Singapore legislation
Clause 15
Clause 15
Tacking of further advances
(1)
Notwithstanding any other provision of this Act, a prior mortgagee of land shall have the right to make further advances giving further credit or accommodation to rank in priority to subsequent mortgages —
(a)
if the prior mortgage expressly provides for the making of further advances, or for the giving of credit to the mortgagor on a current, revolving or continuing account; or
(b)
if the subsequent mortgagee agrees to such further advances being made or credit or other accommodation given.
(2)
Except as provided in this section, the right to tack shall not apply to mortgages.