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Chapter II.
Registered land.
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Priority of certain charges in favour of the Corporation on registered land.
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39.—(1) Where—
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(a) (i) a person is registered in a register of freeholders as full owner of land, and
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(ii) such land is registered subject to equities, and
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(iii) such person charges such land in favour of the Corporation with the repayment of a principal sum not exceeding four hundred pounds and any interest, and
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(iv) such charge is duly registered in such register as a burden affecting such land,
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or
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(b) (i) a person, registered in a register of freeholders as full owner of land, is dead, and
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(ii) such land is registered subject to equities, and
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(iii) the person who is the personal representative (whether his name is or is not entered in such register as full owner subject to an inhibition) of such deceased person, in his capacity as personal representative charges such land in favour of the Corporation with the repayment of a principal sum not exceeding four hundred pounds and any interest, and
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(iv) such charge is duly registered in such register as a burden affecting such land,
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or
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(c) (i) a person is registered in a register of freeholders as limited owner of land, and
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(ii) such land is registered subject to equities, and
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(iii) such person or the assignee of the limited estate of such person and the person or all the persons entitled to such land for an estate or estates in remainder or in expectancy after or in defeasance of the estate of such first-mentioned person join in charging such land in favour of the Corporation with payment of a principal sum not exceeding four hundred pounds and any interest, and
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(iv) such charge is duly registered in such register as a burden affecting such land,
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then, subject to the provisions of this section, such charge (which shall be construed as extending, in addition to the said principal sum and interest secured thereby, to the costs and expenses of all legal proceedings instituted by the Corporation for the purpose of realising the amount at any time owing on foot of the said principal sum and interest) shall as against such land be in priority to and shall override all equitable claims against such land.
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(2) Where—
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(a) at the date of an instrument creating a charge on registered land which, but for this subsection, would on registration be a priority charge, a caution under section 69 of the Act of 1891 appears on the register in respect of such land, and
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(b) such caution was lodged by a person claiming to be entitled to an equitable claim against such land, and
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(c) such equitable claim is at any time after the registration of such charge registered as an estate or interest in or burden on such land,
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then, notwithstanding anything contained in subsection (1) of this section, the relative priorities of such charge and such equitable claim shall, unless such person agrees to the contrary, be determined as if the said subsection (1) had not been enacted.
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