(a) No instrument shall be effectual to pass the title to any land or any interest therein, or to render such land liable as security for the payment of any debt or obligation until such instrument has been duly registered with the Territorial Registrar.
(b) Due registration of an instrument relating to land or an interest therein shall be notice of the contents of such instrument to all persons thereafter dealing with such land or interest therein.
History: 1962, PL 7-31 1968 PL 10-68; readopted 1980 PL 16-88 §§ 1, 2, 1982 PL 17-31 §§ 1, 2.