Tacking in Europe

Definition of Tacking

The priority of mortgagees over the same property is determined by the order in which the mortgages were made, the first mortgagee getting the legal estate. Prior to 1926, this prder might be disturbed by the process oi adding a subsequent mortgage to an earlier or a further advance by the earlier mortgagee to his mortgage, when both would take the priority of the earlier, provided there was no notice of intervening mortgages at the time the mortgage was made. This was known as tacking. Thus a third mortgagee, who had 110 notice of a second mortgage at the time his mortgage was made, might subsequently acquire the first mortgage and squeeze out the second mortgagee, a right which was known as a tabula in naufragio, or plank in the shipwreck
By section 94 of the Law of Property Act, 1925, tacking is abolished, except that a prior mortgagee has the right to make further advances to rank in priority to subsequent mortgages, where such is made (a) by arrangement ; or (6) without notice of the subsequent mortgages ; or (c) -under an obligation in the mortgage deed. See Marsh v. Lee

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Definition of Tacking is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.

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