Section 40

Except as provided in section 20(7), interests appearing in the land-register have priority according to the order of their registration or notification, irrespective of the dates of the instruments by which those interests were created or are evidenced.

Any interest registered or notified in the land-register may, by an instrument of postponement in the prescribed form, be postponed to any other interest so registered or notified.

Upon registration of an instrument of postponement, the interests of the parties concerned rank in priority in the order therein expressed:Provided that no person holding any registered or notified interest is bound by such postponement unless he is a party or has consented thereto.

An instrument of postponement shall be registered by entering a memorial thereof on the appropriate folio of the land-register and upon all other registered instruments affected thereby.

An instrument of postponement may relate to the whole or any part of the land affected by the interest postponed.[36