New South Wales Consolidated Acts
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REAL PROPERTY ACT 1900 - SECT 56A
Postponement of mortgages
56A Postponement of mortgages
(1) If two or more mortgages registered under this Act affect the same land,
the mortgage which for the time being has priority over the other or others
may, by a memorandum in the approved form registered under this Act, be
postponed to the other or others in so far as the whole or a disposable part
of that same land is concerned.
(1A) The reference in subsection (1) to a
disposable part of land is a reference to a lot or portion that may be
disposed of without contravening section 23F of the Conveyancing Act 1919 .
(1B) Subsection (1) applies whether or not any one or more of the mortgages
which affect the same land affects or affect other land.
(2) A memorandum
under this section shall not be registered when any registered mortgage
intervenes between the mortgage to be postponed and the mortgage intended to
have benefit of the postponement, unless the proprietor of the intervening
mortgage joins in the memorandum.
(3) The Registrar-General shall register a
memorandum under this section by making such recording in the Register with
respect to the memorandum as the Registrar-General thinks fit.
registration of a memorandum under this section, the mortgages affected by the
postponement shall be entitled in priority the one over the other as if they
had been registered in the order in which by the memorandum they are expressed
to have priority.
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