Section 48

Except as provided in subsection (2) and section 27(6), 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.

Where an instrument was materially amended for compliance with the Registrar’s requirements, the priority of that instrument is determined by reference to the date of its rectification and acceptance as being in order for registration in the Land Titles Registry.

Interests notified on the folio may include mortgages, charges (including statutory charges) and leases registered in the Registry of Deeds.

Any interest registered or notified in the land‑register may, by an instrument of postponement in the approved 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 except that no person holding any registered or notified interest is bound by such postponement unless the person is a party or has consented thereto.

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