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LIENS ON CROPS AND WOOL AND STOCK MORTGAGES ACT 1898 - SECT 13 Right of mortgagee although mortgagor in possession

This legislation has been repealed.

LIENS ON CROPS AND WOOL AND STOCK MORTGAGES ACT 1898 - SECT 13

Right of mortgagee although mortgagor in possession

13 Right of mortgagee although mortgagor in possession

All mortgages of sheep, cattle, and horses, which include the prescribed particulars, are made bona fide and for valuable consideration, and are registered in the General Register of Deeds within 30 days after the date of the agreement, are valid in the law to all intents and purposes whether the money secured by the said mortgage is payable presently or not, and notwithstanding that the said mortgaged live-stock are not delivered over to the mortgagee but remain and continue in every respect, as theretofore, in the possession, order and disposition of the said mortgagor, and though the said mortgagor afterwards takes the benefit of any law now or hereafter to be in force in New South Wales for the relief of bankrupt debtors:

Provided that no mortgage shall protect the same from the operation of any such law unless such mortgage shall have been executed at least sixty days before the date of the order for sequestration, or unless the consideration thereof shall be an advance or loan made at the time of the execution of such mortgage.