Registration of title and protection of interests - Powers o...

Learning Outcomes

This article examines the powers of a registered proprietor and the registration and protection of interests in registered land, including:

• identifying statutory owner’s powers under ss 23–26 LRA 2002 and how restrictions on the register control their exercise;
• distinguishing notices and restrictions and selecting the correct mechanism to protect different legal and equitable interests;
• determining which transactions are registrable dispositions under s 27 LRA 2002 and explaining the legal effect of registration, including title by registration under s 58;
• analysing the consequences where required registration is omitted, the resulting equitable status of rights, and the application of the Walsh v Lonsdale principle;
• applying the baseline priority rule in s 28, the special priority for purchasers and chargees for value in s 29, and the limited role of overriding interests under Schedule 3;
• explaining how overreaching under ss 2, 27 LPA 1925 interacts with trusts of land, co-ownership structures, and Form A restrictions;
• evaluating the creation, enforcement, and transmission of leasehold and freehold covenants, including the effect of the Landlord and Tenant (Covenants) Act 1995;
• assessing the priority and enforcement of legal charges and mortgages on registered titles, including s 48 LRA 2002 and s 105 LPA 1925;
• solving exam-style problem questions by accurately advising on registration requirements, enforceability, and priority between competing interests in land.

SQE1 Syllabus

For SQE1, you are required to understand the powers of a registered owner and the regime for registrable dispositions under the LRA 2002, including how interests are protected and prioritized in registered land, with a focus on the following syllabus points:

• The extent of a registered proprietor’s powers under the LRA 2002, focusing on ss 23, 24, 26 (including who may exercise owner's powers and the effect/scope of statutory and registered limitations).
• Meaning and content of “registrable dispositions” (s 27), including transfers, legal leases of more than seven years (as well as registrable short reversionary leases), express legal easements and profits, and legal charges and mortgages.
• Legal effects of registration, operation of the “title by registration” principle (s 58), conclusiveness of title, and the specific effects of first registration (ss 11–12).
• Protection of interests: the distinction between notices (s 32), restrictions (s 40), and which interests may (or cannot) be protected by either; requirements for notices and restrictions; relationship with overriding interests.
• Effect of non-registration under s 27: legal and equitable status, application of the principles in Walsh v Lonsdale, and consequences for priority (especially ss 28, 29).
• Priority rules in detail: operation of s 28 for voluntary dispositions, s 29 for purchased interests for value, effect of registering/unregistering interests, and the limited circumstances of overriding interests under Sch 3 (including persons in actual occupation, short leases, legal easements, and implied/prospective legal rights).
• Overreaching of equitable interests under ss 2, 27 LPA 1925 and their interplay with restrictions in the register—operation in both registered and unregistered land as a principal mechanism for protecting purchasers and chargees.
• Priority of mortgages and charges specifically on registered land (s 48 LRA 2002), and the statutory order for distribution of sale proceeds under s 105 LPA 1925.
• Rules affecting enforceability and transmission of benefit and burden of leasehold (and freehold) covenants upon assignment, including the impact of the Landlord and Tenant (Covenants) Act 1995.
• The ongoing effect of the trust structure for co-owned land and the role of TLATA 1996 in disputes and sales.

Test Your Knowledge

Attempt these questions before reading this article. If you find some difficult or cannot remember the answers, remember to look more closely at that area during your revision.

1. Under the LRA 2002, which of the following dispositions MUST be completed by registration to operate at law?
   1. Grant of a lease for 5 years.
   2. Transfer of a registered freehold estate.
   3. Creation of an equitable mortgage.
   4. Grant of an implied legal easement.
2. A purchases a registered freehold property from B for £300,000. A completes the purchase but fails to register the transfer for three months. During this period, B fraudulently grants a legal charge over the same property to C Bank, which registers its charge immediately. Which statement best describes A's position?
   1. A automatically obtains legal title upon completion of the purchase.
   2. A obtains only an equitable interest until the transfer is registered.
   3. C Bank's registered charge will not bind A because A completed the purchase first.
   4. A's failure to register means B remains the legal owner indefinitely.
3. What is the primary effect of section 58 LRA 2002 regarding the register?
   1. It guarantees compensation for any errors.
   2. It confirms that the register is conclusive evidence of title.
   3. It lists all overriding interests.
   4. It specifies the time limit for registration.

