AET SPV Management v Wildfire Amusements [2012] QSC 402

This case concerned a priority dispute between a first registered mortgage and a caveat. The caveat was registered pursuant to a tripartite deed to which the lender was a party.

The deed stated that the caveator’s rights were subordinate to the lender’s, but gave the lender’s the option to terminate the vendor’s interest in the property for a $3m price. The caveator claimed it had priority for $3million.

The court found the first registered lender had priority and the deed merely gave the lender an additional right to require removal of the vendor’s caveat for $3m which it had not invoked and so did not need to pay.

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