Section 47

Where a loan is made or guarantee granted by the Corporation on or in respect of the security of a mortgage of any property, whether with or without any other security, the property, from and after the date of the mortgage, shall be charged with the payment of such loan and interest as in the mortgage mentioned, in priority, save so far as otherwise specified

25

in the mortgage, to every other debt, mortgage or charge whatsoever affecting the property, except any mortgage made and registered under any written law before the said date.

Loans by Corporation to be protected against borrower’s property in certain circumstances.