(1)[F1Where—
(a)a deed or other instrument creating a registered charge states that the charge is created for the purposes of securing future advances (whether with or without present advances); and
(b)the entry in the title register relating to the charge—
(i)contains a statement similar to that in paragraph (a); or
(ii)otherwise refers to the charge without specifying the amount secured]
the registered owner of the charge shall be entitled in priority to any subsequent charge to the payment of any sum due to him in respect of such future advances, except any advances which may have been made after the date of, and with express notice in writing of, the subsequent charge.
(2)In this section, “future advances” includes sums from time to time due on an account current and all sums which by agreement or the course of business between the parties are considered to be advances on the security of the charge.