Section 71 — Submortgages

(1)In this section, “submortgage” means the mortgage of a mortgage and the mortgage of a charge.

(2)Upon the registration of a submortgage, all acts, powers and rights which might previously have been done or exercised by the mortgagor or chargor thereunder in relation to the land may thereafter be done or exercised by the registered proprietor of the submortgage, and must not be done or exercised by the mortgagor or chargor thereunder during the currency of the submortgage.

(3)A submortgage does not affect the rights or liabilities of a proprietor of the land who has not been given notice thereof.