Mortgages c03 distinguish between a mortgage of old

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Unformatted text preview: 967] AC 569, it was stated by the court that the principle of indefeasibility ‘in no way denies the rights of a plaintiff to bring against a registered proprietor a claim in personam, founded in law or equity’. Rights in personam include those: • arising out of a contract; • arising out of a trust created or accepted by the registered proprietor; and • arising out of some other fiduciary relationship. Mortgages C03 Distinguish between a mortgage of old system land and a mortgage of Torrens Title land ✘ A mortgage of land covered by the common law system of title involves the conditional transfer of the land to the lender, subject to the borrower’s right to redeem the land on repayment of the loan. The Torrens system involves a completely different approach. Under the Torrens system, the land is not transferred to the mortgagee. Instead, the mortgagee is granted an interest in the land and that interest can be protected by the mortgagee registering it on the title. This is done by lodging the Memorandum of Mo...
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