PLEASE ANSWER WTHIN 30MIN

in respect of the scenario, answer the followingusing the ILAC process (please cite the full legislation and cases)

note: it only applies to one of these principles

1.Common Law & Equitable Interests in Land 2. Old System Title Priorities 3. Torrens Title & Indefeasibility 4.Torrens Title Priorities 5.Co-Ownership & Strata Title 6.Leases 7. Mortgages 8. Easements 9.Freehold Covenants

Then address:

a) The legal issues (multiple issues) in the transaction

b) The legal principles you will use to resolve each issue

c) The application of those legal principles to the facts of each issue

d) The concluding advice you would give in respect of each issue

SCENARIO:

Brenda and Tony are joint tenants with an unencumbered fee simple estate registered in the Torrens register in Newcastle, New South Wales. They are looking to fund their retirement. Brenda signs a loan agreement for an all moneys mortgage with Cash 4 Retirees Pty Ltd. Brenda and Tony sign the loan agreement as Brenda. A term of the loan agreement states that the contract is "any present or future agreement between me or us, or any one of us, and You." Cash 4 Retirees confirms Brenda and Tony's identity. The all moneys mortgage is then registered on the Certificate of Title. Cash 4 Retirees makes the first cash advance for $300,000 to Brenda and Tony.

Brenda and Tony wish to borrow more money, so they borrow $200,000 from the Bank of Newcastle. This mortgage is also registered on the Certificate of Title with the consent of Cash 4 Retirees. The Certificate of Title remains in the possession of Cash 4 Retirees. Afterwards, Brenda and Tony receive a further cash advance of $100,000 from Cash 4 Retirees as part of the all moneys mortgage. Brenda is a gambling addict and loses a significant proportion of the matrimonial income and savings on betting on horse racing. Brenda and Tony fall into arrears and default in repayment of their mortgages to Cash 4 Retirees and the Bank of Newcastle.

Cash 4 Retirees gives written notice to Brenda and Tony 4 months in advance of exercising the power of sale in a public auction, which is advertised in local Newcastle papers and multiple national Australian real estate websites. John, a brother of a Cash 4 Retirees company director, purchases the property with a six week settlement period for $500,000, which is at market value. Three days after the auction, Brenda and Tony lodge a caveat against the Certificate of Title to contest the validity of the exercise of the power of sale. A week after the auction, the Bank of Newcastle lodges a caveat on the Certificate of Title to protect their interest in their mortgage.

You are a judge. How would you decide the matters?