Section 15
Tacking of further advances
of Registration of Deeds Act 1988
(1)
Despite any other provision of this Act, a prior mortgagee of land has the right to make further advances giving further credit or accommodation to rank in priority to subsequent mortgages —
if the prior mortgage authorises the making of further advances, or the giving of credit in instalments or on a current, revolving or continuing account or other accommodation; or
where the prior mortgage does not expressly authorise the making of the further advances, or for the giving of credit in instalments or on a current, revolving or continuing account or other accommodation, if the subsequent mortgagee agrees to the further advances being made or the credit or other accommodation being given.
(2)
Except as provided in this section, the right to tack does not apply to mortgages.