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\fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 IN THE HIGH COURT OF FIJI
\par AT SUVA
\par CIVIL JURISDICTION
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 CIVIL ACTION NO. HBC 325D OF 2002S
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\b\fs24\lang2057\langfe1033\langnp2057\insrsid4083823\charrsid4083823  }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 BOARD}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4083823\charrsid4083823 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 a Statutory Body duly constituted
\par under the Fiji National Provident Fund Act
\par of Provident Plaza, Ellery Street, Suva.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 PLAINTIFF
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 
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\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 VIVRASS HOLDINGS LIMITED}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid4083823\charrsid4083823 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 a limited}{\fs24\lang2057\langfe1033\langnp2057\insrsid4083823  }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 liability Company having its registered
\par office at suite 13, 2nd Floor, Vivrass Shopping
\par Plaza, Laucala Beach Estate.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 1ST DEFENDANT
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 
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\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 REGISTRAR OF TITLES OFFICE}{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid4083823\charrsid4083823 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 at Suva.
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 2ND DEFENDANT}{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
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\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 Counsel for the Plaintiff:\tab G.P. Lala:}{
\fs24\lang2057\langfe1033\langnp2057\insrsid4083823  }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 G.P. Lala & Associates
\par }\pard \ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 Cou}{\fs24\lang2057\langfe1033\langnp2057\insrsid4083823 nsel for the 1st Defendant\tab 
:\tab S.}{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 P. Sharma:}{\fs24\lang2057\langfe1033\langnp2057\insrsid4083823  }{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 Patel Sharma & Associates
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid4083823 
\par Date of Decision}{\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 :\tab 3 June, 2004
\par Time of Decision:\tab 9.30 a.m.
\par 
\par }\pard \qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4083823 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 JUDGMENT
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\par This is the Plaintiff\rquote s application by originating Summons for:
\par 
\par }\pard\plain \s15\ql \fi-720\li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid4083823 \b\i\f172\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93(a)\tab 
The First Defendant show cause why instrument of caveat lodged by Vivrass Holdings Limited on C.T. No. 24128 Lot 1 on DP Plan No. 6007 should not be removed under section 109(2) of the Land Transfer Act.}{
\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795 
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The caveat lodged on 2nd July 2002 receipt No. 127372 lodged against C.T. No. 2418 be removed under section 102(2) of the Land Transfer Act.
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par }\pard \s15\ql \fi-720\li1440\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid4083823 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823 (c)\tab }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
The Registrar of Titles be prevented from registering the said caveat, which they have noted on the register as, the caveat lodged and noted is null and void.\'94
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 
\par }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
The Defendant had earlier on unsuccessfully tried to join Vivrass Development Limited to be a party to this proceedings and/or alternatively, it be joined as a Plaintiff in the other case HBC No. 312 of 2002: }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Vivrass Development Limited}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 v. }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Fiji National Provident Fund}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 .
\par 
\par }{\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Background}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par In 1997 the Plaintiff advanced $3.3 million to Vivrass Development Limited }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 (\'93VDL\'94)}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
 a subsidiary of the First Defendant.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
As security for the advance, the Plaintiff was granted first mortgage over the lands and buildings on C.T. 24128.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
There was in addition a guarantee by one Vishnu Prasad the majority shareholder in the First Defendant.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
VDL subsequently defaulted under the mortgage and the Plaintiff, in exercise of its power of sale, proceeded to sell the mortgaged property for $3.3 million.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 However, the sale has been held up by a caveat lodged by the First Defendant.
\par 
\par The First Defendant\rquote s caveat No. 511531 claims that it has }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93an equitable interest by virtue of being a financial contributor on the land\'94,}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  being the mortgaged C.T. 24128.
\par 
\par In order for the First Defendant to sustain its caveat, it must show that it has a caveatable interest in C.T. 24128.
