We meet a group of young girls, and one of them, Peig, begins to tell the story of Séadna.
Séadna runs out of what he needs to make shoes, and goes off to buy more. On the way, 3 people beg alms from him, and he gives to each, finally giving away the last of his money (for the sake of the Savior). This last person turns out to be an angel, and gives him 3 wishes, which he uses foolishly. when he realizes what he's done, the Devil (fear dubh) appears, and offers him all the money he could want, if Séadna will come with him after 13 years.
Séadna swears to the deal.