Victorian Consolidated Legislation

Transfer of Land Act 1958 - SECT 26M

Mortgages

26M. Mortgages



(1) If land is brought under this Act by the creation of an ordinary folio or
provisional folio under Division 2 or 3 and the creation of that folio is
based on the delivery of a document which is a conveyance of the land by way
of mortgage, the mortgage is deemed to be a mortgage registered under section
74.

(2) Any second or subsequent conveyance by way of mortgage under the general
law of the land in the ordinary folio or provisional folio is deemed to be a
second or subsequent mortgage registered under section 74.

(3) If a second or subsequent mortgage under the general law was registered
under the Property Law Act 1958 before the creation of the ordinary folio or
provisional folio and a first or legal mortgage of the land which was not
registered under the Property Law Act 1958 is deemed under subsection (1) to
be registered under this Act, the registered proprietors of the mortgages may
apply jointly to the Registrar for the variation of the priority of the
mortgages.

(4) If an application is made under subsection (3), the Registrar may vary the
priority of the mortgages between or amongst themselves, on the creation of
the ordinary folio or provisional folio.