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Effect of registration with possessory title.
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46.—The registration of a person as first registered full or limited owner of a leasehold interest with a possessory title shall not affect or prejudice the enforcement of any right (whether in respect of the lessor's title or otherwise) adverse to or in derogation of the title of that person and subsisting or capable of arising at the time of registration but, save as aforesaid, shall have the same effect as registration with an absolute title.
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