§ 73 — Transfers made in exercise of power of sale

73.—(1) The Registrar must register in the manner prescribed by section 37 any transfer in the approved form by a mortgagee or chargee made in exercise of a power of sale, without being concerned to inquire whether default has occurred, or whether notice has been given, or whether the power was otherwise properly or regularly exercised.(2) Upon registration of such a transfer, the interest of the mortgagor or chargor as described therein passes to and vests in the transferee freed and discharged from all liability on account of —(a)

that mortgage or charge;

(b)

any mortgage or charge registered subsequent thereto;

(c)

any lease registered subsequent to the mortgage or charge mentioned in paragraph (a) and which is not binding on the transferor; and

(d)

any interest which is registered or notified subsequent to the mortgage or charge mentioned in paragraph (a) (including any interest claimed under a caveat) and which is not binding on the transferor.

—(1) The Registrar must register in the manner prescribed by section 37 any transfer in the approved form by a mortgagee or chargee made in exercise of a power of sale, without being concerned to inquire whether default has occurred, or whether notice has been given, or whether the power was otherwise properly or regularly exercised.

(2) Upon registration of such a transfer, the interest of the mortgagor or chargor as described therein passes to and vests in the transferee freed and discharged from all liability on account of —(a)

that mortgage or charge;

(b)

any mortgage or charge registered subsequent thereto;

(c)

any lease registered subsequent to the mortgage or charge mentioned in paragraph (a) and which is not binding on the transferor; and

(d)

any interest which is registered or notified subsequent to the mortgage or charge mentioned in paragraph (a) (including any interest claimed under a caveat) and which is not binding on the transferor.