79Amending priority of mortgages

79 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 the instrument being registered the mortgages have priority in the order specified in the instrument. (4) If there is a registered mortgage intervening between any 2 mortgages whose priority an instrument under subsection (1) purports to vary, the Registrar-General must not register the memorandum unless the proprietor of the intervening mortgage is also a party to it.