First Nations Land Registry Regulations

Marginal note:Revolving mortgages or hypothecs

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