Section 94 — Property Law Act 2007: Transitional provisions for further advances

94 Transitional provisions for further advances (1) Section 92 does not affect the priority of a mortgage over property that comes into operation before 1 January 2008, so far as it extends to further advances expressly secured by— (a) the mortgage; or (b) any variation of the mortgage that comes into operation before that date. (2) Subsection (1) applies whether the further advances are made before, on, or after 1 January 2008. (3) The priority of the security for further advances made on or after 1 January 2008 under a mortgage or variation of mortgage referred to in subsection (1) must be determined as if section 80A of the Property Law Act 1952 had not been repealed by this Act.