reg 15

Priority of interests

In force

(1)

For the purposes of Schedule 4 clause 9(2) of the Act, an application to vary the priority between registered security interests—

(a)

must set out the order of priority of interests, as it will apply after the variation; and

(b)

must be made with the consent of each party to a registered security interest that will be affected by the change in the order of priority.

(2)

For the purposes of Schedule 4 clause 9(4)(a) of the Act, a caveat applying to an unregistered security interest is a caveat of a prescribed kind.

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