Clause 48

Except as provided in section 27(8), interests appearing in the land-register shall 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 except that where an instrument was materially amended for compliance with the requirements of the Registrar, the priority of that instrument shall be determined by reference to the date of its rectification and acceptance as being in order for registration in the Land Titles Registry.

Subject to section 11, 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 shall rank in priority in the order therein expressed except that no person holding any registered or notified interest shall be bound by such postponement unless he 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.