Commentary

24.1 Legal charges and first registration

COMPANIES vol 10(2) borrowing and debentures
| Commentary

24.1 Legal charges and first registration

| Commentary

24 Registered and registrable land

24.1 Legal charges and first registration

The creation of a protected first legal mortgage of unregistered land triggers compulsory first registration1 unless it is a mortgage of a lease with no more than seven years to run2. A legal mortgage is protected if it takes effect on its creation as a mortgage to be protected by the deposit of documents relating to the mortgaged estate and a first legal mortgage is one which, on its creation, ranks in priority ahead of any other mortgages then affecting the mortgaged estate3. In these circumstances, the mortgagee should ensure

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