5 Agricultural charges on farming stock and assets
Agricultural Credits Act 1928 (1928 c 43) | Legislation

Part II Agricultural Short-term Credits

5  Agricultural charges on farming stock and assets

(1)     It shall be lawful for a farmer as defined by this Act by instrument in writing to create in favour of a bank as so defined a charge (hereinafter referred to as an agricultural charge) on all or any of the farming stock and other agricultural assets belonging to him as security for sums advanced or to be advanced to him or paid or to be paid on his behalf under any guarantee by the bank and interest, commission and charges thereon.

(2)     An agricultural charge may be either a fixed charge, or a floating charge, or both a fixed and a floating charge.

(3)     The property affected by a fixed charge shall be such property forming part of the farming stock and other agricultural assets belonging to the farmer

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