Transferee to be liable for legal charges, etc., noted on certificate of title

(1) Where any legal charges or incumbrances are noted on a certificate of title issued to a transferee, there shall be implied a covenant by the transferee that he has accepted the land subject to such legal charges and incumbrances, and that he will pay the interest accruing thereon, and discharge the principal sums for which such legal charges or incumbrances have been granted, and indemnify the transferor from the payment of the same in all time to come. (2) Nothing contained in this section shall operate to deprive a chargee or incumbrancee of any priority with respect to any legal charge or incumbrance which he may have with regard to other legal charges and incumbrances upon the said land, or his right to an order for sale in realisation of his legal charge or incumbrance under the Law of Property Act or his right to sue the former registered proprietor upon the personal covenant contained in any mortgage deed making him liable to pay any sum of money charged upon the land transferred. CAP. 190. 26