Section 90 — Property Law Act 2007: Advance of specified principal amount after subsequent mortgage

90 Advance of specified principal amount after subsequent mortgage (1) This section applies if— (a) a mortgage over property (the prior mortgage ) secures a specified principal amount (whether or not the mortgage also secures further advances, or further advances up to a stated priority limit); and (b) all or any part of the specified principal amount is advanced after a subsequent mortgage over that property comes into operation. (2) The priority of the prior mortgage, in relation to the subsequent mortgage, extends to the whole of the specified principal amount. (3) In this section, specified principal amount does not include any part of the amount that has been repaid to the mortgagee and re-advanced. Compare: 1952 No 51 s 80A(1)