§ 402. Fraud; notice only by registration. Except in case of fraud and
except also as herein otherwise provided, no person taking a transfer of
any registered real property or of any estate or interest therein or
lien or charge thereon from the registered owner shall be required to
inquire into the circumstances under which, or the consideration for
which such owner or any previously registered owner had the title
registered, nor shall such transferee be affected with notice, actual or
constructive, of any unregistered trust, lien, claim, demand or interest
whatever; and the knowledge that an unregistered trust, lien, claim,
demand or interest is in existence shall not of itself be imputed or
treated as fraud.