Section 89 — Property Law Act 2007: Priority of security for advances after subsequent mortgage comes into operation

89 Priority of security for advances after subsequent mortgage comes into operation (1) The priority of a mortgage over property (the prior mortgage ), in relation to any subsequent mortgage over the property, does not extend to advances made under the prior mortgage after the subsequent mortgage comes into operation, except— (a) as provided in sections 88 and 90 to 94 ; or (b) in accordance with an instrument that is executed by the mortgagee under the prior mortgage and the mortgagee under the subsequent mortgage. (2) The priority of the security for amounts advanced under a variation of a mortgage that comes into operation on or after 1 January 2008 must, for the purposes of section 88 , this section, and sections 90 to 94 , be determined as if the variation were a separate mortgage. (3) Any rule of law permitting the tacking of further advances so as to obtain priority except in accordance with sections 90 to 94 is abolished. (4) Nothing in this section or in sections 90 to 94 applies to a security interest to which the Personal Property Securities Act 1999 applies.