Priority Date - Law Dictionary Search Results
Further advance, or charge
the right to tack a further advance by a prior mortgage so that the advance may rank in priority to subsequent mortgages, even if the further advance was made with notice of a subsequent mortgage or charge … as a land charge or in a local deeds registry if it was not so registered at the date of the first advance or when the mortgagee last made a search, whichever last happened. A further advance
Debt
known as 'Hinde Palmer's Act'), special contract debts, as by bonds, covenants, and other instruments under seal, took priority over debts by simple contract; but this Act abolished that distinction as to priority. As to attachment of … or any arbitration award or otherwise or under a mortgage and subsisting on, and legally recoverable on, the date of the application. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s.
Searches
purchase if the purchase is completed within two days [(English) L.P. (Amendment) Act, 1926, s. 4; see also PRIORITY NOTICE]. At the Land Registry the application for search must be made in the separate and respective names … the (English) L.C. Act, 1925 (see those titles). The certificate is good against any charge registered between its date and comple-tion of purchase if the purchase is completed within two days [(English) L.P. (Amendment) Act, 1926, s.
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preference
a preference. The bankruptcy law states exceptions under which payments to creditors are not voidable preferences. 3 : priority … which other creditors will be paid. Preferences must be made during a period (as 90 days before the date of filing a bankruptcy petition) established by bankruptcy law in order to be voidable. Perfection or grant of
grace period
security interests (as those in fixtures or purchase money security interests) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code called also days of grace … grace period : a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting
Qui prior est tempore potior est jure
by s. 137 of the Law of Property Act, 1925, has lessened the importance of the maxim. See PRIORITIES. … in time is better in law.) Broom's Leg. Max. Equitable incumbrances rank as a rule according to their dates; the first grantee in potior, that is, potentior; he has a better and superior, because a prior, equity,
Abstract of title
they should have notice of the intended purchase, in order to exclude a subsequent purchaser or incumbrancer, since priority of notice gives priority of equity in dealings with equitable things in action, and dealings (after 1925) inequitable … Land Registration Act, 1925. An abstract is said to be perfect if it deduces the title from the date fixed by the contract or by statute for its commencement and discloses every incumbrance affecting it, by setting
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