• “(4) Despite section 23(b) of the Personal Property Securities Act 1999, if a charge affects property against which charges may be registered under a registration Act, the Commissioner may register the charge under the registration Act.

• “(4B) The Commissioner is not required to pay a fee for the registration of a charge under a registration Act in reliance on this section.

• “(5) For the purpose of this section, registration Act, in relation to any property, includes—

  • “(a) the Statutory Land Charges Registration Act 1928 in every case where the property is land or an interest in land (including a mortgage):

  • “(b) the Personal Property Securities Act 1999.

• “(6) Particulars recorded under subsection (4) are to operate and take priority according to the provisions of the applicable registration Act.

• “(6B) If the registration under this section of a charge over property occurs after the registration of a mortgage over the same property and before an advance of money secured by the mortgage, the charge has priority over the mortgage in respect of that money.

• “(7) On the satisfaction of a charge that is registered under a registration Act in reliance on this section, the Commissioner must release the charge in the manner required by the registration Act, with such modifications as may be necessary.

• “(7B) The Commissioner is not required to pay a fee for the release of a charge that is registered under a registration Act in reliance on this section.”