Problem
Transfer of Land in FS to John Smith
Mtge to ABC Bank
Mtge to DEF Bank
Notice of Lease in favour of Joe's Burgers
(Tenant)
Mtge to XYZ Bank
Mtge to ABC Bank is maturing soon and that mtge is not being renewed. John Smith has found a new lender, ECO Bank, that will lend enough to pay off the ABC Mtge.
But ECO Bank insists on being in 1st priority.
How can ECO Bank get 1st priority?