C2.7 Prepare a Memorandum of Priority


C2.7 Prepare a Memorandum of Priority

 

To prepare a Memorandum of Priority:

  1. Select the Memorandum of Priority in the Create Dealing screen and click Prepare to open the Memorandum of Priority screen.
    • Details of the registered Proprietors/Interest Holder display.
    • If any affected titles have a status of Cancelled, Pending, Pre-allocated or Not Yet Converted, the Change due to Pending Dealing checkbox defaults to checked and names of proprietors will not display.
    • Review and amend or add names of missing prioprietors, if required.
  2. Select the mortgage you want to change the ranking of from the Affected Instrument No. drop down menu.
    • Review rankings and change (if required).
  3. Review the Mortgagee/Encumbrancee name. If there is no name you need to edit the name:
    • Click the Mortgagee/Encumbrancee field to display the Mortgagee/Encumbrancee Names screen.
    • Click the drop down arrow in the Names field and select the name. If not in the list, enter the name.
    • Click to enter another name (if required).
    • Click to save names and return to the Prepare Memorandum of Priority screen.
  4. Click the Title Ref field (if required) and review titles affected by the change.
  5. Click Add to insert a row in the Priority Changes area.
  6. Repeat these steps as necessary to change the priority order of any other Mortgages/Encumbrances.
  7. Click Save and Close. to save the Memorandum of Priority.

You are able to make changes to the implied covenants and conditions for mortgages losing priority by checking the Exceptions to implied terms checkbox (if required).

When a Memorandum of Priority has an affected title with the status of Pending, Pre-allocated or Not Yet Converted:

  • The Memorandum of Priority instrument created over the title will step down to LODGE.
  • The Change due to Pending Dealing checkbox will default to checked.
  • The Affected Instrument No drop down list will not display details of mortgages from head titles. You will need to manually enter the affected instrument number.
  • You will need to enter the Mortgagee/Encumbrancee name.

Details of new mortgages in the same dealing that affect these titles will also display for selection.

 

 

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