• Chapter 3 Chapter 3 Tacking of further advances

    • 63. Right to tack further advances

      (1) Notwithstanding any other provision of these Regulations, a mortgagee (the "prior mortgagee") of real property may make further advances to rank in priority to later mortgages —
      (a) where the prior mortgage expressly authorises the making of further advances and for the uses specified therein (and regardless of whether the prior mortgagee has notice of the later mortgage); or
      (b) where the prior mortgage does not expressly authorise the making of further advances, if the later mortgagee agrees to further advances being made.
      (2) Subsection (1) applies only where the prior mortgage is registered (but regardless of whether the later mortgage is registered).
      (3) For the purposes of subsection (1), "further advance" includes the provision of further credit or accommodation (including on a current, revolving or continuing account), regardless of whether the mortgagor is a debtor or guarantor or surety for the further advance.
      (4) A prior mortgagee shall, upon request of any party holding an interest in the applicable real property, advise such party of any such further advances. Evidence of such further advances need not be registered.