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MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 17

Application of Act as respects assignees.

17.(1) Subject as hereinafter provided, the provisions of this Act shall
continue to apply as respects any debt to a moneylender in respect of money
lent by him after the commencement of this Act or in respect of interest on
money so lent or of the benefit of any agreement made or security taken in
respect of any such debt or interest, notwithstanding that the debt or the
benefit of the agreement or security may have been assigned to any assignee,
and, except where the context otherwise requires, references in this Act to a
moneylender shall accordingly be construed as including any such assignee as
aforesaid:

Provided that

(a)notwithstanding anything in this Act

(i)any agreement with, or security taken by, a moneylender in respect of money
lent by him after the commencement of this Act shall be valid in favour of any
bona fide assignee or holder for value without notice of any defect due to the
operation of this Act, and of any person deriving title under him; and

(ii)any payment or transfer of money or property made bona fide by any person,
whether acting in a fiduciary capacity or otherwise, on the faith of the
validity of any such agreement or security, without notice of any such defect
shall, in favour of that person, be as valid as it would have been if the
agreement or security had been valid; and

<(iii)the provisions of this Act limiting the time for proceedings in respect of money lent shall not apply to any proceedings in respect of any such agreement or security commenced by a bona fide assignee or holder for value without notice that the agreement or security was affected by the operation of this Act, or by any person deriving title under him,


(b)but in every such case the moneylender shall be liable to indemnify the
borrower or any other person who is prejudiced by virtue of this section, and
nothing in this proviso shall render valid an agreement or security in favour
of, or apply to proceedings commenced by, an assignee or holder for value who
is himself a moneylender; and

(b)for the purposes of this Act and the Moneylenders Act, 1900, the provisions
of section three of the Conveyancing Act, 1882, shall apply, and be deemed
always to have applied, as if the expression "purchaser" included a person
making any such payment or transfer as aforesaid.

(2) Nothing in this section shall render valid for any purpose any agreement,
security or other transaction which would, apart from the provisions of
this Act, have been void or unenforceable.

S.18 rep. by 1959 c.25 (NI) s.154(3) sch.5

© 1933 Crown Copyright

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