Singapore legislation

Clause 73

Transfers made in exercise of power of sale

(1)

The Registrar shall register in the manner prescribed by section 37 any transfer in the approved 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.

(2)

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 —

(a)

that mortgage or charge;

(b)

any mortgage or charge registered subsequent thereto;

(c)

any lease registered subsequent to the mortgage or charge mentioned in paragraph (a) and which is not binding on the transferor; and

(d)

any interest which is registered or notified subsequent to the mortgage or charge mentioned in paragraph (a) (including any interest claimed under a caveat) and which is not binding on the transferor.

(3)

Where a transfer to which subsection (1) relates is registered —

(a)

the title of the purchaser shall not be impeached on the ground that —

(i)

no case has arisen to authorise the sale;

(ii)

due notice to pay the money due or owing to the mortgagee or chargee as required by this Act was not given by the mortgagee or chargee to the mortgagor or chargor; or

(iii)

the power of sale was otherwise improperly or irregularly exercised;

(b)

a person who suffers any loss or damage by reason of the registration of the transfer shall be entitled to recover damages in a court of competent jurisdiction from the person who exercised the power of sale; and

(c)

the purchaser shall, for the purposes of section 47, be deemed to have contracted, or dealt with, or taken a transfer from, the registered proprietor of the land.

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