MaryJane
Extraordinary Machine
Check the discussion board. Shayne wrote something. According to IAC v Courtenay (or however you spell it: Taylor J's judgement), and s 43 of the RPA, they dont lose out because of the caveat. Because the 'settlement' (exchange of money and possession of CoT) was done before the caveats, they take it free of the mortgages, and "excel" to registration.
I was unsure whether this was correct, but, based on what Shayne said, I'm assuming its along the right track.
Edit: here:
Author: Shayne Davenport
Date: Thursday, May 25, 2006 12:32pm
As far as the quote from Gray and Edgeworth is concerned it is talking about
priorities between competing equitable interests and how the lodgement of a
caveat will affect this. Because a caveat acts as notice that a prior
equitable interest is claimed, the time that it is lodged will be critical.
In order for the holder of a later interest to be able to say they had no
notice of the prior interest (and this will be relevant for both the
application of s43A and the "rule" in Moffett v Dillon) the relevant time is
settlement ie the payment of money and the handing over of the CT. This is
the case for both old system and unregistered Torrens interests.
I'm off to sleep - I'm so buggered. But I'll be back tomorrow while at work
I was unsure whether this was correct, but, based on what Shayne said, I'm assuming its along the right track.
Edit: here:
Author: Shayne Davenport
Date: Thursday, May 25, 2006 12:32pm
As far as the quote from Gray and Edgeworth is concerned it is talking about
priorities between competing equitable interests and how the lodgement of a
caveat will affect this. Because a caveat acts as notice that a prior
equitable interest is claimed, the time that it is lodged will be critical.
In order for the holder of a later interest to be able to say they had no
notice of the prior interest (and this will be relevant for both the
application of s43A and the "rule" in Moffett v Dillon) the relevant time is
settlement ie the payment of money and the handing over of the CT. This is
the case for both old system and unregistered Torrens interests.
I'm off to sleep - I'm so buggered. But I'll be back tomorrow while at work
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