Section 4(8)

For the purposes of subsection (1)(g)— a legal mortgage is protected if it takes effect on its creation as a mortgage to be protected by the deposit of documents relating to the mortgaged estate, and a first legal mortgage is one which, on its creation, ranks in priority ahead of any other mortgages then affecting the mortgaged estate.

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Source: legislation.gov.uk · retrieved 2026-08-15