ADIS Code - PM
The time and date of registration of mortgages determines their initial priority. The priority may be altered by a postponement of mortgage.
There is no short form for a postponement of mortgage; it must be in the form of a deed.
The original mortgages are not required.
Lodgment requirements
Stamp duty - Required if dated before 1.1.1998. If not marked Registration insisted upon, is prohibited. Not required if dated on or after 1.1.1998.
Registration copy - Required. If unacceptable, Registration insisted upon is prohibited.
Statement of Title Particulars form - Not required.
NOS form - Not required.
Index Particulars form (completion)
(A) Lodging Party - Must be completed.
(B) Instrument - Mortgage - Posponement of
(C) Locality - Not required.
Link Conveyance - Not required.
Principal Deed - The registered affected mortgage.
(D) Indexing - The mortgagor, and the mortgagee of the mortgage being postponed, ie losing priority .
(E) Certification - Required.
Document requirements
Date: must be dated with the date of execution. If not dated advise the lodging party. If a date is not furnished, indicate Registration insisted upon and include the reason.
Name: the full names (initials are acceptable) of the mortgagor and the mortgagees (and the mortgagor if included) are required. Advise the lodging party of any discrepancies in names.
Operative clause: "... hereby postpone...".
Principal Deed: the numbers of the affected mortgages as stated in the postponement of mortgage must be identical to the number stated on the IPF.
Execution: by the mortgagee of the postponed mortgage. A power of attorney must be registered. The mortgagee of the mortgage gaining priority does not have to sign. The mortgagor does not have to sign
Attestation: required. Must be witnessed by a person of 18 years of age or older who is not a party to the document.
IPF: must be completed.
Staff processing information
If either or all mortgages are unregistered the postponement must be entered under the General Frame, ie. code "G", with a Noting: "Postponement of mortgage affecting [registered number/mortgage dated (mortgage gaining priority)] and [registered number/mortgage dated (mortgage losing priority)]". Where both mortgages are unregistered the Locality and the Link Conveyance are also required. Enter any affected registered mortgage number as a Principal Deed. Enter the mortgagor and the mortgagee of the mortgage being postponed as Vendors entries.
CA Not required
Indexing
Locality: nil.
Link Conveyance: nil.
Principal Deed: required. The registered affected mortgages.
Noting: "Affecting [description of the land]".
V: the mortgagor, and the mortgagee of the mortgage being postponed, deceased estates or trusts, and any variations thereof.
P: nil.