Proceedings Where Holder of Charge on Land

Desires to Transfer or Assign Same. The holder of any charge upon registered land, which is otherwise legally transferable, desiring to transfer the same or any part thereof, may execute an assignment of the whole or any part thereof. The assignment of a part only must state whether the part transferred is to be given priority, to be deferred or to rank equally, with the remaining part. Upon such assignment being filed in the office of the registrar and the production of the duplicate or certified copy of the instrument creating the charge held by the assignor, the registrar shall enter in the register opposite the charge a memorial of such transfer, and how it ranks with a reference to the assignment by its file number; he shall also note upon the instrument on file in his office intended to be transferred, and upon the duplicate or certified copy thereof produced, the volume and folio where the memorial is entered, with the date of the entry. The transferee shall be entitled to have a certified copy of the instrument or transfer, with the endorsement thereon, and in case of the transfer of the entire charge, the duplicate or certified copy of the instrument creating the charge.