Lapsing of caution on qualified folio created after registered deed for value (section 28J (1))
28M Lapsing of caution on qualified folio created after registered deed for value (section 28J (1))
This section sets out the 2 ways in which a caution recorded on a qualified folio of the Register under section 28J (1) that does not include a notation under section 28J (1A) or (1B) may lapse.
Firstly, if after the creation of the qualified folio, a person for valuable consideration and without fraud to which the person is a party becomes registered or, pursuant to section 36 (8), is deemed to have become registered, as proprietor of an estate or interest in the land comprised in the folio, the caution recorded on the folio lapses as regards the estate or interest—
on the expiration of 6 years after the creation of the folio, or
when the person becomes, or is deemed to have become, registered,
whichever is the later.
Secondly, if immediately before the expiration of 12 years after the creation of the qualified folio, the caution affecting the folio has not lapsed as regards all estates and interests in the land comprised in the folio or been cancelled, the caution lapses on the expiration of that period.
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