Indefeasibility

Queensland Premier Mines v French [2007] HCA 53

On 15 November 2007 the High Court, in Queensland Premier Mines Pty Ltd v French [2007] HCA 53, held that a registered transfer under Torrens System legislation did not operate to transfer anything more than the rights expressly set out in the mortgage. Where the mortgage secures obligations under extraneous documents (such as a deed …

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PricewaterhouseCoopers Legal v Perpetual Trustees Victoria [2007] NSWCA 271

This was a decision of the Court of Appeal. There were seven lots of land with demountable homes on them held as part of a community title estate. Interstar loaned thinking they were getting security over the pre-manufactured houses. However the houses were chattels owned by their occupants not fixtures owned by the borrower. Interstar …

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Perpetual v Costa [2007] NSWSC 1093

In this case the lender relied upon a cheque direction signed by the originator, Streetwise Home and Equity Loans (run by fraudster Kovelan Bangaru), to pay the surplus proceeds of the loan to a third party Berkshire Enterprises (run by Bangaru). The borrowers admitted signing the mortgage and the deed of loan but denied they …

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Yazgi v Permanent Custodians [2007] NSWCA 240

This Court of Appeal decision removed any lingering uncertainty regarding the law on forged mortgages and so called all monies mortgages. All monies clauses are where the registered mortgage states that it secures all monies owed by the borrower to the lender. This then allows the active provisions (the term, the amount, the interest rate …

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C & M Duran v Zhong Bao Liu [2007] NSWSC 893

In this case one of two guarantors (Ms Hou and Mr Liu) claimed her signature on the mortgage and guarantee were forgeries. The solicitor who witnessed her signature (Mr Woo) admitting to fraudulently witnessing her signature but claimed she told him to do so. Mr Liu admitted to forging Ms Hou’s signature but said Mr …

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Chandra v Perpetual Trustees Victoria [2007] NSWSC 694

In this case Interstar loaned $750,000 on a forged mortgage. The fraudster was apprehended and was sent to jail. The mortgage had been registered so Interstar should have been able to rely on the fact that under the Torrens system title is guaranteed by the state. However Interstar were using an all monies mortgage. This …

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The Presbyterian Church (NSW) Property Trust v Scots Church Development [2007] NSWSC 676

In this case the Presbyterian Church sold the site on the corner of York & Margaret Street to Westpoint. The agreement was that Westpoint would build a 12 levels of residential strata units on top and renovate the Church before reconveying the “Church lot” back to Presbyterian Church. Westpoint took out a first mortgage with …

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Printy v Provident Capital [2007] NSWSC 287

In this case the owner of the security travelled overseas while allowing friends to reside at the property during which time an unidentified fraudster obtained a new CT and entered into a series of mortgage dealings which then fell into default. The lender obtained default judgement for possession and sold the property. The former owner …

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