74. Tacking of further advances
Feedback & supportNotwithstanding any other provision of this Act, a prior mortgagee of registered land has the right to make further advances to rank in priority to subsequent mortgages and charges —
registered land
“registered land” means land which has been brought under the provisions of this Act by being included in a folio of the land-register;
if the prior mortgage expressly provides for the making of further advances, or for the giving of credit to the mortgagor on a current or continuing account; or
if the subsequent mortgagee or chargee agrees to such further advances being made or credit given.
A subsequent mortgagee or chargee shall be deemed to have agreed to any further advances made or credit given before the date (if any) on which the prior mortgagee receives notice in writing of the execution of the subsequent mortgage.
Subject to this section, the right to tack does not apply to mortgages or charges of registered land.[70