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Application of Purchase Money when Sales are made in pursuance of Order in Chancery or Bankruptcy.
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L. Where Sales shall be effected in and by the “Lauded Estates Court, Ireland,” of any Lands which had been decreed or ordered to be sold by Decree or Order of the Court of Chancery or any of the Judges, Masters, or other Officers thereof as aforesaid, the Purchase Monies realized by such Sales shall, if the Court of Chancery or Judge or Master thereof shall so direct, be paid into or lodged in the Bank of Ireland to the Credit of the Accountant General of the Court of Chancery, or otherwise disposed of in such Matter as shall be directed by any General or Special Order of the Court of Chancery, and shall be distributed by such Court according to the Course and Practice thereof as if this Act had not been passed, and as if the Fund, so realized had been produced by a Sale directly had by or under the Court in which such Proceedings had been instituted; but when the said Court of Chancery shall not direct such Purchase Monies to be so lodged to the Credit of the Accountant General of the said Court, the same shall be lodged to the Credit of tho Court hereby constituted, and abide the Order thereof, as if the Sales had been made on an original Application to the same, unless the Court shall deem it expedient to transfer such Fund to the Court of Chancery; and in every Case where a Sale shall be so made by the “Landed Estates Court, Ireland,” in pursuance of an Order of the Court of Bankruptcy and Insolvency, the Purchase Money upon the same shall abide the General or Special Orders of the said last-mentioned Court, or which may be in force for the Regulation of the same, or otherwise, as if such Sale had been made directly under the said Court of Bankruptcy and Insolvency, and this Act had not been passed: Provided nevertheless, that if on such Investigation of Title as in the last Section mentioned it shall appear to the Court that the Title is insufficient, and such as the Court ought not and would not sell if the Proceedings had been originally instituted in the “Landed Estates Court, Ireland,” the Judge shall refuse to sell, and shall certify and report such Refusal and the Reason thereof to the Court by which such Decree or Order shall have been made, together with such other Matters relating to the Defect in such Title as to the Judge shall seem expedient, but subject to such Appeal as is herein provided from the Orders of the Judge.
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