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Effect of transfer of freehold land with absolute title.
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52.—(1) On the registration of a transferee of freehold land as full owner with an absolute title, the instrument of transfer shall operate as a conveyance by deed within the meaning of the Conveyancing Acts, and there shall be vested in the registered transferee an estate in fee simple in the land transferred, together with all implied or express rights, privileges and appurtenances belonging or appurtenant thereto, subject to—
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(a) the burdens, if any, registered as affecting the land, and
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(b) the burdens to which, though not so registered, the land is subject by virtue of section 72,
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but shall be free from all other rights, including rights of the State.
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(2) Where, however, the transfer is made without valuable consideration, it shall, so far as concerns the transferee and persons claiming under him otherwise than for valuable consideration, be subject to all unregistered rights subject to which the transferor held the land transferred.
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(3) On the registration of a transferee of freehold land as limited owner with an absolute title under a settlement, the registration shall have the same effect as in the case of a transferee registered as full owner with an absolute title, except that the estate in fee simple (together with all implied or express rights, privileges and appurtenances) conferred by the registration shall vest in the transferee and the other persons entitled to the several estates and interests comprised in the subject of the settlement collectively, according to such estates and interests respectively.
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