Rudy purchases a farm in the Macedon Ranges at the start of 2023. He is registered on title as the sole proprietor. His registered title is encumbered by a registered mortgage with Wealth Bank. In 2024 Rudy decides to sell the farm due to increases in land tax. He puts the farm on the market and, after 4 months, he receives an offer from Mathew that is well below his price range. After thinking about it for a while, Rudy decides he will accept the offer and signs a contract of sale with Mathew. Mathew does not lodge a caveat. A week after he signs the contract with Mathew, Rudy is approached by Linda, who tells him she is prepared to offer him $400,000 more for the farm than what Mathew has agreed to pay. Rudy thinks this is a good deal and signs a second contract of sale with Linda. Linda knows Rudy has already entered into a contract of sale with Mathew. Rudy and Linda have an expedited settlement. Upon receiving the purchase money from Linda, Rudy discharges the mortgage with Wealth bank. Linda becomes the sole registered title owner of the Macedon Ranges farm. Mathew comes to you for advice. What rights, if any, does Mathew have to the farm? Would Mathew be in a different position if he had lodged a caveat directly after entering into the contract? Your answer should identify all potential issues and include a discussion of existing case law. Note that it is unclear whether Matthew has paid the deposit for the farm at the time signing the contract with Rudy and it is unclear whether it is an old title land or Torrens title land.