A mortgage instrument was signed on 2 June 2026 and first lodged on 4 June 2026. The Registrar required a material amendment for compliance. The instrument was rectified and accepted as being in order for registration on 9 June 2026; the administrative registration process was completed on 11 June 2026. Which date is the reference date for this instrument's priority under section 48(2) of the Land Titles Act?
Section 48(2) supplies a specific rule where an instrument is materially amended for compliance with the Registrar's requirements. Its priority is determined by reference to the date of rectification and acceptance as being in order for registration in the Land Titles Registry. Both events occurred on 9 June. Neither the signing date nor the initial defective lodgment is the statutory reference date; nor does the later completion of administrative registration replace the date expressly selected by section 48(2). This question concerns that material-amendment rule, not an ordinary ranking exercise under section 48(1).