(1)  The assurance fund is not liable for compensation for loss, damage, or deprivation –

(a) occasioned by the breach by a registered proprietor of any trust, whether express, implied, or constructive;

(b) where the same land has been included in two or more grants from the Crown;

(c) arising out of a matter –

(i) into which the Recorder or Deputy Recorder is exonerated from inquiry; or

(ii) in respect of which either of them is protected from liability –

by any enactment; or

(d) occasioned by the inclusion of land with other land in the same folio of the Register through misdescription of boundaries or parcels; or

(e) arising from any failure of the Recorder to include an interest in a folio if the interest was not revealed in a search of title relating to the relevant period provided by section 35 of the Conveyancing and Law of Property Act 1884 .

(2)  Notwithstanding anything contained in subsection (1) , the assurance fund is liable for compensation where a person deprived of land in the circumstances set out in subsection (1) (d) has obtained judgment for compensation or damages against a person liable for compensation or damages under section 152 and the latter person –

(a) is dead;

(b) cannot be found;

(c) has become bankrupt; or

(d) on the issue of a writ of fieri facias or warrant of execution to enforce the judgment, has been certified by the person charged with the duty of enforcing the writ or warrant to be unable to pay the full amount of the judgment.

(3)  In a case to which subsection (2) applies, the assurance fund is only liable for any money that the person deprived of land has not recovered from the person against whom he has obtained judgment.

(4)  Notwithstanding paragraph (e) of subsection (1) , the assurance fund is liable for compensation for loss, damage or deprivation arising from any failure of the Recorder to include an interest in a folio if the interest was not revealed in a search of title relating to the relevant period referred to in that paragraph where the land was subject to this Act when the person obtained the interest in the land and where –

(a) the interest would not have come to the notice of that person if, at the time the person acquired that interest, the person as a prudent purchaser had inspected the land; or

(b) at the time compensation is claimed –

(i) the interest, if it is an easement, could not be removed by the Recorder on an application by the registered proprietor under section 108 ; or

(ii) in any other case, it could not be removed by the appropriate tribunal on an application by the registered proprietor under section 84C of the Conveyancing and Law of Property Act 1884 .