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(1) Any person disposing of property or any interest therein for valuable consideration to a purchaser, or the agent of such person, who with intent to defraud conceals from the purchaser any instrument or encumbrance material to the title, or falsifies any such instrument, shall be liable to an action for damages by the purchaser or the person deriving title under him for any loss sustained by reason of the concealment or falsification of the instrument or the encumbrance.

(2) In estimating damages, where the property or any interest therein is recovered from the purchaser or the persons deriving title under him, regard shall be had to any expenditure by him or them in improvement of the land.

(3) Without prejudice to subsections (1) and (2) of this section, any person disposing of property or any interest therein for valuable consideration to a purchaser, or the agent of such person, who with intent to defraud conceals from the purchaser any instrument or encumbrance material to the title, or falsifies any such instrument, shall be guilty of an offence and liable on summary conviction to a fine not exceeding one thousand cedis or to imprisonment not exceeding two years or to both.