(1) Any person who—
(a) claims any unregistrable interest whatsoever in land or a lease or a hypothec;
(b) is entitled to a right of use; or
(c) has presented a bankruptcy petition against the proprietor of any registered land, lease or hypothec,
may lodge a caution with the Registrar forbidding the registration of dispositions of the land, lease or hypothec concerned and the making of entries affecting the same.
(2) A caution may either—
(a) forbid the registration of dispositions and making of entries altogether; or
(b) forbid the registration of dispositions and the making of entries to the extent therein expressed.
(3) A caution shall be in the prescribed form and shall state the interest claimed by the cautioner and the Registrar may require the cautioner to support it by a statutory declaration.
(4) The Registrar may reject a caution which he or she considers unnecessary.
(5) Subject to the provisions of this section, the caution shall be registered in the appropriate register.