First Nations Land Registry Regulations

Marginal note:Revolving mortgages

30 (1) A registered mortgage has priority over a subsequently registered interest that affects the same parcel of first nation land, to the extent of the money actually advanced under the mortgage, to a maximum of the amount secured by the mortgage, even if all or part of the money was advanced after the registration of the subsequently registered interest, unless the mortgagee had actual notice of the registration of the subsequently registered interest before making the advance.