132Transmission by bankruptcy or insolvency

132 Transmission by bankruptcy or insolvency (1) Upon the bankruptcy or insolvency of the registered proprietor of any land or interest under this Act, the assignee or trustee of the bankrupt or insolvent shall be entitled to be registered as proprietor in respect of the land or interest. (2) The registrar-general, upon the receipt of an office copy of the appointment of the assignee or trustee, accompanied by an application in writing under his or her hand to be so registered in respect of any land or interest of the bankrupt or insolvent therein specified and described, shall enter in the register, upon the folio of the register for the land affected, a memorandum notifying the appointment of the assignee or trustee. (3) Upon the entry being made, the assignee or trustee shall be deemed and taken to be the registered proprietor of the interest of the bankrupt or insolvent in the land, and shall hold the land or interest subject to the equities upon and subject to which the bankrupt or insolvent held the land or interest, but for the purpose of any dealings with the land or interest under this Act the assignee or trustee shall be deemed to be the absolute proprietor thereof.