Legal charges created by deed

(1) A legal charge on an estate in fee simple or a term of years or an easement right or privilege or on any other interest in or over land shall only be created, (a) in the case of registered land by a deed expressed to be by way of legal mortgage or a rent charge or a lien on crops executed and registered under and in accordance with Part III, IV or V of the General Registry Act, Cap. 327; or (b) in the case of unregistered land by a deed expressed to be by way of legal mortgage or a rent charge or a lien on crops executed and recorded under and in accordance with Part VI of the General Registry Act, Cap. 327. (2) A deed creating a charge by way of legal mortgage shall, (a) in the case of registered land be in such form as may be prescribed under the General Registry Act, Cap. 327; and (b) in the case of unregistered land shall be in a similar form with such modification as in many case may be necessary. (3) Subject to Part III of the General Registry Act, Cap. 327, a legal charge shall remain attached to and shall accompany the property, income or crops on which it is imposed or charged notwithstanding any transfer of the land, and shall bind the property, income or crops with the payment of the sum secured by the mortgage in priority to all unsecured 45 debts and other legal charges subsequent in date of registration (4) Every assignment or discharge of a legal charge on land or any interest in or over land shall be effected by deed.