Introduction

The Land Registration Act 2002 (LRA 2002) represents a fundamental shift in English land law. The Act defines and limits the powers of registered proprietors, outlines exactly which transactions require registration to operate at law, and sets out how both legal and equitable interests may be created, transferred, and protected.

The registered system is governed by several core principles:

• Mirror principle: The register should provide an accurate, up-to-date reflection of the title, estates, and registrable interests over the land, subject to a limited number of overriding interests.
• Curtain principle: Purchasers need not investigate the beneficial (equitable) interests of others under trusts, as the mechanism of overreaching ensures such interests are moved from the the land into the purchase money on a qualifying sale.
• Insurance principle: The register is deemed conclusive; where errors or fraud lead to a need for correction, the state backs the system with statutory indemnity.

This system privileges certainty, transparency, and security in dealings, while balancing fairness for those who acquire or hold interests not readily capable of registration. The principle of “title by registration” introduced by the Act is particularly significant: it is not registration of title, but title by registration—the entry confers and confirms indefeasible title, subject only to listed exceptions.

Key Term: Owner's Powers
The range of statutory capacities to deal with a registered estate or charge, including transfer, creation of third-party rights, leases, and legal charges, as set out under s 23 LRA 2002, subject to any relevant statutory restriction or entry on the register.

Powers of a Registered Proprietor

Statutory Basis for Owner’s Powers

The LRA 2002 provides that the registered proprietor may exercise wide-ranging powers, as if absolute owner (s 23), to:

• Transfer the registered estate.
• Create a legal lease out of the registered estate (where permitted by law).
• Grant a legal charge (ie, a mortgage) over the registered estate.

Section 24 extends the exercise of these powers to a person “entitled to be registered as proprietor,” ensuring transactions are not unduly delayed due to registration processing. This is particularly useful in practice—such as where purchase money is advanced, but the register has not yet been updated.

Key Term: Restriction
An entry in the proprietorship register that limits how registered dispositions can be made or entered, unless specified conditions (e.g., consent, notice, evidence of payment to two trustees) are satisfied. Restrictions may give effect to third-party interests (such as trusts or options) by preventing registration of further dealings unless terms are met, but do not in themselves guarantee the priority of the relevant right.

Control and Limitation on Owner’s Powers

Despite these powers, the Act purposely restricts their exercise to protect the interests of third parties and ensure system integrity.

• Section 26 states that, as a general rule, the exercise by a registered proprietor of his powers is valid despite the existence of prior limitations, whether arising under a trust, a court order, or statute, unless either:
  • the limitation is noted in an entry on the register; or
  • the limitation is imposed by or under an enactment.

Hence, it is possible for a proprietor to be unable to exercise owner’s powers in a way that would override a third party, if proper entries (notices, restrictions) exist. This centrality of the register serves the “mirror” principle, ensuring the register tells purchasers what they need to know.

• Restrictions (s 40) are the principal device for controlling dispositions which might threaten the position of beneficiaries. For trusts of land, a standard Form A restriction is used (“No disposition by a sole proprietor of the registered estate... unless...”); this ensures that overreaching only occurs where the capital money is paid to at least two trustees or a trust corporation, thereby moving the beneficiaries’ equitable interest from the land to the purchase monies.

• Dispositions remain subject always to the priority rules in the Act, and are therefore not efficacious if they would override protected or overriding third-party rights, or breach statutory or register-based limitations.

In practice, the effect of restrictions is to ensure that protection of beneficiaries and other third parties is enforced at the moment of disposition, by preventing registration unless proper protection and procedure (such as overreaching) have been achieved.

Key Term: Overreaching
The statutory process (ss 2, 27 Law of Property Act 1925) whereby a purchaser or chargee, upon paying capital money to at least two trustees (or a trust corporation), “sweeps off” the beneficial interests from the land and attaches them to the proceeds of sale. The purchaser acquires the land free of the overreached interest, even where it would otherwise have been overriding.

Worked Example 1.1

Fatima is the registered proprietor of a freehold property. She grants her neighbour, Ben, an equitable easement to use a path across her garden, but Ben fails to protect it by entering a notice on the register. Fatima then sells the property to Chen, who pays valuable consideration and registers the transfer. Chen was unaware of the informal arrangement between Fatima and Ben. Is Chen bound by Ben's equitable easement?

