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Under PD 1529 Voluntary Dealing, a registered owner A of Lot Sunrise under TCT No. 9999 executes a Deed of Absolute Sale in favor of B, stating that the sale is the "subject to the mortgage annotated on A’s title" in favor of Bank M. The deed is presented for voluntary registration under PD 1529; the Registry of Deeds registers the deed and issues a new certificate of title in B’s name. Six months later, Bank M forecloses on the mortgage. What is the effect on B’s ownership and on Bank M’s rights, and what steps could B take to protect his interest?