Land Titles Act 1925

In this section:

Where—

2 or more memoranda of mortgage on land, or on an interest in land, under this Act have been registered under this Act; and

the land charged by each of those mortgages is the same and no other land is charged by any of those mortgages;

A memorandum of variation referred to in subsection (2) shall be signed in the presence of a witness—

by the mortgagee under each of the mortgages the priority of the memorandum of which is to be varied; and

where the assent of the mortgagor is necessary in order to render the variation effective against him or her, by the mortgagor.

The execution of an instrument lodged for registration by a legal practitioner or mortgagee corporation is not required to be witnessed because certification for the instrument is given (see s 48BD and E‑Conveyancing Law, s 11).

If—

in addition to the memoranda of mortgage the priorities of which are to be varied, there is registered under this Act another memorandum of mortgage charging the whole or any part of the land charged by those memoranda; and

that other memorandum of mortgage has priority over 1 or more of those memoranda of mortgage but not over the remaining memorandum or memoranda of mortgage; and

it is not intended that the priority that that other memorandum of mortgage has by reason of section 48 (3) or of this section be varied by the memorandum of variation;

After lodgment of a memorandum of variation, the registrar-general shall—

register the memorandum of variation; and

make such entries in the register as are necessary, in relation to—

the memoranda of mortgage the relative priorities of which are to be varied; and

any other memorandum of mortgage of the kind referred to in subsection (4).

After the registration of a memorandum of variation, the memoranda of mortgage the relative priorities of which are affected by the memorandum shall be entitled in priority the one over the other in the order in which, by the memorandum of variation, they are expressed to have priority.