§ 47 — Exoneration from effect of notice

47.—(1) Except in the case of fraud, any person dealing with a proprietor or with a person who is entitled to become a proprietor is not required and need not in any manner be concerned —(a)

to inquire or ascertain the circumstances in or the consideration for which the current proprietor or any previous proprietor is or was registered;

(b)

to see to the application of the purchase money or any part thereof; or

(c)

to be affected by notice (actual or constructive) of any trust or other unregistered interest, despite any rule of law or equity to the contrary.

(2) For the purpose of subsection (1), the knowledge that any unregistered interest is in existence is not of itself imputed as fraud.

(3) The protection afforded by this section commences at the date of the contract or other instrument evidencing such dealing.

(4) Section 15(2) and (3) of the Trustees Act 1967 does not apply to any dealing by a proprietor of registered land.

—(1) Except in the case of fraud, any person dealing with a proprietor or with a person who is entitled to become a proprietor is not required and need not in any manner be concerned —(a)

to inquire or ascertain the circumstances in or the consideration for which the current proprietor or any previous proprietor is or was registered;

(b)

to see to the application of the purchase money or any part thereof; or

(c)

to be affected by notice (actual or constructive) of any trust or other unregistered interest, despite any rule of law or equity to the contrary.

(2) For the purpose of subsection (1), the knowledge that any unregistered interest is in existence is not of itself imputed as fraud.

(3) The protection afforded by this section commences at the date of the contract or other instrument evidencing such dealing.

(4) Section 15(2) and (3) of the Trustees Act 1967 does not apply to any dealing by a proprietor of registered land.