In every memorandum of transfer of an estate or interest in registered land which is subject to a mortgage or encumbrance, there shall be implied a covenant by the transferee –

(a) with the transferor and the mortgagee or encumbrancee, that the transferee will pay the interest, annuity, and principal sum secured by that mortgage or encumbrance in the manner and at the time specified in the memorandum of mortgage and encumbrance; and

(b) with the transferor, that the transferee will indemnify and keep harmless the transferor from and against all moneys secured by the memorandum of mortgage or encumbrance and from and against all liability in respect of any of the covenants contained in the memorandum, or by this Act implied, on the part of the transferor.