Australian Guarantee Corporation (NZ) Ltd v CFC Commercial Finance Ltd - [1995] 1 NZLR 129

Equity — Equitable interest in land — Priority of interests — Grounds for reversing temporal priority — Effect of conduct of parties — Principles to be applied to determine priority of interest — Onus of proof to reverse order of temporal priority.

Property law — Mortgage — Mortgagor granting mortgages successive in time — Such mortgages not registered — Second mortgagee believing land unencumbered and accepting registrable mortgage — Land sold by second mortgagee by agreement between mortgagees — Substantial shortfall on second mortgage — Delay by first mortgagee to protect its interest by caveat — Principles to be applied to determine which mortgage had priority to proceeds of sale of land — Onus of proof to reverse order of temporal priority.