27. Nature and priority of unregistered instruments

(1) Nothing in these Regulations prevents an instrument not eligible for registration or lodged for registration but not yet registered from operating as a contract between the parties thereto, or from being otherwise enforceable according to its terms.
(2) The lodgement of an instrument for which no approved form exists has the same effect as the lodgement of a caveat protecting the interest claimed under that instrument.
(3) The benefit of subsection (2) is lost if the instrument is withdrawn from registration.