Priority notice

Hungarian translation: elsőbbségi bejegyzés

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Priority notice
Hungarian translation:elsőbbségi bejegyzés
Entered by: VBA

16:18 May 28, 2013
English to Hungarian translations [PRO]
Bus/Financial - Real Estate
English term or phrase: Priority notice
Ingatlan bérleti szerződésben szerepel:
"The Parties to the agreement need to have the lease agreement entered in the [..] Land Register Section [...](“priority notice”). " Valamiféle széljegyzet lenne ez?
VBA
Hungary
Local time: 10:33
elsőbbségi bejegyzés
Explanation:
Földtulajdon esetében használják tulajdonjog elsőbbséggel történő bejegyzésének biztosítására abban az esetben, amikor várhatóan többen is pályáznak a földtulajdonra, de a jelzálogkölcsön még nincs biztosítva. Magyarországi viszonylatban ez nem létezik. Itt a részletes leírás, hogyan működik a dolog:

Application for registration of a priority notice must be made using form K6.

Any person intending to make an application for the registration of any contemplated charge, instrument or other matter may give a priority notice in the prescribed form at least fifteen working days before the registration is to take effect.

The priority notice is entered in the register to which the intended application, when made, will relate. If the application is then presented within thirty working days of the registration of the priority notice and refers in the prescribed manner to the notice, the registration shall take effect as if the registration had been made at the time when the charge, instrument or matter was created, entered into, made or arose.

Consider the following situation: A takes a mortgage without the title deeds on 1 May, B takes a mortgage without the title deeds on 10 May, A registers on 11 May, B registers on 20 May, C takes a mortgage without the deeds on 30 May and registers.

The order in which the parties rank, whether their mortgages are legal or equitable, is B-A-C. This is because A's mortgage, though created before B's was created, and registered before B's was registered, was, nevertheless, not registered upon completion of B's mortgage. It is therefore void under s.4(5), LCA 1972 against B. It is not void against C because its registration was effected before completion of C's mortgage on 30 May.

However if you act for lender A and you anticipate that another mortgage will be completed shortly you may preserve your client's priority by registering a priority notice. For example you apply for a priority notice on 9 April. You take the mortgage on 1 May as above. The second mortgage to B completes on 10 May and you apply for registration of a C(i) land charge on 11 May, referring in the prescribed manner to the priority notice. The registration takes effect as at 1 May. The order in which the parties rank, whether their mortgages are legal or equitable, is then A-B-C.

Particulars of the register to which the intended application for registration will relate must be given together, if the intended registration is a land charge, with the class and sub-class.

Where an application for registration is made pursuant to a priority notice, it must refer to that notice by citing the official reference number that has been allocated to it (r.7, LCR 1974).
Selected response from:

JANOS SAMU
United States
Local time: 02:33
Grading comment
Köszönöm
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +1elsőbbségi bejegyzés
JANOS SAMU
4 +1széljegy
Eva Blanar


Discussion entries: 2





  

Answers


1 day 1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
priority notice
széljegy


Explanation:
földhivatal esetében (ami tulajdonképpen "előzetes bejegyzés")


    Reference: http://www.dict.cc/english-german/priority+notice.html
Eva Blanar
Hungary
Local time: 10:33
Native speaker of: Hungarian
PRO pts in category: 12

Peer comments on this answer (and responses from the answerer)
agree  Erzsébet Czopyk
4 hrs
Login to enter a peer comment (or grade)

1 day 7 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
priority notice
elsőbbségi bejegyzés


Explanation:
Földtulajdon esetében használják tulajdonjog elsőbbséggel történő bejegyzésének biztosítására abban az esetben, amikor várhatóan többen is pályáznak a földtulajdonra, de a jelzálogkölcsön még nincs biztosítva. Magyarországi viszonylatban ez nem létezik. Itt a részletes leírás, hogyan működik a dolog:

Application for registration of a priority notice must be made using form K6.

Any person intending to make an application for the registration of any contemplated charge, instrument or other matter may give a priority notice in the prescribed form at least fifteen working days before the registration is to take effect.

The priority notice is entered in the register to which the intended application, when made, will relate. If the application is then presented within thirty working days of the registration of the priority notice and refers in the prescribed manner to the notice, the registration shall take effect as if the registration had been made at the time when the charge, instrument or matter was created, entered into, made or arose.

Consider the following situation: A takes a mortgage without the title deeds on 1 May, B takes a mortgage without the title deeds on 10 May, A registers on 11 May, B registers on 20 May, C takes a mortgage without the deeds on 30 May and registers.

The order in which the parties rank, whether their mortgages are legal or equitable, is B-A-C. This is because A's mortgage, though created before B's was created, and registered before B's was registered, was, nevertheless, not registered upon completion of B's mortgage. It is therefore void under s.4(5), LCA 1972 against B. It is not void against C because its registration was effected before completion of C's mortgage on 30 May.

However if you act for lender A and you anticipate that another mortgage will be completed shortly you may preserve your client's priority by registering a priority notice. For example you apply for a priority notice on 9 April. You take the mortgage on 1 May as above. The second mortgage to B completes on 10 May and you apply for registration of a C(i) land charge on 11 May, referring in the prescribed manner to the priority notice. The registration takes effect as at 1 May. The order in which the parties rank, whether their mortgages are legal or equitable, is then A-B-C.

Particulars of the register to which the intended application for registration will relate must be given together, if the intended registration is a land charge, with the class and sub-class.

Where an application for registration is made pursuant to a priority notice, it must refer to that notice by citing the official reference number that has been allocated to it (r.7, LCR 1974).



    Reference: http://www.landregistry.gov.uk/professional/guides/practice-...
JANOS SAMU
United States
Local time: 02:33
PRO pts in category: 15
Grading comment
Köszönöm

Peer comments on this answer (and responses from the answerer)
agree  Ildiko Santana
16 hrs
Login to enter a peer comment (or grade)



Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.

KudoZ™ translation help

The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.


See also:
Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search