KK Ltd has been in debt to three creditors, L, M and N. On 1 January 2011, KK Ltd granted a floating charge over all of its 'present and future assets and undertakings ' to L. This floating charge was duly registered. On 4 August 2011, KK Ltd granted a legal fixed charge over a piece of land to M. This fixed charge to M was duly registered on 11 August 2011. Unknown to M, KK Ltd had granted a legal fixed charge over the same piece of land to N three days earlier, i.e. on 1 August 2011. This fixed charge to N was duly registered on 14 August 2011. N is the wife of a director of KK Ltd. On 1 August 2012, KK Ltd commenced liquidation. It has no valuable asset apart from the piece of land. Determine the validity of the three charges and their priority in relation to the piece of land