Mid Session Assignment Property and Trusts B Spring Session 2014

10 Found helpful • 8 Pages • Essays / Projects • Year: Pre-2021 • Previously uploaded under: LLB270 - Property and Trusts B

Mid sesion assignment covering the first 2 topics. Mortgages: a. the mortgagee and his interest b. the mortgagor and the equity of redemption c. the equitable right to redeem • the nature of a Torrens mortgage (Real Property Act ("RPA "), s. 57(1)) • formal requirements (Conveyancing Act ("CA"), ss. 23B, 23C, 54A; RPA, s 56) • legal v. equitable mortgages • disguised mortgages • charges, liens and pledges 2. Rights and Obligations • sources • obligation to pay the amount owing • the right to redeem a.generally - legal and equitable rights b.the equity of redemption as an interest in land c.early redemption (CA, s 93) d.late redemption - the "six month rule" • lease by mortgagor a. common law rule b. under statute (CA, s. 106; RPA s 53(4)) • other issues 3. Protections for the Mortgagor (Wiley v Endeavour Health Care Services) • equity to the rescue: generally • the doctrine of penalties • clogs on the equity of redemption • unconscionability • consumer credit legislation: generally 4. Remedies of the Mortgagee • source • express • implied (CA, s 109) • inherent • action on the covenant (CA, s 111(5); RPA, s 57(5) • possession • appointment of a receiver (CA, ss 115, 115A) • sale a.requirement of notice (CA, s 111; RPA, ss 57, 58, 58A; Wongala v Mulinglebar) b.obligation to mortgagor (Carver v Westpac), s 111A CA • foreclosure (Conveyancing Act, s 103) • restrictions on exercise - accepting interest (CA, s 92) Old system and Priorities: the meaning of priorities • contests in the absence of a registration system a. legal v. other legal interests b. legal v. equitable interests c. equitable v. equitable interests • priorities between successive mortgagees and “tacking” a. tabula in naufragio b. further advances 2. Old System Title • the law before registration • the impetus for reform of the common law - the Statute of Uses • the nature of registry systems • the position in New South Wales 2. The Torrens System: Introduction • the origins of Torrens • the paradigm • the policy underpinnings • the doctrine of indefeasibility (s 42; Frazer v Walker; Karacominakis v Big Country Developments) • indefeasibility and notice(Real Property Act, 1900, s 43) • deferred or immediate indefeasibility? (Frazer v. Walker; s. 135) • the inter-relationship between Torrens and the general law (Conveyancing Act, s. 6) • uniformity throughout Australia • the Assurance Fund (Diemasters v Meadowcorp and Jain v R-G) a. grounds for compensation b. qualifications • bringing land under the Torrens system • a. the current state of affairs b. requirements c. qualified title/limited title d. compulsory and/or state initiated acquisition 3. Exceptions to Indefeasibility • Overview • express exceptions (s. 42) a. interests noted on title b. fraud (Davis v Williams; Bahr v Nicolay; Farah v Say-Dee) c. prior certificate or folio d. erroneous description e. easements f. leases • invisible clouds a. overriding statutory rights b. reservations in the grant c. natural rights/ others? • Volunteers • rights in personam (Bahr v Nicolay; Farah v Say-Dee) • alterations by the Registrar-General (ss. 12, 136) 4. Caveats • general nature and function (Leros Pty Ltd v Terara Pty Ltd) • interests capable of caveat • removal and termination 5. Unregistered Interests • equitable interests • others • priorities: generally (J & H Just Holdings Pty Ltd. v. Bank of New South Wales; Person-to- Person Financial Services v. Sharari;) • the period between settlement and registration (s. 43A; Finlay v RI Bank of WA; Diemasters v Meadowcorp and Jain v R-G)

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