46Term of years vested in trustee for raising money, or mortgage, prior to first registration.N.I.
(1)Where any land is first registered after the commencement of this Act and prior to such registration, a term of years is vested in a trustee or other person for the purpose of raising money out of that land, such vesting shall, on the first registration of the land, operate as a trust for securing money on that land or, as the case may be, as a power to charge that land and, accordingly, the trust or power may be registered as a Schedule 6 burden.
(2)Where, immediately prior to first registration, any land is subject to any mortgage, or to any term of years to secure money actually raised, such mortgage or term of years shall operate as a charge on the land, and shall be registered as a charge thereon and not otherwise, and the provisions of Part I of Schedule 7 shall have effect accordingly.