77
In forceAmending priority of mortgages
Part 6Dealings directly affecting lots
Division 3Mortgages
77 Amending priority of mortgages
(1)
The priority of registered mortgages may be amended by registering an instrument amending priority.
(2)
The instrument amending priority must—
(a)
specify 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 instrument amending priority, the mortgages have priority in the order specified in the instrument.
This Act’s bill:Explanatory memorandum
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