When land shall have
been brought under the operation of The Transfer of Land Act 1874 or of this
Act and a certificate shall have been registered subject to a mortgage or
other encumbrance made or given before the registration of such certificate
such mortgage or other encumbrance may be transferred or discharged in like
manner as if it were a mortgage or other encumbrance prescribed by and
registered under the said Acts or either of them and the mortgagee or the
other person claiming under such mortgage or encumbrance may exercise the same
rights and remedies as if the mortgage or other encumbrance had been made and
registered in the form and manner prescribed by the said Acts or either of
them.
[Section 124 amended: 2 Edw. VII. No. 10 s. 5; No.
81 of 1996 s. 71.]