Malaysia legislation
Section 123
Section 123
Transitional provisions relating to certain mortgages, etc.
(1)
Any pre-existing agreement, covenant or undertaking to enter into a mortgage, charge or statutory mortgage of any land in the
State shall, in relation to any period commencing on the appointed day, be construed and may be enforced as an agreement, covenant or undertaking, as the case may be, to enter into a charge of such land pursuant to the National Land Code.
(2)
Any pre-existing memorandum of lien or charge registered under section 8 of the Registration of Deeds Ordinance shall be deemed to be and shall be entered upon the appropriate folio of the Interim register as a caveat subject to the National Land
Code.
(3)
Nothing in this Act shall be deemed—
(a)
to prejudice or to derogate from the rights of any equitable mortgagee or chargee under any pre-existing equitable mortgage or charge; or
(b)
to prevent the presentation by any person and the registration under the National Land Code of any caveat arising out of any pre-existing deed or other instrument referred to in subparagraph 77(i), or out of any pre-existing equitable mortgage or charge.
(4)
From the appointed day any pre-existing agreement to convey land in the State shall be construed and may be enforced as an agreement to transfer the land under the National Land Code.
National Land Code (Penang and Malacca Titles)
95
Transitional provision relating to subdivision of certain lands