Section 139
Transfer of sublease and charges
⎯(1) A registered charge or sublease may be transferred by a memorandum of transfer in Form G in the First Schedule.
(2)
Upon the registration of any memorandum of transfer of a charge or sublease, the interest of the transferor as set forth in the charge or sublease, with all rights, powers and privileges thereto belonging or appertaining, shall pass to the transferee.
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(3)
The transferee shall thereupon become subject to, and liable for, the same requirements and liabilities to which the transferor would have been subject and liable if such transfer had not been made; and, by virtue of every such transfer, the right to sue upon the charge or sublease, and to recover any money or damages thereunder, and all interest in any such money or damages, shall be transferred so as to vest the same in the transferee thereof.