—(1) Upon the creation of a qualified folio, the Registrar shall enter thereon a caution warning persons dealing with the registered proprietor therein named that the land comprised therein is held subject to any interest which affected it at the date of the creation of that folio, and so long as the caution remains on that folio that land shall be so held.
(2) A caution recorded on any qualified folio (whether created under this Act or the repealed Land Titles Act (Cap. 157, 1985 Ed.)) shall lapse in one of the following ways:
if, after the creation of the qualified folio, a purchaser for valuable consideration and without fraud becomes registered as proprietor of an estate or interest in the land comprised in the folio, the caution shall lapse as regards the estate or interest on the expiration of 5 years after the date of the last deed which was cancelled by the Registrar on the creation of the folio; or
if, immediately before the expiration of 10 years after the creation of the qualified folio, the caution affecting the folio has not lapsed as regards all estates and interests in the land comprised in the folio or has not been cancelled, the caution shall lapse —
on the expiration of that period; or
on the expiration of 24 months after 20th August 2001*,
* Date of commencement of section 8 of the Land Titles (Amendment) Act 2001 (Act 25 of 2001).
whichever is the later.
(3) A mortgagee or chargee shall not be regarded as a purchaser for the purposes of subsection (2).
(4) When a caution lapses under subsection (2), the lapsed caution shall constitute a defunct entry and the Registrar shall, of his own motion or after the lodgment of an application in the approved form made by the proprietor of the land, cause an entry to be made in respect of the lapsing of the caution.
(5) Upon the lapsing of a caution under subsection (2), the folio shall cease to be qualified and the land comprised therein shall thenceforth be held subject only to such interests as are registered or notified on the folio and to such interests as are otherwise excepted by section 46.
(6) Any person deprived of land by the operation of this section shall not by reason of that deprivation have any claim against the assurance fund.
—(1) Where the Registrar has entered a caution on a qualified folio under section 25, the proprietor of the land comprised in that folio may apply to the Registrar in the approved form together with any deed, conveyance or instrument affecting the land for the cancellation of the caution if he is able to —
deduce a title for a continuous period of not less than 12 years at the date of his application; and
satisfy the Registrar that there are no outstanding interests which are not notified on that folio.
(2) Upon proof to the satisfaction of the Registrar that subsection (1) has been complied with, the Registrar shall enter on the qualified folio a notification cancelling the caution.
(3) For the purposes of section 155, the person upon whose application a caution is cancelled shall be deemed to be the person upon whose application the land was brought under this Act.
—(1) The Registrar shall enter on a folio a notification of any caveat or other subsisting encumbrance —
which is apparent to him from the records maintained at the Land Titles Registry (including the Caveat Index) at the time of the creation of that folio; and
which is subsequently brought to his attention as in this section provided.
(2) Any person claiming an interest in land which was subsisting at the date of the creation of a folio for that land other than an interest excepted by section 46 may, so long as the folio remains qualified as to title, protect that interest by lodging a caveat under section 115, and the Registrar shall enter a notification of such a caveat in that folio.
(3) The proprietor in whose name a folio has been created shall lodge with the Registrar a statement setting out particulars of any subsisting interest affecting the land therein comprised which is known to him and which is not already notified under subsection (1) other than an interest excepted by section 46.
(3A) Where any unregistered land has been brought under the provisions of this Act with one or more subsisting caveats for an estate or interest in the land lodged in accordance with the Registration of Deeds Act (Cap. 269), the Registrar may, on being satisfied that the caveat has not been withdrawn, cancelled or lapsed, enter a notification of such caveat in that folio as if the caveator had also lodged a caveat under section 115 and in the manner specified in section 115(2)(b) for the same estate or interest in the land when lodging the caveat under the Registration of Deeds Act.
(4) The proprietor named in a folio who —
has knowledge of an encumbrance or interest affecting the land comprised therein which is not notified on the relevant folio; and
disposes of or otherwise deals with or creates any interest in that land without having lodged a statement under subsection (3),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.
(5) An interest notified on the folio under this section is an interest within the meaning of section 46, but its notification shall not give the interest to which it relates any greater operation or effect than it has under the instrument creating it.
(6) Any interest notified on the folio under this section shall not, by reason of any provision of this Act, lose any priority which that interest would otherwise have had.