Section 67

The Registrar shall register in the manner prescribed by section 28 any transfer in the prescribed form by a mortgagee or chargee made in exercise of a power of sale, without being concerned to inquire whether default has occurred, or whether notice has been given, or whether the power was otherwise properly or regularly exercised.

Upon registration of such a transfer, the interest of the mortgagor or chargor as described therein shall pass to and vest in the transferee freed and discharged from all liability on account of that mortgage or charge, or on account of any mortgage or charge registered subsequently thereto, and from any lease or other interest registered subsequently thereto which is not binding on the transferor.[63