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This legislation has been repealed.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 possession13 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.