Answer:
No. Fatima, as registered proprietor, had the power to sell the property (s 23 LRA 2002). Chen, as a purchaser for valuable consideration who completed the disposition by registration, takes the property free of Ben’s unprotected equitable easement under the priority rules in s 29 LRA 2002. Ben's interest was not protected by registration and, assuming it does not qualify as an overriding interest (such as an obvious easement or one in actual occupation), it loses its priority.

Worked Example 1.2

Amir and Priya hold a registered freehold on trust for themselves and Priya’s adult daughter. A standard Form A restriction appears on the proprietorship register. Amir, acting alone, agrees a sale to Lucia for market value; completion occurs, and Lucia pays the price to Amir only. Can Lucia register the transfer and take free of the daughter’s beneficial interest?

Answer:
The Form A restriction prevents registration of a disposition by a sole proprietor under which capital money arises unless the condition is met (such as payment to two trustees or a trust corporation). Lucia cannot be registered until the restriction’s condition is satisfied. If she pays the price to two trustees (or a trust corporation), overreaching will occur and she will take free of the beneficial interest. Payment to Amir alone does not overreach; the registrar would refuse registration in the face of the restriction, and the daughter's beneficial interest remains.

• Practical limits: Owner’s powers are thus only as extensive as the register, public policy, and statutory requirements allow, balancing free alienation with necessary protection for those holding equitable rights.

Exam Warning

Do not assume that because someone is registered as proprietor, they can override all existing third-party rights. Their powers are subject to the LRA 2002, including the rules on priority (s 29) and the continuing effect of overriding interests (Sch 3). Always check how the interest is protected on the register.

Registrable Dispositions

Section 27 LRA 2002 sets out an exclusive list of those dealings with registered land that must be completed by registration to take effect at law—these are “registrable dispositions.” If a registrable disposition is not completed by registration, it does not operate at law, but may still have effect in equity (subject to the rules of specific performance and the doctrine of “equity regards as done that which ought to be done”).

Key Term: Registrable Disposition
Any transaction relating to a registered estate or charge that must be completed by registration to operate at law, as expressly listed in s 27 LRA 2002.

Core Registrable Dispositions

The most relevant types under s 27(2) are:

• Transfer of a registered estate (freehold or leasehold of more than seven years).
• Grant of a legal lease for a term of more than seven years, or a lease to take effect more than three months after grant (reversionary short lease), or the grant of a right to buy under the Housing Act.
• Express grant or reservation of a legal easement or profit à prendre.
• Grant of a legal charge (i.e., a legal mortgage) over a registered estate (see also s 23).
• Grant of a legal rentcharge (rare in practice), various statutory rights, or the express creation of an estate under a right to buy or similar statutory schemes.

Any dealing falling within s 27 that is not completed by registration will not create a legal right; instead, the attempted right may take effect in equity—if (and only if) the relevant formalities are met and specific performance is available.

Key Term: Notice
An entry in the charges register used to protect the priority of a third-party right (typically an equitable interest, such as a restrictive covenant, equitable lease, or estate contract) against subsequent registrable dispositions made for value.

Rights that do NOT require protection by registration include short legal leases (of seven years or less), which are capable of overriding dispositions for value by virtue of Schedule 3 to the Act; in such cases, the Act recognises that the interest is generally obvious or otherwise discoverable on inspection.

By contrast, certain equitable interests, including equitable easements or contracts to convey land (estate contracts) must be protected by a notice in the charges register to secure their continuing priority; otherwise, they are lost upon a subsequent disposition for value.

Interests under a trust of land: These cannot be protected by notice under s 33 LRA 2002. Instead, a restriction must be used. This embodies the curtain principle: the details of the beneficial ownership are kept “off-register” and only their practical effect (the requirement for payment to two trustees for overreaching) is noted by the restriction.

Legal Effect of Registration

When a registrable disposition is completed by registration, it acquires legal status from the time of completion of registration. Until that moment, the transferee is not registered as proprietor (and therefore does not have legal title), but may possess an equitable interest by virtue of the transaction and the doctrine of Walsh v Lonsdale (provided there is a valid contract and specific performance is available).

• Section 27(1) provides that a disposition that is required to be completed by registration does not operate at law until the relevant registration requirements are met.

