Section 37

No instrument until registered as in this Act provided is effectual to pass any estate or interest in land under the provisions of this Act, but upon registration of an instrument the estate or interest therein specified shall pass, or the land shall become liable as security for the payment of money (as the case may be), subject to such covenants and conditions as are set forth in the instrument and are capable of taking effect, and subject to such covenants and conditions as are by law declared to be implied in instruments of a like nature.

Nothing in this section shall be construed as preventing any unregistered instrument from operating as a contract.

This section applies notwithstanding the provisions of any written law which enables or provides for the compulsory acquisition or other statutory vesting of land.[33