Article 1003 of Civil Code

The mortgagee creditor may cede the rank of his mortgage, within the limits of the debt secured by that mortgage, in favour of another creditor having a mortgage registered over the same immovable property. All defences that may be raised against the first creditor may be raised against this other creditor, except those relating to the extinguishment of the right of that first creditor if such extinguishment occurred after the cession of rank. Second: Right of Pursuit