LRC Reports

Mortgages of Land: The Priority of Further Advances (1986)

Keywords: mortgage; land; property; priority; advance; construction; lien; floating charge; security; running account; encumbrance; debenture; tacking; claim; second; default; builders lien; credit; debtor; creditor; judgment; lender; Yorkshire Trust Co. v. Canusa Construction Ltd.; registration; receiver; equitable

This project examines the fallout from a 1978 decision to restate the old equitable rules relating to tacking in the Property Law Act. These rules on tacking determine when a mortgage lender is able to retain priority over later mortgages for money advanced after the registration of a later mortgage or mortgages. The main concern is whether the statutory rules meet the needs of contemporary commercial financing arrangements.

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