LAND REGISTRATION ACT (NORTHERN IRELAND) 1970 - SECT 59 Effect of bankruptcy of registered owner.

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LAND REGISTRATION ACT (NORTHERN IRELAND) 1970 - SECT 59

Effect of bankruptcy of registered owner.

59.(1) If a petition of bankruptcy is presented by or against, or a petition
for arrangement under section 343 of the Irish Bankrupt and Insolvent Act 1857
is presented by, the registered owner of any land, the [Master (Bankruptcy)]
shall give notice of the presenting of the petition, in such manner as may be
prescribed, to the Registrar, and notice of the presenting of the petition
shall thereupon be entered on the appropriate register.

(2) Where notice of the presenting of a petition of bankruptcy has been
entered on the appropriate register under subsection (1) and the registered
owner is adjudicated a bankrupt, section 328 of the said Act of 1857 (which
relates to the protection of bona fide transactions without notice) shall, in
its application to registered dealings with the land, have effect as if the
date of the entry of the notice were substituted for the date of the filing of
the petition.

(3) From and after the entry of a notice of the presenting of a petition on
the appropriate register under subsection (1) (but without prejudice to
dealings with or in right of estates superior to the estate of the owner in
respect of whose land the notice has been entered), a dealing affecting the
land of such registered owner shall not, unless and until the entry is
cancelled pursuant to subsection (4) [, (4A)] or (6), be entered on the
register without the leave of the High Court.

(4) Where notice of the presenting of a petition has been given to
the Registrar under subsection (1) and

(a)the petition is afterwards dismissed; or

(b)the registered owner is adjudicated a bankrupt and the adjudication is
afterwards annulled; or

(c)in the case of a petition for arrangement, a certificate has been issued
under section 64 of the Bankruptcy (Ireland) Amendment Act 1872;

[(4A) The Registrar shall cancel any entry in the appropriate register made
under subsection (1) on receipt of a direction in writing to do so given by
the Master (Bankruptcy).]

(5) If a registered owner of any land is adjudicated a bankrupt or has a had
resolution or agreement approved and confirmed in the matter of a petition for
arrangement presented by him under section 343 of the said Act of 1857 and the
land thereby becomes vested in assignees or trustees for the benefit of the
creditors of the registered owner, the assignees or trustees under the
bankruptcy or, as the case may be, the arrangement shall be entitled to be
registered as owners of the land in the place of the bankrupt or, as the case
may be, the arranging debtor, or, in the case of settled land, as his
assignees.

(6) On the registration of any assignees or trustees under subsection (5),
the Registrar shall cancel any entry on the appropriate register made under
subsection (1).

(7) The provisions of this section shall apply, with any necessary
modifications, to a petition for the administration in bankruptcy of the
estate of a person dying insolvent and to an order for the administration of
such an estate as it applies to a petition of bankruptcy and to an
adjudication of bankruptcy.

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Northern Irish Legislation

LAND REGISTRATION ACT (NORTHERN IRELAND) 1970 - SECT 59