(1)  On the registration of a transfer of a registered mortgage, a registered lease, or a registered encumbrance, the transferee shall become subject to and liable for the same requirements and liabilities to which the transferee would have been subject and liable if named in that instrument originally as mortgagee, encumbrancee, or lessee.

(2)  By virtue of every transfer referred to in subsection (1)  –

(a) the right to sue upon a memorandum of mortgage or other dealing, and to recover any debt, sum of money, annuity, or damages under the memorandum of mortgage or other dealing (notwithstanding the same may be deemed or held to constitute a chose in action); and

(b) all interest in the debt, sum of money, annuity, or damages referred to in paragraph (a)  –

shall be transferred so as to vest the same at law as well as in equity in the transferee.

(3)  Nothing contained in this section shall prevent a court from giving effect to any trusts affecting the debt, sum of money, annuity, or damages referred to in subsection (2) , where the transferee holds the same as a trustee for any other person.