sec.126When further advance ranks in priority to subsequent mortgage

### sec.126 When further advance ranks in priority to subsequent mortgage A mortgagee (the prior mortgagee ) may make a further advance to rank in priority to a subsequent mortgage granted by the mortgagor to another person (the subsequent mortgagee ) only if— the subsequent mortgagee agrees to the further advance; or the prior mortgagee has no actual notice, when the further advance is made, of the mortgage to the subsequent mortgagee; or the prior mortgagee is required under the terms of the mortgage, immediately before the creation of the subsequent mortgage, to make the further advance. This section does not affect the right of the prior mortgagee to rank in priority to a subsequent mortgagee in relation to expenses reasonably incurred in preserving the mortgaged property. For subsection (1) (b) , and despite any other Act, the registration of the subsequent mortgage is not of itself actual notice to the prior mortgagee of the subsequent mortgage. (sec.126-ssec.1) A mortgagee (the prior mortgagee ) may make a further advance to rank in priority to a subsequent mortgage granted by the mortgagor to another person (the subsequent mortgagee ) only if— the subsequent mortgagee agrees to the further advance; or the prior mortgagee has no actual notice, when the further advance is made, of the mortgage to the subsequent mortgagee; or the prior mortgagee is required under the terms of the mortgage, immediately before the creation of the subsequent mortgage, to make the further advance. (sec.126-ssec.2) This section does not affect the right of the prior mortgagee to rank in priority to a subsequent mortgagee in relation to expenses reasonably incurred in preserving the mortgaged property. (sec.126-ssec.3) For subsection (1) (b) , and despite any other Act, the registration of the subsequent mortgage is not of itself actual notice to the prior mortgagee of the subsequent mortgage. - (a) the subsequent mortgagee agrees to the further advance; or - (b) the prior mortgagee has no actual notice, when the further advance is made, of the mortgage to the subsequent mortgagee; or - (c) the prior mortgagee is required under the terms of the mortgage, immediately before the creation of the subsequent mortgage, to make the further advance.