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tacking


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N.

The situation in which a mortgagee makes a second advance to the mortgagor and attaches his second advance to the first one, so that it has priority over the claims of any intervening mortgagee. Since 1926 this can occur only with consent of the subsequent mortgagee, or where the first mortgagee has no notice of the subsequent mortgagee, or under an obligation imposed by the mortgage. Charges on registered land are excluded from these rules, but similar rules are provided by section 49 of the Land Registration Act 2002.

Subjects: Law.


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