37.—(1) On registration of a person as full owner of freehold land with an absolute title, an estate in fee simple in the land, together with all implied or express rights, privileges and appurtenances belonging or appurtenant thereto, shall vest in the person so registered.

(2) F49[…]

(3) F50[…] the estate of the registered owner shall be subject to—

(a) the burdens, if any, registered as affecting the land, and

(b) the burdens to which, though not registered, the land is subject by virtue of section 72,

but shall be free from all other rights, including rights of the State.

(4) If the registered owner holds the land as trustee, nothing in this section shall affect his duties or liabilities as such trustee.