(1) In this section
mortgage includes a charge;
mortgagee includes an annuitant.
(2) If any land under
the operation of this Act is subject to a mortgage, the registration of a
subsequent mortgage does not require the consent of the existing mortgagee.
(3) If any land under
the operation of this Act is subject to a mortgage, the execution or attempted
execution of a subsequent mortgage does not —
constitute a breach of any term, covenant or condition contained in the
existing mortgage; or
rise to any forfeiture or penalty; or
payable or accelerate the time for payment of any sum or sums that, if the
execution or attempted execution of the subsequent mortgage had not happened,
would not have been payable or would not have been payable at that time.
(4) This section has
effect despite any provision to the contrary in any mortgage.
(5) This section does
not apply to or in relation to any mortgage registered before the
Electronic Conveyancing Act 2014 section 74 comes into operation.
[Section 127A inserted: No. 2 of 2014 s. 74.]