26MMortgages

26M Mortgages (1) If land is brought under this Act by the creation of an ordinary folio or provisional folio under Division 2 or 3 and the creation of that folio is based on the delivery of a document which is a conveyance of the land by way of mortgage, the mortgage is deemed to be a mortgage registered under section 74. (2) Any second or subsequent conveyance by way of mortgage under the general law of the land in the ordinary folio or provisional folio is deemed to be a second or subsequent mortgage registered under section 74. (3) If a second or subsequent mortgage under the general law was registered under the **Property Law Act 1958** before the creation of the ordinary folio or provisional folio and a first or legal mortgage of the land which was not registered under the **Property Law Act 1958** is deemed under subsection (1) to be registered under this Act, the registered proprietors of the mortgages may apply jointly to the Registrar for the variation of the priority of the mortgages. (4) If an application is made under subsection (3), the Registrar may vary the priority of the mortgages between or amongst themselves, on the creation of the ordinary folio or provisional folio. S. 26N substituted by No. 85/1998 s. 6.