Section 45 — Instruments ineffectual until registered

(1)No instrument until registered as in this Act provided is effectual to pass any estate or interest in land under the provisions of this Act.

(2)Upon registration of an instrument the estate or interest therein specified passes, or the land becomes liable as security for the payment of money (as the case may be), subject to the covenants and conditions set forth in the instrument and capable of taking effect, and subject to such covenants and conditions as are by law declared to be implied in instruments of a like nature.

(3)Nothing in this section is to be construed as preventing any unregistered instrument from operating as a contract.

(4)This section applies despite the provisions of any written law for the compulsory acquisition or other statutory vesting of land.