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High Court refuses to grant a lender a 'well charging order' over property subject to an 'equitable mortgage' by deposit of a land certificate, on the grounds that: (a) it had already been established that such mortgages were abolished by legislation and could be converted to liens under the system established; and (b) the position of the lender was not saved by the possibility of 'tacking' additional loans onto the original mortgages, as there had been no additional loans.
Mortgages - end of system of 'equitable mortgages' in Registration of Deeds and Title Act 2006 - deposit of land certificate with lender - extinguishment of such liens from December 2009 - whether express promise to deposit land certificate gave rise to an equitable mortgage - whether lender would have had the benefit of 'tacking' - borrower registered as owner - loan from bank - sale of loan - claim for well charging order - contractual promise or pledge - double construction rule - 'tacking' of further loans to original mortgage - failure to convert equitable mortgage to a lien.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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