In Part I—
“assignment on sale” means an assurance on sale by virtue whereof there is conferred or completed a title under which an application for registration as owner of a leasehold estate may be made, and includes an assignment by way of exchange where money is paid for equality of exchange, but does not include an assignment or surrender of a lease to the owner of the immediate reversion containing a declaration that the term is to merge in such reversion;
“conveyance”, in entry 1 therein, does not include a conveyance conveying an estate expectant on a freehold estate, whether the estate so expectant is in reversion or remainder, or a conveyance by way of mortgage or transferring a mortgage;
“conveyance on sale” means an assurance made on sale by virtue whereof there is conferred or completed a title under which an application for registration as owner of a freehold estate may be made and includes a conveyance by way of exchange where money is paid for equality of exchange.