Pari Passu Bonds

A name given in Scotland to certain bonds secured upon lands which share an equal benefit of the security. Where several securities are created over the same lands by separate bonds and dispositions in security, they would ordinarily have priority according to the date of registration of the sasine or bond, as the case may be. If it is intended to have them rank as pari passu, it is usual to insert a clause in each bond declaring that they shall be so ranked without regard to their priority of registration. 9.Turk]. Rev. 74.