rovs and vessels for sale, page-32

I understand the grief - I lost dollars as well. However, the issue of caveats is wandering off into the nether world. Sorry Damo but have a read of the info below and if you want some case citations I can give you those as well. WA cases will serve as the most appropriate but the laws are similar across all jurisdictions. There is one in the final section and I can send you the PDF if you want some bedtime reading. Personally property law bores me.

GENERALLY

Justice Brereton (NSW) set out the requirements of s 74F(5) with respect to a caveat:

Those prescribed particulars are to be found in Real Property Regulation 2003 which provides, by clause 7, that a caveat must specify the particulars set out in Schedule 3 in relation to the estate or interest to which a caveator claims to be entitled. Schedule 3 specifies those particulars as follows (emphasis added):

1. Particulars of the nature of the estate or interest in land claimed by the caveator.

2. The facts on which the claim is founded, including (if appropriate) a statement as to the manner in which the estate or interest claimed is derived from the registered proprietor of the estate or interest or the primary or possessory applicant against which the caveat is to operate.

3. If the caveator's claim is based (wholly or in part) on the terms of a written agreement or other instrument, particulars of the nature and date of that agreement or instrument and the parties to it.
4. If the caveator claims as mortgagee, chargee or covenant chargee, a statement of the amount (if readily ascertainable) of the debt or other sum of money charged on the land (or, if the amount is not readily ascertainable, the nature of the debt, annuity, rent-charge or other charge secured on the land).

WESTERN AUSTRALIA

In Western Australia, distinction is drawn between an "absolute" caveat which forbids any dealing with the property, and a caveat in more limited form.
The provisions relating to the lodgment of caveats are contained in s 137 of the Transfer of Land Act , under which three types of caveat are available. They are:
(1) an absolute caveat;

(2) a caveat forbidding registration of any transfer or instrument until after notice of the intended registration or dealing is given to the caveator; and

(3) a caveat forbidding registration etc unless the instrument sought to be registered is expressed to subject to the claim of the caveator.

DAMAGES FOR WRONGFUL LODGMENT (Case citation )

All Torrens-based legislation provides for an injured party to recover compensation in the event that a caveat has been wrongfully lodged and the registered proprietor has thereby suffered damage, usually by being unable to deal expeditiously with the land. The whole topic has been discussed in great detail by the Western Australian Court of Appeal in Brogue Tableau Pty Ltd v Binningup Nominees Pty Ltd (2007) 35 WAR 27 ; [2007] WASCA 179. There, a beneficiary under a unit trust had wrongfully restrained the trustee by caveat from dealing with realty owned by the trust company. In Western Australia a caveat may be lodged in different "degrees" and the relevant caveat had prevented any dealing with the subject land "absolutely". A cursory reading of the relevant trust instrument would have revealed an express power in the trustee to dispose of the land.

None of the above constitutes legal advice whatsoever and should not be relied upon at all. Consultation with a qualified legal practitioner is highly recommended.

Take care people and don't let these shameful individuals (NMS board and management) take more away from you.