31(1)Notwithstanding that a caveat is registered against land, it shall not have the effect of creating any interest in or passing any estate in that land but, while it is registered and remains in force, the registrar shall not register any other instrument affecting the land described in the caveat except subject to the caveator’s claim as stated in the caveat.

31(2)A caveator may assign his claim and rights under a caveat, and such assignment may be evidenced by the registration of an assignment in prescribed form.

31(3)Upon the registration of an assignment of a caveat, the claim of the assignor as set forth in the caveat with all rights, powers and privileges thereto appertaining shall pass to the assignee, and the assignee shall thereupon become subject to the same limitations and obligations, to the extent of the claim assigned, as if named in the original caveat.