Legal subjectivity:
The order in which the mortgage rights are realized in the sequential mortgage guarantee contract: (1) If the mortgage rights have been registered, the order of repayment will be determined according to the time of registration; (2) Mortgages that have been registered will be paid prior to those that have not been registered; (3) mortgages that have not been registered will be repaid in proportion to the creditor's rights. Objective law:
Article 414 of the Civil Code: If the same property is mortgaged to more than two creditors, the proceeds from the auction or sale of the mortgaged property shall be paid off in accordance with the following provisions: (1) Mortgage rights If the mortgage has been registered, the order of repayment will be determined according to the time of registration; (2) If the mortgage has been registered, it will be paid before the unregistered mortgage; (3) If the mortgage has not been registered, the repayment will be in accordance with the proportion of the creditor's rights. For other registrable security rights, the order of repayment shall be subject to the provisions of the preceding paragraph.