Document ID: chunk:federal_register_of_legislation:C2024C00826:clause:1_45
Version: federal_register_of_legislation:C2024C00826
Segment Type: clause
Provision Reference: sch 1 cl 45
Character Range: 828419–829293

45  Restriction on mortgage of future property
 (1) A provision in a mortgage to the effect that the mortgagor creates or agrees to create a mortgage over or in respect of property or a class of property that is to be, or may be, acquired by the mortgagor after the mortgage is entered into is void.
 (2) However, this section does not apply:
 (a) to a provision in a mortgage of property that is to be acquired wholly or partly with the credit provided under the credit contract secured by the mortgage; or
 (b) to a provision in a mortgage relating to property or a class of property (whether or not ascertained) described or identified in the mortgage; or
 (c) to a provision in a mortgage relating to goods acquired in replacement for, or as additions or accessories to, other goods subject to the mortgage; or
 (d) to any other provision specified by the regulations.