293. Leases created before the mortgage.

(6)     Priority between Mortgagees and Tenants of the Mortgagor

293.     Leases created before the mortgage.

A mortgagee of registered1 land is bound only by leases which fall within the categories of overriding interests2 or are protected by notice3. The only legal leases which are now overriding are those granted for a term not exceeding seven years from the date of the grant, except where they are required to be registered4. A mortgagee is not bound by a leasehold estate in land granted to take effect in possession after the end of the period of three