(1) Subject to subsection (2), a conveyance by NAMA (including a conveyance by way of an instrument referred to in section 142) to a purchaser of a legal estate or legal interest in land overreaches any equitable interest in the land so that the equitable interest ceases to affect that estate or interest, whether or not the purchaser has notice of the equitable interest.
(2) Subsection (1) does not apply to an equitable interest -
(a) to which the conveyance is expressly made subject,
(b) that arises by virtue of an equitable mortgage related to the land concerned,
(c) that, before the conveyance, is registered against the land in the Registry of Deeds or the Land Registry, or
(d) that -
(i) in the case of an interest in registered land, is a burden of a kind referred to in section 72(1)(j) of the Registration of Title Act 1964, or
(ii) in the case of an interest in unregistered land, would take effect as such a burden if the land were registered land.
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