63Transfer of mortgaged lot

63 Transfer of mortgaged lot (1) If a lot, or an interest in a lot, that is subject to a registered mortgage is transferred, the transferee is liable: (a) to comply with the terms of the mortgage and the terms implied by an Act; and (b) to indemnify the transferor against liability under the mortgage and under this or another Act. (2) If a lot is transferred to a mortgagee of the lot, the Registrar- General must register the mortgagee as registered owner released from the mortgage. (3) The Registrar-General must act under subsection (2) unless the mortgagee asks the Registrar-General not to act under the subsection.