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LEASES ((PERSONALTY not realty, Not provide good security - can't…

- - - - CORRECT
        
        No need to reg L
        
        Security for T
        
        concern for those who lend on security of realty as may not be aware of L unless registered
        
        E.g on Saisie would take the pty subject to any L (which may only be nominal rent)
      - INCORRECT
        
        Unless L reg to create judicial charge, it will not create a right in rem in relation to the Pty itself
        
        this view supported by Terrien & Marchant
        
        If pty sold, L not binding on new owner unless reg (even if L has clause that said to be binding on successors to pty - must reg)
        
        Saisie- creditor takes pty free of T and can evict (unless T was reg before creditors charge or reg after but creditor agrees T agt will rank in preference)
        
        Trimbee v Atlantique Holdings Saisie proceedings. Discussion re whether creditor in possession of FVO takes pty free of existing L? Novel issue for G - cts would intervene to ensure justice, to ensure T with a long L survives the grant of the FVO. Reason for reg was so all creditors aware of it and surely gives security of tenure (suggest only reg L protect T against Creditor therefore case that not need to be reg incorrect)