PART III

PART III
Chattel Mortgages

SECTION 23

Definitions for Part III.
[1947, s. 21; 1961, s. 12.]

23.—(1) In this Part—

"the Act of 1926" means the Enforcement of Court Orders Act, 1926, as amended by the Enforcement of Court Orders Act, 1940;

"chattel mortgage", when used without qualification, means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part which is—

(a) a floating chattel mortgage, or

(b) a specific chattel mortgage, or

(c) both a floating chattel mortgage and a specific chattel mortgage;

"execution order" means an execution order within the meaning of the Act of 1926;

"floating chattel mortgage" means an instrument under seal made between a recognised borrower of the one part and a recognised lender of the other part whereby the recognised borrower charges the stock from time to time on the recognised borrower's land with the payment to the recognised lender of any money advanced or to be advanced to the recognised borrower;

"land", in relation to a recognised borrower, means the buildings or land or buildings and land in or on which the recognised borrower