New South Wales Consolidated Acts

REAL PROPERTY ACT 1900 - SECT 56B

56B Special provision as to certain postponements

(1) Where by an instrument executed prior to the first day of January, one thousand nine hundred and thirty-one, the proprietor of a registered mortgage (in this section referred to as the
"prior mortgage" ) has agreed to postpone such mortgage in its entirety to a mortgage (in this section referred to as the
"subsequent mortgage" ) affecting the whole of the same land, and no other land which was registered or to be registered after the prior mortgage, the Registrar-General may register any dealing by the proprietor of the subsequent mortgage as if the subsequent mortgage had been registered immediately before the prior mortgage.

(2) The power conferred by subsection (1) shall not be exercised where a registered mortgage intervenes between the prior mortgage and the subsequent mortgage unless the proprietor of the intervening mortgage was joined as a party to the instrument postponing the prior mortgage, or by instrument in the prescribed form, consents to the exercise of such power.

(3) Upon registration of any such dealing the Registrar-General shall make such recordings in the Register as may be necessary to give effect to the dealing.