95Sale by mortgagee—vesting

95 Sale by mortgagee—vesting (1) For the purposes of a sale under section 94, the registrar-general shall register a memorandum of transfer— (a) executed by a mortgagee or encumbrancee; and (b) lodged in registrable form. (2) Where a transfer is registered under subsection (1), the interest of the mortgagor or encumbrancer in the land comprised in the transfer shall pass to and be vested in the transferee, freed and discharged from all liability on account of— (a) the mortgage or encumbrance; or (b) any other mortgage or encumbrance registered after the registration of the interest of the mortgagor or encumbrancer but before the registration of the transfer; or (c) any other mortgage or encumbrance over which the firstmentioned mortgage or encumbrance has priority under a memorandum of variation registered under section 92A. (3) Where— (a) there is a caveat entered in the register in respect of the land comprised in the transfer; and (b) the caveat was entered in the register after the registration of the interest of the mortgagee or encumbrancee, as the case may be; the registrar-general may register the transfer notwithstanding the existence of the caveat and the caveat lapses on registration of the transfer. (4) The registrar-general may remove from the register a caveat that has lapsed under subsection (3).