44. Right to payment under a mortgage of immovable property

A security right in a payment under a mortgage or charge of immovable property to which this Act applies, shall be subordinate to the interest of a person who acquires for value the mortgagee’s or chargee’s interest in the mortgage or the charge, if the interest of the person is registered in the relevant Land Registry Office before a notice of the security right is registered in such relevant Land Registry Office.