(1) A right conferred on a person in respect of any property by a protection order made under this Act is subject to the rights of a person entitled to the benefit of any mortgage, security, charge or encumbrance affecting the property if—
(a) the mortgage, security, charge or encumbrance was registered before a protection order was made; or
(b) the rights of that other person entitled to that benefit arise under an instrument executed before the date of the making of a protection order.
(2) Money payable under any mortgage, security, charge or encumbrance does not become payable by reason of the making of a protection order under this Act.