—(1) The proprietor of an estate in land, or of a lease, mortgage or charge, may transfer the same by an instrument of transfer in the approved form, and upon the registration of such instrument the estate or interest of the transferor as therein set forth, together with all easements, rights and powers belonging or appertaining thereto, shall pass to and be vested in the transferee thereof as proprietor.
(2) On the registration of any transfer of a mortgage or charge, the transferee shall become entitled to all of the rights, powers and remedies of the mortgagee or chargee expressed or implied in the mortgage or charge, including the right to recover any debt, sum of money, annuity or damages (notwithstanding that the same may be deemed or held to constitute a chose in action), and all interest in any such debt, sum of money, annuity or damages shall vest at law as well as in equity in that person.
—(1) On the registration of a transfer of land subject to a mortgage or charge, and whether the transfer is executed by the transferee or not, there shall be implied a covenant by the transferee to —
pay the moneys and to perform the obligations secured by the mortgage or charge;
perform and observe the covenants and provisions thereof; and
indemnify and keep harmless the mortgagor or chargor in respect of those moneys, obligations, covenants and provisions.
(2) The covenant implied by this section may be negatived by an express statement in the transfer.
—(1) Registered land may be transferred for an estate for a life or lives (either with or without a power of appointment over the reversion or remainder), or for an estate in remainder expectant upon the determination of a life or lives, by an instrument of transfer in the approved form, modified as the circumstances may require.
(2) Upon the registration of such a transfer, the Registrar shall create a folio for the particular estate, or for the estate in reversion or remainder, or for both, as the transferee may require.
66. All obligations created by a contract for the sale of registered land shall, upon registration of the transfer giving effect to the contract, be deemed to have merged in that transfer unless express provision in writing is made to the contrary.
67. Where upon the registration of a transfer or other instrument the interests of —
lessor and lessee;
mortgagor and mortgagee; or
chargor and chargee,
vest in the same proprietor, any intention to merge such interests shall be evidenced by a surrender of lease, or by a discharge of mortgage or of charge, as the case may be.