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98. Effect of registering writ of execution

(1) A writ of execution —
(a) does not bind or affect real property until it is registered; and
(b) binds or affects real property only if it is executed and put in force —
(i) by not later than the first anniversary of the date it is issued; or
(ii) within any extended time period allowed by the Court.
(2) A registered writ of execution takes effect as if it were a registered mortgage securing the amount payable under the writ. A sale under the writ is treated as if it were a sale by a registered mortgagee in exercise of a power of sale.