94 HISTORICAL SKETCH OF THE [iv. 



purchaser of the land would, almost necessarily, have 

 notice of the trust the trustee in establishing his 

 own title would disclose the trust also. Even if the 

 land were vested in trustees for sale, the almost 

 necessary notoriety of the sale of unregistered land 

 affords practical protection to the beneficial owner. 



As regards land registered under this Act the 

 case will be different. The person who is registered 

 owner can convey the land discharged of all trusts, 

 except registered money charges, by a transaction 

 no more notorious than a transfer of Government 

 stock. 



It is true that the Act provides for the entry of 

 " cautions " on the register, and when a caution has 

 been entered, the land is not to be dealt with, until 

 notice of the intended transfer has been given per- 

 sonally, or by post, to the cautioners a proceeding 

 analogous to placing a distringas on stock at the 

 Bank of England. But, although the notice is not 

 duly given, the sale is still absolute and in many 

 instances beneficial owners, especially if they are 

 infants, will omit to enter a caution. 



It is, perhaps, unnecessary to remark, that the 

 security at present enjoyed by partial owners of land 

 as, for example, tenants for life, entitled at law 

 will be much diminished if the land is registered 

 under this Act, because the interest of such nn 

 owner will be necessarily converted into an equitable 

 interest. 