• Section 58 provides that registration as proprietor is conclusive evidence of title, even where the transfer to the registered proprietor was a nullity or voidable (subject to limited exceptions for rectification and indemnity).

• On first registration (ss 11–12), the registered proprietor will take subject only to the interests set out in the Act—primarily overriding interests and those protected by entry on the register or by statute.

Key Term: Conclusiveness
The statutory rule (s 58 LRA 2002) that the register is absolute and irrefutable proof of title, save only for limited rectification by order of the court or registrar for fraud or mistake, and subject to rights to indemnity.

Registrable Dispositions and Leasehold Estates

Legal leases of more than seven years must be substantively registered. A lease for seven years or less is an overriding interest, not a registrable disposition. However, certain reversionary short leases, leases to take effect in the future, or those granted to take effect more than three months after the grant, must be registered to be legal.

If a legal lease for more than seven years is not registered, it takes effect only in equity (assuming there is a specifically enforceable agreement). Equitable leases require protection by entry of a notice on the register to remain binding on subsequent registrable dispositions for value.

Worked Example 1.3

David grants his neighbour, Sarah, a legal easement by deed allowing her access over his registered land. Sarah pays David £1,000 for the easement. However, Sarah neglects to register the easement against David's title. David subsequently sells his land to Peter, who registers the transfer. Is Peter bound by Sarah's easement?

Answer:
The express grant of a legal easement is a registrable disposition under s 27(2)(d) LRA 2002. As Sarah failed to complete the grant by registration, the easement does not operate at law (s 27(1)). It may exist as an equitable easement if the deed amounts to a valid contract. However, since it was not protected by registration (such as by a notice) before Peter registered his transfer for value, Peter takes free of the easement under s 29 LRA 2002, unless it qualifies as an overriding interest under Schedule 3, paragraph 3—requiring the easement to arise by implied grant, reservation, or prescription, or to be obvious on inspection or known to Peter.

Worked Example 1.4

Rosa buys a registered freehold from Malik for £500,000 and completes on Monday but does not apply to register the transfer until Friday. On Tuesday, Malik grants and registers a legal charge to Delta Bank. What are the parties’ positions?

Answer:
Rosa acquires only an equitable interest until her transfer is registered (s 27(1)). Delta’s legal charge, being a registrable disposition duly registered, takes priority over Rosa’s unregistered equitable interest if the charge was granted for valuable consideration (s 29). Rosa’s failure to register promptly leaves her vulnerable to intervening registered dispositions for value.

Equitable Leases and Non-Registered Dispositions

In situations where a legal lease is not validly created (for example, a lease for more than three years is not in writing, or over seven years is not registered), the law may recognise the arrangement as an equitable lease—provided that there exists a contract satisfying s 2 LP(MP)A 1989 and specific performance is available (“Walsh v Lonsdale principle”).

If a lease is equitable only, its priority is determined by notice protection if the land is registered, or by the doctrine of notice if unregistered. In registered land, equitable leases must be protected by a notice to bind a subsequent registered purchaser for value unless the leaseholder is in actual occupation—when the interest may be overriding (Schedule 3, Paragraph 2). Equitable leases of unregistered land must be registered as Class C(iv) Land Charges.

Transmission of Leasehold Covenants and Effect of Assignment

The transmission of benefit and burden of covenants in leasehold land (both legal and equitable leases) differs depending on whether the lease was granted before or after 1 January 1996:

• For leases granted before 1996 (the “old” law), the benefit and burden of leasehold covenants runs on assignment if the covenant “touches and concerns” the land and the parties are in “privity of estate” (Spencer’s Case). The original parties remain liable in contract for the whole term.
• For leases granted after 1996 (Landlord and Tenant (Covenants) Act 1995), benefit and burden run with the estate, not the person, and are automatically transferred on assignment. The outgoing tenant is automatically released, unless an Authorised Guarantee Agreement is entered. In most cases, the landlord is also released on assignment of the reversion, provided statutory requirements are met.
• Assignment of equitable leases passes the benefit by express assignment, but the burden will not automatically pass unless statute intervenes or a chain of indemnity covenants exists.

Legal Charges, Mortgages, and Priority

A legal mortgage of registered land is also a registrable disposition and must be completed by registration (s 27(2)(f) LRA 2002; s 87 LPA 1925). Its priority is determined, for registered titles, by the order of registration (s 48 LRA 2002). Earlier registered charges rank ahead in the distribution of sale proceeds if the mortgagee exercises the power to sell (s 105 LPA 1925).

