1. The debts of creditors secured by a mortgage shall be paid from the price of the mortgaged property or from the property replacing it, according to the rank of each of them, even if registration took place on the same day. 2. If several persons apply at the same time to register mortgages against the same debtor and on the same immovable property, such mortgages shall be registered under one number, and such creditors shall rank equally upon distribution.
Interpretation and application must be checked against the official text and current version.