The proceeds of the sale shall be applied in payment of such part of the amount in respect of which the lien on the shares exists as is presently payable or of the amount owing in respect of the debentures, and the amount owing in respect of a like lien for sums not presently payable as existed upon the shares prior to the sale, shall be paid to the person entitled to the shares at the date of the sale. The purchaser shall be registered as the holder of the shares, and he or she shall not be bound to see to the application of the purchase money, nor shall his or her title to the shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.