Mr. GUINNESSI beg to move, in page 11, line 28, after the word "bank," to insert the words, "in relation to the making of further advances under the charge."
This is a re-enactment of Section 94 of the Law of Property Act, and it really only affects the bank and the validity of a second charge in relation to a first charge. In Sub-section (2) of Clause 8 we have laid down the priority of charges, and we have to provide that, where a bank has taken a charge to cover an overdraft, that charge should cease to be valid for any further advance if the bank has received special notice of a second charge or the second charge had been registered before the bank last searched the register. The object of this Amendment is to make the position absolutely clear.
§ Amendment agreed to.