62Effect of registration of transfer

62 Effect of registration of transfer (1) On an instrument of transfer for a lot or an interest in a lot being registered, all the rights, powers, privileges and liabilities of the transferor in relation to the lot vest in the transferee. (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. (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. Land Title Act 2000 46 (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.