THE CHATTEL SECURITIES ACT, 1880.

Globe, Volume XXII, Issue 2060, 30 September 1880, Page 3

THE CHATTEL SECURITIES ACT, 1880.

The above Act cornea into operation on the Ist of October next. The Act is divided into five parts, as follows : —l. Bills of sale ; 2. Leases and mortgages of live stock ; 3. Liens on crops ; 4. Liens on wool and oil; 5. Begistration of instruments, and miscellaneous provisions. The first four parts bring together all the provisions that now exist under eight Acts of Parliament, and the fifth provides for the registration of all securities, or true copies thereof, in one book, by the Registrars or Deputy Eegistrars of the Supreme Court, the filing fee being fixed at five shillings for all ir.strumonts, and the book and every instrument registered may be searched on payment for every search against each person of two shillings. The periods for registration of various instruments arc —Bills of sale, twenty-one days after the giving thereof ; leases and bailof stock, twenty-one days after execution thereof ; mortgages of stock, twenty-one days after execution thereof by mortgagor ; liens on crops, seven days, if mode within fifty miles of plaeo of registration, and if more than fifty miles, then within fourteen days ; liens on wool and oil, aixtyono days after the execution thereof. The above instruments, with the exception of liens on crops or Haas of wool or oil, have to bo M-registered every five years. Satisfaction may be entered in respect of_ every registered instrument, thoreby cancelling the same by filing an affidavit to that effect with the Begistrar, upon which there is a charge of five shillings. The above mode of cancellation does not apply to mortgages of Btock, which is effected by registering a copy of a receipt verified by affidavit of the payment of the amount due, which copy shall be so registered on the production of the original reoßipt, and of the original mortgage deed to which the same shall relate,