Security & Collateral · glossary
The order in which lenders with security over the same asset are paid from it. For registered land, charges rank in the order they are entered on the register (section 48 of the Land Registration Act 2002). For other assets, a deed of priority can settle the order by agreement. Chapter 4 · Chapter 10
Explained in Chapter 4, The Land: A Legal Mortgage, of Security & Collateral.
Priority is the order in which lenders with security over the same asset are paid from it. The negative pledge kept other lenders out, except for Permitted Security up to £750,000 (Chapter 7). No second lender ever came.Read Chapter 10, Release, Priority and the File You Keep →
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