Section 59

On registration of a transfer of land subject to a mortgage or charge, and whether the transfer is executed by the transferee or not, there shall be implied a covenant by the transferee to pay the moneys and to perform the obligations secured by the mortgage or charge, and to perform and observe the covenants and provisions thereof, and to indemnify and keep harmless the mortgagor or chargor in respect of those moneys, obligations, covenants and provisions.

The covenant implied by this section may be negatived by an express statement in the transfer.[55