Article 431. Ranking of priority and their substitution

(1) If several limited proprietary (jus in rem) rights encumber the same registered right, the ranking of priority (ranking) between them is determined based on the succession in time of their registration.
(2) The ranking may subsequently be substituted by the making of corresponding mentions in the register based on a contract entered into among the holders of limited proprietary rights whose ranking is being substituted.
(3) If, as a result of a substitution of ranking, a pledge, mortgage or another proprietary security right takes on a junior ranking, and the other limited proprietary right, other than a proprietary security right, consent also is required for this substitution by the holder of the registered right encumbered by the rights whose ranking is being substituted.
(4) If a limited proprietary right which, as a result of a substitution of ranking, takes on a junior ranking is, in its turn, encumbered by a limited proprietary right of a third party, consent is also required for this substitution by such third party.
(5) The senior ranking acquired by way of substitution is not lost if the limited proprietary right which took the junior ranking has been extinguished.
(6) Limited proprietary rights whose ranking is in the middle for the rankings that are being substituted are not to be affected by the substitution.