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Caution against registered dealings.
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97.—(1) Any person entitled to any right in, to, or over registered land or a registered charge, may, on producing an affidavit in the prescribed form of his right, lodge a caution with the Registrar to the effect that no dealing with the land or charge is to be had on the part of the registered owner until notice has been served on the cautioner.
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(2) Thereupon the Registrar shall not, without the consent of the cautioner, register any dealing with the land or charge, as the case may be, until he has served notice on the cautioner, warning him that his caution will lapse after the expiration of the prescribed time.
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(3) After the expiration of that time, the caution shall lapse unless an order to the contrary is made by the Registrar and on the caution so lapsing the land or charge may be dealt with as if the caution had not been lodged.
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(4) If, before the expiration of that time, the cautioner, or some other person on his behalf, appears and gives, if required by the Registrar, sufficient security to indemnify every person against any damage that may be sustained by reason of any dealing with the land or charge being delayed, the Registrar may, if he thinks fit, delay registering any dealing with the land or charge for such further period as he thinks just.
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(5) If any person lodges a caution under this section without reasonable cause, he shall be liable to make compensation, recoverable as a simple contract debt, to any person damaged thereby.
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(6) In the case of a caution lodged on behalf of a statutory authority, a certificate in the prescribed form may be accepted, at the discretion of the Registrar, in lieu of an affidavit.
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