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59. Effect of transfer after sale by mortgagee

(1) If a transfer in purported exercise of a power of sale by a registered mortgagee is lodged for registration, the Registrar need not enquire whether the power of sale was validly exercised.
(2) On registration of the transfer, the mortgagor's interest vests in the transferee, free from —
(a) any obligation to repay the debt secured by the mortgage; and
(b) any other interest registered after it, except an interest to which the mortgagee has consented in writing, to which the mortgagee is a party, or which otherwise binds the mortgagee.
(3) Registration of the transfer is not prevented by a caveat or covenant, if the caveat or covenant relates to an interest over which the mortgage has priority.