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(1828) 3 Russ 1. The beneficial owners of a Trust of land mortgaged their beneficial interest to two different Mortgagees. The quesion arose which mortgage had priority. It was held that the deciding factor was the order in which the mortgages had been notified to the trustees, regardless of the order in which the mortgage was granted.

This principle was subsequently extended to all assignments of a beneficial interest by s.137 of the Lpa (1925).