\par 
\par }{\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 What is a Caveatable Interest}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par Under the Torrens system, a caveatable interest amounts to a proprietary interest in land.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 In }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Municipal District of Concord}{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid4083823\charrsid4083823  }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 v. }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Coles}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
 (1906) 3 CLR 96, Griffith CJ said (at P.107)}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823 :}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par }\pard \s15\ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid4083823 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93
It is only a person who has a legal or equitable interest in land, partaking of the character of an estate in it or equitable claim to it, who can lodge a caveat.\'94}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par The essential requirement is that the right based on statute confers an estate or interest in land.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
It is this interest in land that gives a person the locus standi to caveat.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 As Gallan J explained in }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Guardian, Trust and Executors Company of New Zealand, Limited}{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823  v. }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Hall}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  [1938] NZLR 1020 at 1025}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823 :}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par }\pard \s15\ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid4083823 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93
A caveat is the creature of statute and may be lodged only by a person upon whom a right to lodge it has been conferred by the statute.}{\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 It is not enough to show that the lodging and continued existence of the caveat would be in some way advantageous to the Caveator.}{\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823 
 }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 He must bring himself within section 146 of the Land Transfer Act.\'94
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par In an earlier decision on the same issue Stout CJ in }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Staples & Co}{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 . v. }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Corby and District Land Registrar}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  [1900] 19 NZLR 517 said, at p.536}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823 :}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par }\pard \s15\ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid4083823 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93
Before a person can caveat under this section he must be a person who claims to be entitled to the land, or any estate or interest to the land, or to be \'93beneficially interested\'94
 in the land, or in any estate or interest in the land, and the person in either event must claim \'93by virtue of any unregistered agreement\'94 or other \'93instrument or transmission\'94 (\'93transmission\'94
 meaning acquirement by title or estate consequent on death, will, intestacy, bankruptcy, etc)}{\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93
or of any trust expressed or implied,\'94 or otherwise howsoever.\'94}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par The Fiji equivalent to New Zealand\rquote s section 146 (now NZ section 137(a)), is section 106.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 It states}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823 :}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par }\pard \s15\ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid4083823 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93106.\tab Any person \endash }{
\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795 
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823\charrsid4083823 
\par {\pntext\pard\plain\s15 \b\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \hich\af0\dbch\af0\loch\f0 (a)\tab}}\pard \s15\ql \fi-720\li1440\ri0\widctlpar{\*\pn \pnlvlbody\ilvl0\ls2\pnrnot0\pnlcltr\pnb1\pnstart1\pnindent360\pnsp120\pnhang 
{\pntxtb (}{\pntxta )}}\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin1440\itap0\pararsid4083823 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
claiming to be entitled or to be beneficially interested in any land subject to the provisions of this Act, o
r any estate or interest therein, by virtue of any unregistered agreement or other instrument or transmission, or of any trust expressed or implied, or otherwise howsoever; or
\par }\pard \s15\ql \li0\ri0\widctlpar{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 
\par {\pntext\pard\plain\s15 \b\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \hich\af0\dbch\af0\loch\f0 (b)\tab}}\pard \s15\ql \fi-720\li1440\ri0\widctlpar{\*\pn \pnlvlbody\ilvl0\ls2\pnrnot0\pnlcltr\pnb1\pnstart1\pnindent360\pnsp120\pnhang 
{\pntxtb (}{\pntxta )}}\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin1440\itap0\pararsid4083823 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 transferring any land subject to the provision of this Act or any estate or int
erest therein, to any other person to}{\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 be held}{\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 in trust,}{\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
may at anytime lodge with the Registrar a caveat in the prescribed form, forbidding the registration of any person as transferee or proprietor of, and of any instrument affecting, such estate or inter
est either absolutely or unless such instrument be expressed to be subject to the claim of the caveator or maybe required in such caveat.\'94}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par The effect and reach of the section was fully examined by the Fiji Court of Appeal in }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Cambridge Credit (Fiji) Ltd}{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid4083823 . v. }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 W.F.G. Ltd}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
. Vol. 21 FLR 182.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
The case involved a deed between the parties whereby one (the vendor) agreed to sell to the other (the Purchaser) its interest in a certain land for a total consideration payable by instalments.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 The unpaid purchase monies wer
e unsecured, but pursuant to the deed provisions, the land had been transferred and registered with the Registrar of Titles upon the payment of the initial deposit.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 A caveat was lodged by the vendor to protect his rights of the unpaid purchase price, and t
he caveat extended by the Supreme Court (as it then was), before the appeal came before the Court of Appeal.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795 
\par }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid12743233\charrsid12720387 
\par }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 The Court agreed that section 106 is concerned with the protection of unregistered instruments in land, and added, (p.185).
\par 
\par }\pard \s15\ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12743233 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93For instance an agre
ement for sale and purchase, an unregistered mortgage, an agreement to give a mortgage or an option to purchase land are just a few examples of unregistered instruments which are capable of being protected by the lodging of a caveat.\'94}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par The Court continued, at page 184,
\par 
\par }\pard \s15\ql \li720\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12743233 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93
That the respondent must however, bring itself within the provisions of section 106 and in order to do this must satisfy the Court that the following are fulfilled.