If a registrable mortgage is not registered, it is only equitable and must be protected by a notice to retain priority over later registered dispositions for value.

Equitable mortgages (such as those by deposit of title deeds or contracts to mortgage) do not confer legal title; their priority (especially for registered land) depends on registration of a notice and, potentially, on actual occupation where applicable.

Key Term: Valuable Consideration
For the purposes of s 29 LRA 2002, valuable consideration requires real value being provided, excluding merely nominal consideration or consideration in marriage. Genuine property or money’s worth is required to invoke the protection of s 29.

Consequences of Non-Registration

If a disposition requiring registration (as per s 27) is not registered, it does not take effect at law. The transferee will only have an equitable interest, subject to the rules on protection, priority, and overreaching. For legal effect, registration is indispensable.

Where the requirements for legal creation fail entirely—e.g. the necessary deed is not executed—even equity may not intervene, and the interest will not exist. Where there is a valid contract but not registration (and thus no legal interest), equity may perfect an equitable right if specific performance is available. However, unprotected equitable rights are always susceptible to being overridden by s 29 if not entered as notices or if they do not qualify as overriding rights.

Should a registrable disposition be completed informally only, or should a party attempt to assign or charge only their equitable interest, the right created (if any) will be equitable only and will need to be protected in the manner appropriate for that interest.

Practical Notes on Enforcement of Leasehold and Freehold Covenants

Unlike covenants in leasehold land, which are regulated by privity of estate, the passing of the burden of freehold covenants is subject to the distinction between positive and negative covenants, and remains enforceable in law only if certain requirements are met.

Freehold covenants, where registered land is dealt with, should be protected with notices. In unregistered land, they must be registered as appropriate Land Charges (e.g., Class D(ii) for restrictive covenants), or they may not bind purchasers.

Impact on Priority

The Baseline Rule—Section 28 LRA 2002

This provision reinforces the doctrine that, in the absence of a later registered disposition for value, the order of creation of rights determines priority.

Where a purchaser or transferee does not give valuable consideration (e.g., is a donee, a devisee, or acquires by operation of law), the order in which the interests were created determines which prevails.

This rule is “trumped” by the special protection for purchasers for valuable consideration under s 29.

Priority for Purchasers or Chargees for Value—Section 29 LRA 2002

Where a later registrable disposition is made for value and registered, the disponee’s interest takes priority over any previously existing “interest affecting the estate” which:

• is not protected at the time of registration of the disposition by (i) notice in the register, or (ii) is not an overriding interest under Sch 3, or (iii) is not excepted by other statutory mechanism.

All earlier interests which are not registered as notices in the charges register, or as restrictions in the proprietorship register where notice is forbidden (as with interests under a trust), may be defeated unless they are overriding under Sch 3.

• Overriding interests: These include interests of persons in actual occupation, short legal leases, some legal easements (arising by implication or prescription), and certain statutory rights (Sch 3).

Key Term: Actual Occupation
Physical presence on the property with a sufficient degree of permanence or continuity (beyond fleeting or merely occasional presence). If the holder of an interest is in actual occupation at the time of a disposition, and their occupation is obvious on careful inspection (or the purchaser knows of it), their interest may override, unless they failed to disclose it on reasonable enquiry.

If a competing interest qualifies as an overriding interest (by actual occupation, or as a short legal lease, for example), it will bind even a registered transferee for value under s 29.

Legal Charges and Priority—Section 48 LRA 2002

For registered titles, legal mortgages rank according to the date of registration. On enforcement (e.g., by exercise of statutory power of sale), proceeds are applied in the following order:

• Costs of redeeming prior mortgages;
• Proper costs of the sale;
• Payment to the selling mortgagee;
• Remainder to subsequent chargees, in order of registration;
• Any surplus to the owner (mortgagor).

Key Term: Conclusiveness
Once a disposition is registered, the legal effect of the registered disposition is fixed, subject only to statutory alteration or indemnity.

Worked Example 1.5

Eleanor grants a first legal charge to North Bank, then later grants a second legal charge to South Bank. Both charges are registered; North Bank’s charge is registered first. Eleanor defaults. On sale by North Bank, how are the proceeds distributed?

