"the bank holds the title to the property"This is not the case....

"the bank holds the title to the property"

This is not the case. The purchaser name is on the title. The bank is listed as having a charge of the property. So if the purchaser defaults the bank can claim the asset.

What the ANZ are saying is that they had a charge over the pool of client shares (which they only put in place 7 days before they went belly up which is in itself illegal). To put this in place Opes had to have claimed they owned that asset without any lien or charge attached to it. You would think the ANZ would at least ask where the shares come from and how they got to be owned by Opes.

If I buy a car it is up to me to find out if there any finance still owing on the car or in fact if the seller actually owns it. If not, the actual owner or finance company can claim the car and I am out of pocket.

I can;t believe the ANZ are pretending not to know the full extent of the rrelationship with Opes clients.....they are so going to be sued.