Singapore legislation
Clause 80
Clause 80
Tacking of further advances
(1)
Notwithstanding any other provision of this Act, a prior mortgagee of registered land shall have the right to make further advance or give further credit or accommodation to rank in priority to subsequent mortgages —
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 other accommodation; or
where the prior mortgage does not expressly provide for the making of such further advances, or for the giving of credit to the mortgagor on a current, revolving or continuing account or other accommodation, if the subsequent mortgagee agrees to such further advances being made or credit or other accommodation being given.
(2)
Except as provided in this section, the right to tack shall not apply to mortgages of registered land.
(3)
For the purposes of this section —
a “prior mortgagee” includes a prior chargee or a prior assignee in whose favour an estate or interest in respect of registered land was mortgaged, charged or assigned by way of mortgage; and a “prior mortgage” includes a prior charge or a prior assignment which has been either secured by a mortgage or protected by a caveat lodged with and accepted by the Registrar as being in order for registration or notification, as the case may be; and
a “subsequent mortgagee” includes a subsequent chargee or a subsequent assignee in whose favour an estate or interest in respect of registered land was mortgaged, charged or assigned by way of mortgage; and a “subsequent mortgage” includes a subsequent charge or a subsequent assignment.