Austin needed a harvester to prepare his land. He was unable to obtain finance in his own name and so his friend Kevin bought the machine in his own name securing the purchase money with a mortgage over his (Kevin's) Torrens title property in NSW. He has allowed Austin to use the machine, with Austin making the necessary payments to cover the loan amount. This arrangement has not been documented. Out of the total $250,000 cost, Austin has paid $40,000 to date. The equipment is parked on Austin's land in NSW. Austin also takes out a loan for $300,000 from Funds for Loan Pty Ltd (FFL). FFL registers a security interest on the Personal Property Securities Register covering all of Austin's present and future acquired property. Austin experiences severe financial difficulties and stops making the payments for the harvester. FFL has taken possession of the harvester and intends to sell it to recoup the money it is owed