Real Property Lecture 3: Priorities in Old System. Assoc Prof Cameron Stewart. What is old system title?. Title is a measure of ownership Old system: the system prior to Torrens system- 1% of land holding in NSW and closing – sometime common law title. Conveyancing.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Assoc Prof Cameron Stewart
EG Able agrees to sell his land to Barb. Able gives the title deeds to barb and signs a receipt for the purchase money even though he has yet to be paid. Barb proceeds to grant an equitable mortgage over the land to Clary. How has the better interest?
1. by a purchaser:
2 for value
3 in good faith
4. without notice of the prior equitable interest
The rule in Wilkes v Spooner
Subsequent purchasers are in the same shoes as the legal estate holder even when the subsequent legal interest has notice or receives via gift
The effect of registration?
Must be some value provided for interest in instrument. Nominal not enough.
Part value of the property will suffice: Bassett v Nosworthy
Bullen v A’Beckett
Reflects equity will not assist a volunteer