Real Property Act 1900 No 25
28MB Effect of lapsing of caution under section 28M or
(1) If a caution lapses under section 28M or 28MA then, subject to
subsection (2), the lapsing operates to free the land or the estate or
interest in respect of which the caution lapses from any interests that
affected the land at the date on which it was brought under this Act by the
creation of a qualified folio of the Register.
(2) However, the lapsing of a caution under section 28M or 28MA does
not operate to defeat a subsisting interest that:
(a) was, immediately before the lapsing:
(i) recorded in the qualified folio, or
(ii) the subject of a caveat affecting land comprised in the qualified
(b) is preserved by section 42.
(3) The provisions of this section and sections 28M (3) and 28MA (3)
do not operate to defeat the estate or interest of a mortgagor in land in
respect of which a Registrar-General’s caveat has been recorded under
section 12B (2).