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not exceeding three years, all such deeds, etc., which are not registered shall, as against any subsequent bona fide purchaser or mortgagee for valuable consideration, be absolutely null and void. No notice, actual or constructive, of any prior unregistered instrument affects the priority of any duly registered instrument. Where, however, deeds, etc. are registered within one month of execution, if executed in the Colony, or, if executed elsewhere, within twelve months of execution, they take priority according to the respective dates thereof. Legally the system is one of registration of deeds and not of title; but in view of the above provisions instruments relating to land are always registered promptly after execution, and the Land Registers show the devolution of title to each property and all incumbrances on it.
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22. Table III shows the number of instruments registered in each year since 1956-57; Table IV, the numbers of instruments by categories in each year since 1961-62; and Table V, the total considerations in the principal categories for each year since 1956-57.
23. 44,857 instruments were registered in 1965-66, 4,918 (9.9%) less than the 1964-65 total. The upward trend in the number of instruments registered was thus reversed for the first time in 13 years, although the actual number registered was the second highest ever recorded. The reason for the downturn appears to have been the stagnation of the property market following the banking crisis in February 1965. On 28th August 1965 a milestone was reached in the history of the Land Office when the 500,000th memorial was registered since the system of land registration was introduced in 1844.
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24. The figures given in Table IV show that there were decreases in almost all the major categories of instruments registered. The number of assignments in 1965-66 dropped by 943 (4.7%) below the 1964-65 to 19,248. Of these, 688 were assignments of whole lots, sections or subsections, and 18,560 assignments of undivided shares in land coupled with the right to use one or more units in the building erected thereon. It was the former category that accounted for the bulk of the decrease, the number of assignments in that category dropping by 43.7%, while the number of assignments in the latter category dropped by only 2.2%.
25. The total of the considerations in all assignments also dropped by $269,560,000 (18%) to $1,227,231,000, of which $969,618,000 represents the total considerations in assignments of undivided shares. Dividing this last total by 19,855, the number of units affected by the
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