344
In forceAmending priority of mortgages
Chapter 6Registration and dealings
Part 4Dealings affecting land
Division 4Mortgages
344 Amending priority of mortgages
(1)
The priority of registered mortgages may be amended by registering a document amending priority.
(2)
The document amending priority must—
(a)
state the order of priority of all affected registered mortgages; and
(b)
be executed by all mortgagees affected by the amendment.
(3)
On registration of the document amending priority, the mortgages have priority in the order stated in the document.
This Act’s bill:Explanatory memorandum
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