Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

Practitioner’s guide to agricultural charges under the Agricultural Credits Act 1928: parties, assets, fixed and floating security, priority, registration, enforcement, receivers and marshalling (England and Wales)

Published by a LexisNexis Property expert

Practice notes

Introduction

The Agricultural Credits act 1928 (ACA 1928) introduced a tailored form of security enabling a farmer to confer a single charge (termed in the ACA 1928 an ‘agricultural charge’) in favour of a bank over their personal chattels and compensatory payments. This spans all the farmer’s farming stock and other agricultural assets, though not the land on which they work. Prior to the ACA 1928 coming into force, if a farmer wished to secure non-land assets, such security had to be taken as a Bill of Sale under the Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882, which governed charges over chattels. Bills of Sale remain an alternative security, particularly for non-bank lenders. Agricultural charges, however, are expressly excluded from the Bills of Sale legislative requirements. The arrival of agricultural charges under the ACA 1928 was widely viewed as giving farmers greater flexibility to use their general business assets as security, and to do so more readily than was possible under the Bills of Sale regime. Who can grant an agricultural charge? An agricultural charge may only be created by a ‘farmer’. This engages a number of key component elements...

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Web page updated on 21/05/2026

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