When any land has been
brought under or shall be brought under this Act subject to any mortgage and
the mortgagee or any person claiming under him shall apply for a certificate
of title to the land foreclosed or purchased the mortgage shall be deemed to
have conferred upon the mortgagee or the purchaser under the power of sale
contained in the mortgage the right to be registered as proprietor at law as
well as in equity of the same estate in the land as that for which the
mortgagor was registered and the only inquiry into title shall be as to the
validity of the foreclosure or sale and of any subsequent transfers or
transmissions of title to the applicant and no caveat which might have been or
which was lodged against the original application shall be lodged or renewed
in respect of the same estate or interest against the application of the
mortgagee or any person claiming under him.