Page:The Civil code of Japan (IA cu31924069576704).pdf/117

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Section II.
The Effect of a Mortgage.

373.

If the same immovable has been mortgaged to secure several different obligations, the rank of such mortgages is according to their respective times of registration.

374.

If a mortgagee is entitled to interest or other money payable by instalments, he can exercise his mortgage only for payments which have fallen due within the preceding two years.

If, however, as to any earlier instalment a special registration has been made after its falling due, the mortgage may be exercised as to it from the time of registration.

375.

A mortgagee may make his mortgage security for an obligation in favour of another person against him, or he may assign or waive his mortgage or the rank thereof in favour of another creditor of the same debtor.

If in any such case the mortgagee has made disposals of his right in favour of several persons, the rights of such persons rank according to the respective times when notes of such facts were added to the registry of the mortgage.

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