Malaysia legislation
Section 62
Section 62
(a)
be as valid and effectual as was the pre-existing mortgage or charge relating to such holding immediately before the appointed day;
(b)
be deemed to charge such holding as security to the like extent as may be provided by such pre-existing mortgage or charge.
(2)
Subject to subsection (1), the Conveyancing and Law of
Property Ordinance shall continue to apply mutatis mutandis to replacement mortgages and charges registered under this Act; and for the purposes of such application, unless the context otherwise requires, where used in such Ordinance—
(a)
“conveyance” includes a transfer under this Act;
(b)
“mortgage” includes a replacement mortgage or charge;
(c)
“reconveyance” includes a discharge under this Act.
(3)
To the extent to which any provision of the Conveyancing and
Law of Property Ordinance is inconsistent with a provision of this
Act, the latter shall prevail.
Priorities of mortgages