FOREST PROPERTY ACT 2000 - SECT 7
FOREST PROPERTY ACT 2000 - SECT 7
7—Registration of forest property agreement
(1) A forest property
agreement may be registered.
(2) If a forest
property agreement is unregistered, the interest of the transferee is an
equitable interest and therefore liable to be defeated by a purchaser who
acquires an interest in the subject matter of the agreement in good faith, for
value and without notice of the agreement.
(3) The interest of
the transferee under a registered forest property agreement has priority
over—
(a) the
interests of the holders of encumbrances over the land—
(i)
who consented to the registration of the agreement; or
(ii)
whose consent was dispensed with; and
(b) in
the case of a forest property (carbon rights) agreement—the interests of
the holders of mortgages or charges over the vegetation—
(i)
who consented to the registration of the agreement; or
(ii)
whose consent was dispensed with; and
(c) the
interests of the holders of encumbrances over the land registered after the
registration of the forest property agreement and the interests of holders of
mortgages or charges over the vegetation registered after the registration of
the forest property agreement; and
(d) the
interests of all persons with unregistered interests in the land (including
interests under unregistered forest property agreements).
(4) In the case of a
forest property agreement that has taken the form of an instrument of trust,
the agreement, and any dealing or transaction in relation to the agreement
under the provisions of this Act, may be registered under the
Real Property Act 1886 despite section 162 of that Act and, if or
when registration occurs in the manner contemplated by this Act, the
agreement, and any relevant dealing or transaction, will have effect in
accordance with the provisions of this Act and despite any other Act or law to
the contrary.