75BVariation of priority of mortgages and charges

75B Variation of priority of mortgages and charges S. 75B(1) amended by No. 9976 s. 11. (1) The priority between or amongst themselves of the registered mortgages and charges affecting any land may, if each of them affects the whole of the land and that land only, be varied from time to time by an instrument in an appropriate approved form. (2) The instrument shall set out in the order in which they are to rank in priority all registered mortgages and charges affecting the land concerned and shall subject to this Act be executed by the registered proprietor of each mortgage and charge to be postponed to a mortgage or charge over which it previously had priority. (3) Upon registration of the instrument, the mortgages and charges shall have priority between or amongst themselves in the order set out in the instrument and shall be deemed to have been registered in that order. No. 5842 s. 76.