s 24 Mortgages and leases
24.—(1) Where land has been brought under the provisions of this Act by the creation of a folio (whether qualified or unqualified as to title), any subsisting mortgage registered under the Registration of Deeds Act 1988 in respect of land comprised in the folio is, when notified on the folio, deemed to be a mortgage registered under the provisions of this Act and the provisions of this Act applicable to registered mortgages apply to that mortgage. (2) Any second or subsequent conveyance by mortgage of the land in any such folio is deemed to be a second or subsequent mortgage registered under the provisions of this Act. (3) Where a folio has been created under this Division for any land —(a) subject to paragraph (b), the Registration of Deeds Act 1988 ceases to apply to the land; (b) the Registration of Deeds Act 1988 continues to apply to any document relating to any trust, probate and letters of administration and any settlement created under any instrument for that land which was subsisting immediately before the date on which the folio was created, not being a document purporting to convey, mortgage or discharge any estate or interest in the land comprised in the folio. (4) Every folio created for any leasehold estate in land is subject to the rights and powers of the lessor or other proprietor of the reversion immediately expectant on the term. (5) Where the Registrar is unable to determine when the term of any leasehold estate in any unregistered land commences, he or she is, for the purposes of bringing the land under the provisions of this Act, entitled to assume that the term of the lease commences on the date of the lease.