313. Priority.

In general the priority of an interest in registered land is determined by its date of creation and not the date on which it is entered in the register or whether or not it is entered in the register1. However, in the case of a registrable disposition (such as a transfer or charge) made for valuable consideration, on completion of the disposition by registration, the disposition takes priority over an interest whose priority is not protected at the time of registration2. The effect of these provisions is that registration of a disposition for valuable consideration takes effect subject only