1988 Ed.]
Conveyancing and Property
[CAP. 219
23
Tacking
45. (1) A mortgagee under prior mortgage may make a further advance or re-advance to rank in the same priority over a subsequent mortgage as the original advance under that prior mortgage-
(a) if the subsequent mortgagee so consents; or
(b) where the further advance or re-advance does not exceed, with any other outstanding advance or re-advance, the specified maximum amount secured under that prior mortgage; or
(c) where that prior mortgage is in favour of an authorized institution (as defined in the Banking Ordinance (Cap. 155)) and is expressed to secure all money which may, from time to time, be owing to the prior mortgagee, (Amended, 27 of 1986, s. 137)
and paragraphs (b) and (c) shall have effect whether or not the prior mortgagee had notice of the subsequent mortgage at the time when the further advance or re-advance was made by the prior mortgagee.
(2) The priority to which a prior mortgagee is entitled under subsection (1) shall extend, in addition to the amount secured under the prior mortgage, to interest on that amount and to all costs, charges and expenses secured under the mortgage.
(3) Subject to subsection (1), the right to tack in relation to land is abrogated: (Amended, 31 of 1988, s. 16)
Provided that nothing in this section shall affect any priority acquired before the commencement of this section.
Conversion of equitable mortgage
46. (1) Where an equitable interest becomes a legal estate under section 14, any equitable mortgage by deed over that equitable interest shall become a legal charge over that legal estate in the same terms, subject to this Ordinance, as are contained in that deed.
(2) This section applies to equitable mortgages by deed executed before or after the commencement of this section.
Inspection of title deeds
47. (1) A mortgagor and a mortgagee not having possession of the deeds of title relating to the mortgaged land, for so long as they have an interest in that land, shall be entitled at any reasonable times to inspect and make copies of those deeds in the possession of a mortgagee.
(2) This section applies to a mortgage made before or after the commencement of this section and notwithstanding any agreement to the contrary,
Mortgage to 2 or more jointly
48. Where any mortgage effected after the commencement of this section is expressed to be made to 2 or more persons jointly, the mortgage money shall (if and so far as the contrary intention is not expressed in the mortgage), as