination of Commission, certain Powers under this Act to be vested in Court of Chancery; 21.
Recited Act and this Act to be construed as One Act; 22.
Act may be amended or repealed; 23.
Provide more simple and effectual Securities for Advances to Purchasers of Incumbered Estates in Ireland.
[Note.-The Words printed in Italics are proposed to be inserted in the Committee.]
HEREAS an Act was passed in the last Session of Parlia- Preamble. ment, intituled "An Act further to facilitate the Sale 12 & 13 Vict. "and Transfer of Incumbered Estates in Ireland:" And whereas Sales might be more advantageously made under the said 5 Act if simple and effectual Securities could be made to Persons advancing Money to the Purchasers: Be it enacted, therefore, by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, 10 That where any Land or Lease is sold by or under the Control of Land sold the Commissioners under the said recited Act, and the Purchaser under has procured from any other Person or Persons an Advance of any c. 77. may Part or Parts of the Purchase Money, it shall be lawful for the be charged Commissioners, upon the Request and at the Expense of the Pur- Persons ad15 chaser, to charge such Land or Lease with the Payment to the vancing Part of Purchase Person or (as the Case may require) to each of the Persons aforesaid Money. of the respective Sum advanced by him, in One Sum or by Instalments, at such Time or Times, and with Interest in the meantime at 207. A such
12 & 13 Vict.
in favour of
such Rate, not exceeding Six Pounds per Centum per Annum, as may be agreed upon by the Purchaser and the Person making such Charge not Advance, but so that the whole Amount of Principal Money to be
to exceed One Half
charged under the Powers of this Act on any Land or Lease shall the Purchase not exceed One Half of the Amount of the Purchase Money of 5 Money.
to be referred to in Conveyance.
such Land or Lease, and no Sum or Charge subject to which such Land or Lease is sold shall for the Purposes of this Enactment be deemed Part of such Purchase Money.
II. And be it enacted, That every Charge to be made under this Act shall be made by a Certificate under the Seal of the Commis- 10 sioners and the Hands of Two of the Commissioners, to be called a Certificate of Charge; and such Certificate shall specify the Amount of the Purchase Money of the Land or Lease, the whole Amount of Principal Money to be charged thereon under the Powers of this Act, and the Amounts of any gross Sums or annual Charges (other 15 than Rent-charges in lieu of Tithes, Crown Rents, or Quit Rents,) subject to which the Land or Lease is sold, and may specify any Place, to be agreed upon between the Purchaser and the Person making the Advance, as the Place of Payment of the Principal Money and Interest charged by such Certificate; and, if the Parties 20 so agree, such Certificate may provide that such Principal Money, or any Part or Parts thereof, shall continue upon the Security of such Certificate for any Term or Terms of Years, Period or Periods, in such Certificate mentioned, and the Land or Lease charged thereby may be described by reference to the Conveyance or Assignment 25 thereof under the said Act, or otherwise, as the Commissioners may think fit; and such Certificate may be in the Form set forth in the Schedule to this Act, or in such other Form as the Commissioners may think proper; and the Commissioners may annex to every or any such Certificate (in such Form as to admit of being separately 30 detached therefrom) Receipts for any Instalments of Principal Money thereby charged, and for half-yearly Payments of Interest, as they may think convenient; and every such Certificate shall be dated and numbered, and shall refer to the Conveyance or Assignment under the said Act of the Land or Lease charged by such Certificate, by 35 mentioning the Letters, Numbers, or distinguishing Marks with which such Conveyance or Assignment is marked pursuant to this Act, and shall be issued to the Person in whose Favour the same is made, when the Purchase Money of the Land or Lease charged thereby has been paid or satisfied according to the Provisions of the 40 said Act.
III. And be it enacted, That every such Certificate shall be referred to in the Conveyance or Assignment under the said Act
of the Land or Lease charged thereby, and such Conveyance or Assignment shall be made subject to the Charge created by every such Certificate.
IV. And be it enacted, That every Conveyance and Assignment All Con5 to be hereafter made by the Commissioners shall be executed in veyances and Assignments Duplicate, and shall be registered in the Office for registering Deeds, by the InConveyances, and Wills in Ireland, by the Deposit of One of such cumbered Duplicates in lieu of a Memorial of such Conveyance or Assignment, missioners to but no Affidavit of the Execution of such Conveyance or Assignment be executed in Duplicate, 10 shall be required; and the Fees which would be payable, and, save and One as herein otherwise provided, all Provisions which would be appli- Duplicate registered; cable, for and in relation to the registering in such Office of a Memorial and where of such Conveyance or Assignment, shall respectively be payable for Certificate issued, Conand applicable to the registering of One of such Duplicates as aforeveyance or 15 said; and where any Certificate of Charge is issued under this Act Assignment to be marked the Conveyance or Assignment to the Purchaser in respect of whose for ReferPurchase Money the Advance secured by such Certificate is made ence; shall be marked with some Letters, Numbers, or distinguishing Marks, any Person may have for the Purpose of such Conveyance or Assignment being referred to an Office 20 in such Certificate, and in registering such Conveyance or Assignment Copy of registered as last aforesaid there shall be entered in the "Abstract Book" kept Duplicate. in the said Office, in the Column in which the Date of the Instrument is required to be entered, and in addition to such Date, the Letters, Numbers, or distinguishing Marks with which the Conveyance or 25 Assignment is marked under this Act; and any Person applying for a Copy of any Duplicate registered as aforesaid shall be entitled to an Office Copy thereof, certified under the Hand of the Registrar or an Assistant Registrar, on paying for the same after the Rate of Twopence per Folio of Ninety Words; but no Stamp Duty shall be 30 payable in respect of more than One of such Duplicates, or of any such Copy.
V. And be it enacted, That upon the issuing of every Certificate On Issue of of Charge under this Act the Principal Money and Interest men- Principal tioned to be charged thereby shall become a Charge upon the Land and Interest 35 or Lease upon which the same shall be therein mentioned to be to become a Charge in charged in priority to the Title derived by the Purchaser under the priority of said Act, and subject only to the Estates, Rights, and Charges, if the Purany, which the Purchaser would take subject to under the Provisions
of the said Act; and where there shall be more than One Certificate
40 of Charge in respect of the same Land or Lease there shall be no Priority of Charge as between the Charges made by such several Certificates, notwithstanding Priority in the Execution or the Date or Number thereof.