Priority of charge created by a loan made by the Authority
39. Where a loan is granted by the Authority on the mortgage of any land, that land shall, on and after the date of the registration of such mortgage, be charged with the payment of the loan with interest in priority to every other debt, mortgage or charge affecting it, except a debt which is secured by a mortgage duly registered prior to such date and which is due to a creditor who, in good faith, advanced the money before the loan was granted by the Authority. |