https://www.taxtmi.com/caselaws?id=98225 A prior debenture mortgage and specific charge over a company's land, buildings, plant and machinery ranked ahead of a later Government mortgage securing a loan under the Madras State Aid to Industries Act, 1923. The court applied the rule that successive interests in the same immovable property are subject to prior rights, and that later accretions such as buildings and machinery fixed to the land pass with the mortgaged property. The State Aid Act also preserved existing encumbrances, so the Government security could not displace the earlier debenture-holders' charge. Section 230 of the Indian Companies Act, 1913, did not create priority for the Government because the loan was not a revenue, tax, cess or rate. en-us Wed, 07 Apr 1965 00:00:00 +0530 Thu, 19 Jan 2012 17:03:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98225 A prior debenture mortgage and specific charge over a company's land, buildings, plant and machinery ranked ahead of a later Government mortgage securing a loan under the Madras State Aid to Industries Act, 1923. The court applied the rule that successive interests in the same immovable property are subject to prior rights, and that later accretions such as buildings and machinery fixed to the land pass with the mortgaged property. The State Aid Act also preserved existing encumbrances, so the Government security could not displace the earlier debenture-holders' charge. Section 230 of the Indian Companies Act, 1913, did not create priority for the Government because the loan was not a revenue, tax, cess or rate. Case-Laws Companies Law Wed, 07 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98225