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Bank in possession of apartments had no rights over common areas.
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High Court determines that a mortgagee in possession of a developer's interest in unsold apartments did not have any obligations to contribute to the management company or rights over the common areas.
Mortgage - management company - owner of freehold and common areas - mortgage by developer of unsold apartments - legal structure of multi-unit developments - receiver appointed - whether defendant to be treated as mortgagee in possession - whether bank entitled to membership of management company - whether rights over development extended to vacant site - rectification of deed - whether bank obliged to contribute to management company - whether bank had entitlements over common areas - whether bank or its successors in title had obligations to management company in respect of expenditure incurred prior to execution of leases - whether obligations of mortgagor in respect of apartments could pass to mortgagee - whether rights appurtenant to apartments passed to mortgagee.
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