Jude is the trustee of a fee simple estate registered in the Torrens title register in Ryde, New South Wales. Jude is also the registered proprietor of this fee simple estate in Ryde after the settlor Peter conveyed legal title to Jude as trustee when the express trust was set up. The trust deed is in writing, it was signed by Peter and Jude, and it was witnessed by Peter's solicitor. The nominated beneficiary of the express trust is Peter's daughter Matilda. According to the terms of the express trust, the trustee must convey the legal title to the fee simple estate in Ryde to Matilda once she turns 18 years old.

Jude dies in January 2021. Lilith is validly appointed as the successive trustee and promises to discharge her duties according to the terms of the express trust. Once Lilith is appointed as trustee, she then becomes the registered proprietor of the fee simple estate in Ryde. Lilith decides to exploit this opportunity to sell the Ryde property to her friend Cynthia for $20,000 in the hopes of putting the property out of reach for Matilda. The property has a market value of $2,000,000. Cynthia thinks this is a great offer and decides to purchase the property, despite knowing that Peter and Jude were the previous registered proprietors after performing a title search and being aware it could be trust property. Lilith executes an instrument of transfer of her interest in the Ryde property to Cynthia for $20,000. Cynthia thus becomes the registered proprietor of the Ryde property.

In April 2022, Matilda turns 18 years old and discovers that the title over the Ryde property is no longer registered with Lilith but instead the Ryde property is registered with Cynthia. Matilda demands that the Ryde property be transferred to her according to the terms of the express trust. However, Cynthia refuses by claiming that she is not bound to the terms of the express trust and that she can enjoy the benefit of immediate indefeasibility as the registered proprietor.