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(1)If the consideration money payable in respect of the redemption of a tithe rentcharge is not paid or discharged within one month after the same becomes payable, the Board of Agriculture and Fisheries, on the application of the owner of the rentcharge, may make an order in favour of the owner of the rentcharge, or other the person entitled under the Tithe Acts, 1836 to 1891, to receive the consideration money, charging the land with the payment of the amount of such consideration money and the costs properly incurred by the applicant in obtaining the charge, with such interest, by such instalments and with such directions for giving effect to the charge as the Board may think fit; and where a charge is so created then, after the payment of the half-yearly portion of the rentcharge which accrues due next subsequently to the time of the creation, of the charge, the rentcharge shall cease and be extinguished.
(2)A charge created under the provisions of this section or section four of this Act shall have priority over every other then existing charge and encumbrance affecting the land, whether created under the powers of an Act of Parliament or otherwise, and such a charge shall be a land charge within the meaning of the [51 & 52 Vict. c. 51.] Land Charges Registration and Searches Act, 1888.
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