Section 40 Priority of registered burdens.

Save as otherwise provided by this Act or by any other statutory provision and subject to any entry to the contrary contained in theF1 title register, registered burdens affecting the same land. . . shall, if created or arising since the first registration of the land, rank according to the order in which they are entered or deemed to have been entered on the title register and not according to the order in which they are created or arise, and shall rank in priority to any other burden (not being a Schedule 5 burden) affecting the land and created or arising since the first registration of the land.