That if any peerage shall at any time be in abeyance, such peerage shall be deemed and taken as an existing peerage, and no peerage shall be deemed extinct, unless on default of claimants to the inheritance of such peerage, for the space of one year from the death of the person who shall have been last possessed thereof, and if no claim shall be made to the inheritance of such peerage, in such form and manner as may from time to time be prescribed by the house of lords of the united kingdom, before the expiration of the said period of a year, then and in that case such peerage shall be deemed extinct, provided that nothing herein shall exclude any person from afterwards putting in a claim to the peerage so deemed extinct, and if such claim shall be allowed as valid by the judgment of the house of lords of the united kingdom reported to his Majesty, such peerage shall be considered as revived, and in case any new creation of a peerage of Ireland, shall have taken place in the interval, in consequence of the supposed extinction of such peerage, then no new right of creation shall accrue to his Majesty, his heirs or successors, in consequence of the next extinction which shall take place of any peerage of Ireland.