Registration or recording of equitable mortgage

(1) In order to protect its preference amongst other encumbrances, an equitable mortgage shall, (a) in the case of registered land, be registered in accordance with Part IV of the General Registry Act, Cap. 327; and 74 (b) in the case of unregistered land, be recorded in accordance with Part VI of the General Registry Act, Cap. 327. (2) If the equitable mortgagee does not register or record the equitable mortgage, the charge shall, notwithstanding, bind the property mortgaged, but shall not have preference over a subsequent equitable mortgage registered or recorded as aforesaid.