15(1)Except as against the person making the instrument, no instrument shall, until registered, pass any estate or interest in registered land or render the land liable as security for the payment of money.

15(2)Subsection (1) does not apply to an instrument creating a leasehold interest not exceeding three years where there is actual occupation of the land under the instrument.

15(3)Every instrument shall be registered according to its tenor and intent and the registration thereupon creates, transfers, surrenders, charges or discharges, as the case may be, the land, estate or interest therein described.

15(4)Nothing in this Act confers on a registered owner, claiming otherwise than as a purchaser for valuable consideration, any better title than was held by his immediate predecessor in title.

15(1)Except as against the person making the instrument, no instrument shall, until registered, pass any estate or interest in registered land or render the land liable as security for the payment of money.

15(2)Subsection (1) does not apply to an instrument creating a leasehold interest not exceeding three years where there is actual occupation of the land under the instrument.

15(3)Every instrument shall be registered according to its tenor and intent and the registration thereupon creates, transfers, surrenders, charges or discharges, as the case may be, the land, estate or interest therein described.

15(4)Nothing in this Act confers on a registered owner, claiming otherwise than as a purchaser for valuable consideration, any better title than was held by his immediate predecessor in title.