(1) A person acquiring land or a lease or a hypothec in a fiduciary capacity may be described by that capacity in the instrument of acquisition and, if so described, shall be registered with the addition of the words “as trustee”, but the Registrar shall not enter particulars of any trust in the register.
(2) An instrument which declares or is deemed to declare any trust, or a certified copy thereof, may be deposited with the Registrar for safe custody; but such instrument or copy shall not form part of the register or be deemed to be registered.
(3) Where the proprietor of land, a lease or a hypothec is a trustee, he or she shall hold the same subject to any unregistered liabilities, rights or interest to which it is subject by virtue of the instrument creating the trusts, but for the purpose of any registered dealings he or she shall be deemed to be the absolute proprietor thereof, and a person dealing in good faith for consideration shall not in breach of the trust create any right to indemnity under this Act.