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par {\pntext\pard\plain\s15 \b\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \hich\af0\dbch\af0\loch\f0 (1)\tab}}\pard \s15\ql \fi-720\li1440\ri0\widctlpar{\*\pn \pnlvlbody\ilvl0\ls3\pnrnot0\pndec\pnstart1\pnindent360\pnsp120\pnhang 
{\pntxtb (}{\pntxta )}}\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin1440\itap0\pararsid12743233 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 That it is a person claiming to be entitled to or to be beneficially inter
ested in any land estate or interest under the Act; and
\par }\pard \s15\ql \li0\ri0\widctlpar{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par {\pntext\pard\plain\s15 \b\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \hich\af0\dbch\af0\loch\f0 (2)\tab}}\pard \s15\ql \fi-720\li1440\ri0\widctlpar{\*\pn \pnlvlbody\ilvl0\ls3\pnrnot0\pndec\pnstart1\pnindent360\pnsp120\pnhang 
{\pntxtb (}{\pntxta )}}\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin1440\itap0\pararsid12743233 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
That it is so claiming by virtue of an unregistered agreement or other instrument or transmission or any trust expressed or implied or otherwise howsoever.\'94
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 
\par }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 On examination of the records before it, 
the Court was satisfied that pursuant to the deed, the interest of the vendor had been completely extinguished after the transfer had been registered, upon payment of the deposit.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 All that was left was the vendors right in contract arising out of the deed.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
The Court of Appeal noted that the vendor, in the negotiation of the terms of the sale, could have insisted upon a mortgage being given to secure the payment of the purchase moneys, or even an agreement to mortgage, but did not do so.}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 It concluded that there was no caveatable interest conferred on the vendor by the original deed.
\par 
\par In this case, the First Defendant submitted that it had given VDL a loan of $2.0 million and that there was an agreement between the First Defendant and VDL for the latter to give the First Defendant a prior equitable mortgage for the loan }{
\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93when called to do so.\'94}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
It had lodged the caveat on CT 24128, }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93claiming an equitable interest by virtue of being a financial contributor on the land . . . .\'94}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par The Plaintiff denied any knowledge of the $2.0 million loan to VDL by the First Defendant nor the internal arrangement between them.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Counsel submitted that Mr Vishnu Prasad, a common director to both companies, and majority shareholder in the First Defendant, had full knowledge of the operations of the company.}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
Yet, Mr Prasad signed and accepted the conditions of the loan from the Plaintiff to VDL, with the understanding that C.T. 24128 was unencumbered.
\par 
\par In my view the affidavits including other documents that form part of the record are unequivocal.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
There is no evidence before this Court to show that there exists a prior agreement between the First Defendant and VDL giving the former an equitable mortgage for the loan of $2.0 million.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Indeed, documents referred to by the Plaintiff such as t
he FNPF Investment Proposal Form and the subsequent formal loan offer to VDL and signed by Vishnu Prasad, specifically stated that the land (C.T. 24128) was a clear title.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 As Vishnu Prasad was the majority shareholder of the First Defendant Company as well
 as a director of VDL, he was perfectly placed to make known to the Plaintiff of the existence of the agreement.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
At the very least, an agreement to mortgage, in a substantive form may possibly dissuade the Court from drawing its own conclusion, which it is entitled to do under the principle enunciated by the Privy Council in }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Eng Mee Yong}{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid4083823\charrsid12743233  }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 v. }{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Letchumanan}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid12743233  [1980] AC 331.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par 
\par Even if this Court were to find in favour of the existence of an agreement creating an equitable mortgage, the question is whether the terms of the agreement whereby the equitable mortgage comes into existence }{
\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93when called upon to do so\'94}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  has sufficient interest in land to support a caveat.}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 This depends on whether the term }{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 \'93
when called upon to do so\'94}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  represents an option that is available to the First Defendant to exercise in the future.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 If so, which I believe it is, then it becomes a condition precedent to the exercise of the option.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 In }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Piper Industries Pty Ltd}{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 . v. }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Hemphill}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 (Unreported NSW Supreme Court decision) Young }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 J}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  held that an option holder does not have a caveatable interest in land}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 until the conditions precedent to exercise of the option are fulfilled.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Similarly, in this case, the condition precedent requiring the First Defendant to call for the creation of an equitable mortgage, had not
 been shown to any degree of satisfaction to this Court, that it had been exercised.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
There is also the element of uncertainty that such a condition precedent brings to commercial transactions.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
It cannot surely encourage lenders of finance, if their securities offered are dependent on an option that remain available to the borrower.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 The option, must be capable of being properly exercised (see}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823 :}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Hooker Industrial Developments Ltd}{
\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 . v. }{\b0\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Trustee of the Christian Brothers}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid12743233  (}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 1977}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid12743233 )}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387  2 NSWR 109).}{
\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 Until the option has be
en properly exercised and the condition precedent satisfied, the First Defendant does not have a caveatable interest on C.T. 24128.
\par 
\par In any event, for the reasons I have elaborated above.}{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid4083823  }{\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
I find that the First Defendant does not have a caveatable interest in law to be allowed it to lodge a caveat on the property.
\par 
\par Order is made for the Registrar of Titles to remove caveat No. 127372 lodged against Certificate of Title No. 2418 with immediate effect.
\par 
\par I award cost of $400 against the First Defendant.
\par 
\par }\pard \s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12743233 {\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 F. Jitoko
\par }{\i0\f0\ul\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 JUDGE}{\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12743233 
\par }\pard \s15\ql \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12720387 {\b0\i0\f0\lang2057\langfe1033\langnp2057\insrsid6190795\charrsid12720387 
\par At Suva
\par 3 June, 2004
\par }}