(1) Subject to subsection 2, the terms and conditions of any hypothec may be varied by the registration of an instrument of variation executed by the parties to the hypothec but no such variation shall affect the rights of the proprietor of any subsequent hypothec, unless that proprietor has consented to the variation in writing on the instrument of variation.
(2) Subsection (1) does not affect the right of the creditor to vary the rate of interest if that right is stated in the instrument creating the first hypothec.
(Substituted by Act 7 of 1986)