Radiocommunications Act 1989

Mortgages

77: Variation of priority of mortgages

You could also call this:

"Changing the order of importance of mortgages on certain rights or licences"

Illustration for Radiocommunications Act 1989

You can change the order of importance of mortgages on management rights or spectrum licences. This is done with a special document called a memorandum of priority, which you register under this Act. You can find more information about this in section 15. You need to sign the memorandum of priority if you are the person who owns the management rights or spectrum licence, or the person who lent the money. The people who lent the money must also sign if the memorandum changes the order of importance of their mortgage. This means some mortgages might become more or less important than others. The memorandum of priority must be in a special format and registered under this Act, as mentioned in the Radiocommunications Amendment Act 2000.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM197129.

This page was last updated on 12 December 2025 — View changes

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76: Consent to variation of mortgage, or

"Agreeing to changes in a mortgage for management rights or a spectrum licence"

78: Rights of mortgagee, or

"What happens if you can't pay back money borrowed to manage radio frequencies"

Part 9Mortgages

77Variation of priority of mortgages

Notwithstanding anything in section 15, the priority among themselves of the mortgages affecting any management rights or spectrum licence may from time to time be varied by a memorandum of priority in the prescribed form and registered under this Act.
The memorandum of priority shall be executed by the mortgagor and also by the mortgagee under every mortgage that, by the memorandum, is postponed to any mortgage over which it previously had priority.

Notes

Section 77(1): amended, on 12 October 2001, by section 54 of the Radiocommunications Amendment Act 2000 (2000 No 8).