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In Re Black Ant Company (in administration) the High Court considered the meaning of 'further advance' within the meaning of the rules on tacking and further advances contained in the Land Registration Act 2002.
Re Black Ant Company Ltd (in administration and another case  EWHC 1161 (Ch),  All ER (D) 122 (Apr)
The proceedings concerned a dispute between two companies that had charges over the same property. An issue arose as to which of the charges had priority. The applicant company applied for a declaration that its charge would take priority. The Chancery Division dismissed the application and gave consideration to the meaning of a 'further advance' within the Land Registration Act 2002, s 49 (3) (LRA 2002).
Under the normal rules on priority if:
(Hopkinson v Rolt [1861-73] All ER Rep Ext 2380)
In this situation, 'notice' means actual notice.
The rationale behind this outcome is that A is not obliged to make further advances to the debtor if it is not satisfied with second-ranking security in respect of those advances. This principle can be criticised on the basis that B could also choose not to advance money to the debtor if it is not happy about the existence of the first security. Nevertheless, it is clear that priority is only given to the first security
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