Law Extension Committee - 05 Real Property - Joshua’s Legal Position - Law Assignment Help

Assignment Task:

Law Extension Committee Real Property Assignment Help

INSTRUCTIONS
In Real Property, there is only ONE ASSIGNMENT. This assignment is compulsory and must be submitted by all students. The assignment will constitute 20% of the final mark in this subject. Assignments must be submitted by the due date unless an extension has been granted.

Extensions need to be requested by email prior to the assignment due date and specific supporting evidence provided. Late assignments attract a penalty of one mark out of 20, or 5% of the total marks available, per day. A pass mark is 50%. Assignments that are received more than ten days after the published due date will not be accepted. Please note that students granted an extension must still submit their assignment within ten days of the original assignment due date.

Assignments are assessed according to the “Assignment Grading and Assessment Criteria” outlined in the Guide to the Presentation and Submission of Assignments.
This guide also contains the rules and guidelines regarding the presentation of assignments and instructions on how to submit an assignment and is available from the Guides and Policies section of Canvas. Please read this guide carefully before completing and submitting this assignment, but also note formatting instructions specific to this subject as follows.

COMPULSORY ASSIGNMENT
This question occurs in 2015. Maxwell was the registered proprietor of land under the Real Property Act in NSW. He borrowed money from Charlie to invest in a dairy farm in Lismore. Maxwell completed a memorandum of mortgage (which he gave to Charlie) but he had mislaid his certificate of title. Maxwell told Charlie that he would find it as soon as possible and give it to Charlie. Charlie felt Maxwell was trustworthy so he did not bother to lodge a caveat.

Maxwell also sought to borrow money from Pauline. Maxwell did not mention the mortgage agreement with Charlie. Pauline agreed to lend the requested sum. Given that the certificate of title was missing, Pauline was happy to evidence their agreement in a deed. She advanced the money and then lodged a caveat over the property, using the deed as evidence of her interest.

Two days later, the certificate of title was found by Maxwell’s son, Christopher. Christopher had a gambling problem and decided that he would use the certificate to
raise some much needed funds. He tricked his father into signing a blank transfer. He then sold the land to his bookie, Louise. Louise made no search of the register. Louise received the certificate of title and a transfer dealing signed by Maxwell.

Louise was also in need of quick cash and before she registered her ownership she onsold the property to Joshua. At settlement, Joshua received the certificate of title, the transfer from Maxwell to Louise, and the transfer from Louise. When the documents were presented to the Land and Property Information they could not be lodged because of Pauline’s caveat.

(a) What is Joshua’s legal position with regards to the title in the land and Maxwell’s ownership? If he succeeds in becoming registered will he be subject to the mortgages?

(b) Assuming Joshua is unsuccessful, which mortgage will have to be satisfied first if Maxwell goes bankrupt?

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