sec.62Effect of registration of transfer

### sec.62 Effect of registration of transfer On registration of an instrument of transfer for a lot or an interest in a lot, all the rights, powers, privileges and liabilities of the transferor in relation to the lot vest in the transferee. Without limiting subsection (1) , the registered transferee of a registered mortgage is bound by and liable under the mortgage to the same extent as the original mortgagee. Without limiting subsection (1) , the registered transferee of a registered lease is bound by and liable under the lease to the same extent as the original lessee. In this section— rights , in relation to a mortgage or lease, includes the right to sue on the terms of the mortgage or lease and to recover a debt or enforce a liability under the mortgage or lease. (sec.62-ssec.1) On registration of an instrument of transfer for a lot or an interest in a lot, all the rights, powers, privileges and liabilities of the transferor in relation to the lot vest in the transferee. (sec.62-ssec.2) Without limiting subsection (1) , the registered transferee of a registered mortgage is bound by and liable under the mortgage to the same extent as the original mortgagee. (sec.62-ssec.3) Without limiting subsection (1) , the registered transferee of a registered lease is bound by and liable under the lease to the same extent as the original lessee. (sec.62-ssec.4) In this section— rights , in relation to a mortgage or lease, includes the right to sue on the terms of the mortgage or lease and to recover a debt or enforce a liability under the mortgage or lease.