Secureland Mortgage Investments Nominees Ltd v Harman & Co Solicitor Nominee Co Ltd - [1991] 2 NZLR 399

Property Law — Mortgage — Priority between mortgages over fee simple and leasehold interests in land — Property, on which were erected four flats, had fee simple title and four leasehold titles under cross-lease arrangement — Owner had mortgaged whole of fee simple and subsequently mortgaged the leasehold titles — Leasehold mortgagees, although first mortgagees of leasehold interests, were aware of prior freehold mortgage over land — Mortgagees competed for proceeds of sale of property — Whether value of security was in freehold or leasehold interests — Whether proceeds of sale were impressed with constructive trust in favour of freehold mortgagee — Whether notice of constructive trust affected registered interest of leasehold mortgagees — Whether equitable interests of freehold mortgagee were stronger than those of leasehold mortgagees — Whether freehold mortgagee was entitled to proceeds of sale — Land Transfer Act 1952, s 182.