(1) Subject to any restriction of his or her power of disposing of the land, lease or hypothec contained in his or her appointment, the personal representative or the person beneficially entitled on the death of the deceased proprietor, as the case may be, shall hold the land, lease or hypothec subject to any liabilities rights or interest which are unregistered but are nevertheless enforceable and subject to which the deceased proprietor held the same, but for the purpose of any dealing he or she shall be deemed to have been registered as proprietor thereof with all the rights conferred by this Act on a proprietor who has acquired land, a lease or a hypothec, as the case may be, for consideration.