(1)Notwithstanding section 160 of this Act, an inhibition ceases to have effect (and is treated as never having had effect) in relation to property if a person acquires the property (or a right in the property) in good faith and for adequate consideration.
(2)For the purposes of subsection (1) above, a person acquires property (or a right in the property) when the deed conveying (or granting the right in) the property is delivered to the person.
(3)An acquisition under subsection (1) above may be from the inhibited debtor or any other person who has acquired the property or right (regardless of whether that person acquired in good faith or for value).
(4)For the purposes of subsection (1) above, a person is presumed to have acted in good faith if the person—
(a)is unaware of the inhibition; and
(b)has taken all reasonable steps to discover the existence of an inhibition affecting the property.