(1) Subject to subsection (2) the rights conferred on the husband or wife by any order made under this Part shall be subject to the rights of the person entitled to the benefit of any mortgage, security, hypothec, or encumbrance affecting the property in respect of which the order is made if it was registered before the date of the making of the order or if the rights of that person arise under an instrument executed before that date.
(2) Despite anything in any enactment or in any instrument, no money payable under any such mortgage, security hypothec, charge or encumbrance shall be called up or become due by reason of the making of any such order, not being an order under section 45(b)(i).