Section 58

The proprietor of freehold land, or of a lease, mortgage or charge, may transfer the same by an instrument of transfer in the prescribed form, and upon registration of such instrument the estate or interest of the transferor as therein set forth, together with all easements, rights and powers, thereto belonging or appertaining, shall pass to and be vested in the transferee thereof as proprietor.

On registration of any transfer of a mortgage or charge, the transferee shall become entitled to all of the rights, powers and remedies of the mortgagee or chargee expressed or implied in the mortgage or charge, including the right to recover any debt, sum of money, annuity or damages (notwithstanding that the same may be deemed or held to constitute a chose in action), and all interest in any such debt, sum of money, annuity or damages shall vest at law as well as in equity in that person.[54