46Transfer to include right to sue

46 Transfer to include right to sue (1) By virtue of every such transfer the right to sue upon any instrument and to recover any debt sum of money annuity or damages thereunder (notwithstanding that it constitutes a chose in action) and all interest in any such debt sum annuity or damages shall be transferred so as to vest at law as well as in equity in the transferee thereof; but nothing herein shall prevent a court from giving effect to any trusts affecting such debt sum annuity or damages if the transferee as between himself and any other person holds as trustee. (2) In every such transfer of land which is subject to a mortgage or annuity there shall be implied a covenant with the transferor by the transferee binding the latter to pay the interest secured by the mortgage at the rate and times and in the manner specified in the mortgage, or to pay the annuity at the times and in the manner specified in the instrument of charge, and in the case of land subject to a mortgage to indemnify the transferor against all liability in respect of the principal sum secured by the mortgage and any of the covenants therein contained or by this Act declared to be implied therein on the part of the transferor. No. 5842 s. 47. S. 47 amended by Nos 18/1989 s. 12(Sch. 1 item 78), 80/2009 s. 27, substituted by No. 42/2017 s. 22.