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PURCHASE OF LAND (IRELAND) ACT 1885 - SECT 23

Terms of repayment of advances to tenant purchasers under 1869 c.42.

23. Whereas certain lessees and tenants of the Commissioners of Church
Temporalities in Ireland, referred to in the first paragraph of the fifth
sub-section of the thirty-fourth section of the Irish Church Act, 1869,
purchased parcels of land from the Commissioners under that Act, and a part of
the purchase-money was, in some cases, allowed by the Commissioners to remain
outstanding, with interest at the rate of four per centum, and was secured to
the Commissioners in some cases by a simple mortgage of the property sold, and
in other cases by a deed, referred to in this section as an "instalment
mortgage," providing for the payment of the principal sum, with interest, by
an annuity extending over a term of years:

And whereas under the Irish Church Act Amendment Act, 1881, the Land
Commission are the successors of and stand in the place of the Commissioners
of Church Temporalities in Ireland so far as regards such purchases and deeds
of mortgage:

And it is expedient that the following provisions should take effect;
therefore

(1)The rate of interest made payable by every such simple mortgage as
aforesaid shall, from and after a day to be determined by the Land Commission
by order, be reduced to a rate of three and one-eighth per centum;

(2)Any person liable to pay to the Land Commission the annuity secured by such
an instalment mortgage as aforesaid may make application to the Land
Commission to accept payment of the amount then remaining due on the security
of such instalment mortgage upon the terms herein-after specified:

(aOn such application the Land Commission shall ascertain, and by order
declare, the amount of the principal money which then remains owing to them on
the security of such instalment mortgage; and, by the same order, the Land
Commission shall declare how many years would then remain unexpired of a term
of forty-nine years, calculated to commence on the day on which the term of
years commenced during which the instalments secured by such instalment
mortgage were to continue payable;

(b)The Land Commission shall accept payment of the said sum with interest at
the rate of three and one-eighth per cent. by half-yearly instalments of such
amount as shall be ascertained and declared by the Land Commission in such
order to be required to pay off the said sum with interest at the rate
aforesaid, if paid for the residue then unexpired of the said term of
forty-nine years;

(c)The payment of such instalments shall be secured to the Land Commission by
deed, in such form as they may determine, which shall be in substitution for
the instalment mortgage, and which shall be exempt from stamp duty;

(3)No order shall be made with reference to any debt secured by a simple
mortgage unless all interest on that debt due before making of the order is
then paid up;(4)Nothing contained in this section shall apply to any debt due
to the Land Commission in respect of any purchase from the Commissioners of
Church Temporalities of land held from or under them by virtue of any lease
for twenty-one years, or for three lives or twenty-one years, or for forty
years, or for three lives, referred to in the last paragraph of the said fifth
sub-section of the thirty-fourth section of the Irish Church Act, 1869.

S.24 rep. by 1896 c.47 s.52 sch.2

© 1885 Crown Copyright

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