X mortgages his factory to A (the mortgage being registered) and later, without disclosing the first mortgage, mortgages the same factory to B (also registered). Between the two mortgagees, who has priority under the Transfer of Property Act, 1882?

Section 48 of the Transfer of Property Act embodies the principle that a LATER transfer is subject to a PRIOR transfer: 'where a person purports to create by transfer at different times rights in or over the same immovable property, and such rights in themselves are not capable of co-existing or are inconsistent with each other, the later transfer is subject to the earlier'. Between two RENASITOR-mortgages that are both registered, the one prior in time prevails, except where the earlier is void or there is fraud. Registration protects against subsequent unregistered dealings but does not of itself displace an earlier registered mortgagee. A thus has priority.