Section 121O — Land Transfer Act 1952: Priority of replacement mortgage over land of company

121O Priority of replacement mortgage over land of company A mortgage that— (a) Is registered against land owned by a flat or office owning company and that secures an amount not exceeding the amount secured by a mortgage of the land that has been discharged immediately before the registration of that mortgage, whether or not the amount is secured to the same mortgagee; and (b) Contains a statement to the effect that it is in replacement of the discharged mortgage and that the money advanced was used for the purpose of repaying the money previously secured by the discharged mortgage,— has the same priority in relation to registered licences affecting the land or any part of it as the discharged mortgage had immediately before it was discharged. Part 7A (comprising sections 121A to 121P) was inserted, as from 1 July 1994, by section 2 Land Transfer Amendment Act 1993 (1993 No 124).