Priority of registered charge for future advancesN.I.
22.—(1) In section 43(1) of the 1970 Act (priority of registered charge which is expressed to be created to secure future advances) for the words from “Where a registered” to “present advances)” there shall be substituted:
“Where—
(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” .
(2) Paragraph (1) applies only to charges registered after the commencement of this Article.