Answer:
Section 48 LRA 2002 fixes priority by the order of registration. The sale proceeds are applied under s 105 LPA 1925: redeeming prior charges, then the selling lender's debt (North Bank), with any surplus to South Bank and finally to Eleanor. South Bank will only receive payment if a surplus remains after North Bank and associated costs have been paid.

Restrictions, Overreaching, and Protection of Beneficial Interests

When property is co-owned or held under a trust, the beneficial interests of non-trustees are at risk of being “overreached” on a disposition where the sale monies are paid to at least two trustees. Restrictions (such as Form A) ensure this overreaching mechanism operates properly by preventing registration where only a sole trustee is involved.

If these requirements are not followed and money is paid only to a single proprietor or trustee, any beneficial interest will not be overreached and may subsist as an overriding interest if coupled with actual occupation (Sch 3, para 2).

Overriding interests (Schedule 3): These interests bind a purchaser even if not noted on the register. The principal types include:

• Short leases (7 years or less) (para 1).

• Interests of persons in actual occupation (para 2), with detailed rules for inquiry, inspection, and exceptions.

• Some legal easements and profits (arising other than by express grant), but only if obvious on inspection, known to the purchaser, or recently exercised (para 3).

• Legal easements expressly granted after 2003 cannot override; they must be registered.

Freehold Covenants and Registrability

Restrictive covenants and other equitable interests over registered land must be protected by notice. Covenants attach to the benefited land (“annexation”) and are enforced both at law and in equity according to specific rules dealing with succession, annexation, assignment, and, where appropriate, by reference to building schemes.

In unregistered land, post-1926 restrictive covenants must be registered as Class D(ii) Land Charges to bind a purchaser. If not, they may be unenforceable, regardless of notice. Positive covenants do not run with the land in equity (other than by special arrangement).

The benefit of a restrictive covenant typically passes to successors through annexation (express, implied, or statutory under s 78 LPA 1925) or assignment. Building schemes provide mutual enforceability among plot-owners, provided the requirements (such as common vendor and reciprocal restrictions) are satisfied.

Key Point Checklist

This article has covered the following key knowledge points:

• The registered proprietor under the LRA 2002 exercises wide owner’s powers but always subject to statutory, practical, and registered limitations (ss 23–26).
• Persons “entitled to be registered” may exercise owner’s powers before formal registration (s 24), ensuring transactional efficiency, but dispositions remain ineffective at law until registration.
• Restrictions on the register (ss 40+, especially Form A) control the ability to register dispositions, protecting beneficiaries and ensuring overreaching proceeds correctly.
• Registrable dispositions under s 27 LRA 2002, such as transfers, legal leases, legal charges, and express legal easements, must be completed by registration for legal effect.
• Registration vests the legal estate or charge in the proprietor (s 58), operates as conclusive proof of title, and applies priority rules (ss 28, 29) with limited exceptions for rectification and indemnity.
• If a registrable disposition is not completed by registration, it will only create an equitable interest (subject to a valid contract and the availability of specific performance).
• Priority is governed by s 28 (baseline rule for non-purchased interests) and s 29 (registered dispositions for value). Purchasers for valuable consideration take free of any pre-existing interests not either protected on the register or overriding under Sch 3.
• Overriding interests (Sch 3) include short legal leases, certain interests of persons in actual occupation, and some implied or prescriptive legal easements.
• Overreaching (ss 2, 27 LPA 1925) operates to detach equitable interests linked to trusts from the land, transferring those interests to the purchase money provided payment is made to at least two trustees (or a trust corporation).
• The priority of registered charges/mortgages is determined by the order of registration (s 48 LRA 2002); proceeds of sale are distributed according to s 105 LPA 1925.
• Leasehold and freehold covenants pass and bind in different ways depending on the date and form of the lease or disposition, with the Landlord and Tenant (Covenants) Act 1995 providing a statutory regime for leases granted after 1 January 1996.
• Co-ownership structures (trusts of land) are significant to property holdings, and TLATA 1996 supplies powers, dispute resolution, and protection for beneficiaries.
• Restrictions and notices are critical for both the control and priority of interests, but the former do not, without more, preserve the priority of an interest for the purposes of s 29.

Key Terms and Concepts

• Owner's Powers
• Registrable Disposition
• Conclusiveness
• Valuable Consideration
• Restriction
• Notice
• Overreaching
• Actual Occupation