51 Interest and rights of transferor pass to
Upon the registration of any transfer, the estate or interest of
the transferor as set forth in such instrument, with all rights, powers and
privileges thereto belonging or appertaining, shall pass to the transferee,
and such transferee shall thereupon become subject to and liable for all and
every the same requirements and liabilities to which the transferee would have
been subject and liable if named in such instrument originally as mortgagee,
chargee or lessee of such land, estate, or interest.