Refer to case law and/or statutory authority where appropriate and relevant to support your answers. Use IRAC method.

Oceanview Pty Ltd (Oceanview) is a company that specialises in eco-friendly landscaping services. The company's board consists of four directors: Emma, Alex, James, and Mia. Mia was appointed as the managing director. Mia entered into an agreement with Skyline Finance to borrow $1.5 million to support her partner's real estate development venture, Azure Estates Pty Ltd (Azure Estates), where she held the position of chairperson and owned the majority of shares. Azure Estates wasalready facing financial strain and had no unencumbered assets to serve as collateral for an additional loan.

Mia arranged the loan for Azure Estates under the condition that Oceanview would provide a guarantee for the loan by placing a mortgage on its land, which is used for cultivating native plants. Without seeking approval from the board, Mia signed the mortgage documents as the managing director of Oceanview, in violation of the company's constitution. The constitution contained a clause that mandated the board's prior consent for offering any security on loans exceeding one million dollars.

Currently, Azure Estates is encountering financial hardships and has defaulted on the loan from Skyline Finance. Skyline Finance is now pursuing legal action to enforce its rights under the mortgage against Oceanview.

Advise Oceanview whether it is bound by the mortgage by referring to legislation and case law where relevant.