Basil was the owner of a property located in the suburb of Paradise in South Australia valued
at $500,000
Maximum 1,000 words Value 20%
Use the template provided on the website to analyse the following scenario and submit it
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PROBLEM FOR ANALYSIS
Basil was the owner of a property located in the suburb of Paradise in South Australia valued
at $500,000. When Basil purchased the property, his father Col, had lent him $100,000 on
condition that he guarantee this loan against the property. However Basil had retained the
Certificate of Title and Col had never registered the loan on the title.
Basil had decided that it was time for him to tour the world with a number of hiking
excursions before he became too old to do this. For this he needed more funds and
approached his wealthy friend Din for a loan of $35,000. Din agreed on the condition that
Basil provide him with the certificate of title to his property in Paradise. Basil agreed and
Din provided the money but Basil forgot to give Din the certificate.
The day before Basil was to leave on his trip he remembered his promise to Din and being
short of time he asked his neighbour Ed if he would personally deliver some important papers
to Din and Ed agreed. The papers Basil was referring to were the certificate of title to his
property and a letter acknowledging the loan from Din.
Unknown to Basil, Ed was under considerable financial pressure at the time and instead of
delivering the papers to Din, he forged Basil’s signature on a contract of sale and a
Memorandum of Transfer and registered the title in his name. Following this, using the title
as evidence, he sold the property to Fran for $450,000 and Fran then registered the title in her
name. Ed used the funds to pay some of his debts and then left the country. Meanwhile Din
wrote to Basil to remind him that he was still waiting for the certificate of title which Basil
had promised. Basil was shocked to hear that Ed had not delivered it and quickly made his
way back home. He was even more shocked to find that Fran was about to move into his
house!
Using the relevant law and cases, explain the relative interests of Basil, Col, Din and
Fran, together with their priorities and include a discussion of indefeasibility.
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