(1)No decree of execution shall in itself bind, charge or affect any land, lease or mortgage; but the Registrar, on being served with a copy of any decree, of execution issued out of any court, accompanied by a statement signed by any party interested or his or her advocate or agent, specifying the land, lease or mortgage sought to be affected by the decree shall, after marking upon the copy the time of the service, enter the decree in the Register Book; and after any land, lease or mortgage so specified has been sold under any such decree, the Registrar shall, on receiving a transfer thereof in such one of the forms in Schedule 12 to this Act as the case requires (which transfer shall have the same effect as if made by the proprietor), register the transfer; and on such entry being made, the purchaser shall become the transferee and be deemed the proprietor of such land, lease or mortgage; but until such service as aforesaid no sale or transfer under any such decree of execution shall be valid as against a purchaser for valuable consideration, notwithstanding that the decree was actually lodged for execution at the time of the purchase, and notwithstanding that the purchaser had actual or constructive notice of the lodgment of the decree.

(2)Upon production to the Registrar of sufficient evidence of the satisfaction of any decree a copy of which has been served as aforesaid, he or she shall make an entry in the Register Book of a memorandum to that effect; and on such entry such decree shall be deemed to be satisfied.

(3)Every such decree shall cease to bind, charge or affect any land, lease or mortgage specified as aforesaid, unless a transfer upon a sale under the decree is lodged for entry upon the register within twelve months or such further period as the court may order from the day on which the copy was served.

(4)On a transfer from the proper officer of the court being presented for registration, it shall not be registered nor deemed produced for registration within the meaning of section 46(2), unless previously and within twelve months or such further period as the court may have ordered preceding the transfer being so presented a copy of the decree in pursuance of which the transfer purports to have been made has been duly served upon the Registrar for entry by him or her in the Register Book in accordance with this section.