Variation of priority of recorded mortgages
3 Variation of priority of recorded mortgages
The priority between or amongst themselves of the recorded mortgages of a water share may be varied from time to time, if each of those mortgages affects that water share only.
A variation under subclause (1) must—
be in the approved form; and
set out in the order in which the recorded mortgages of a water share affecting the water share concerned are to rank in priority; and
subject to this Act, be executed by the holder of each mortgage to be postponed to a mortgage over which it previously had priority.
On the recording of a variation referred to in subclause (1), the recorded mortgages of a water share—
have priority between or amongst themselves in the order set out in the approved form of variation; and
are deemed to have been recorded in that order.
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