The doctrine of indefeasibility under the Transfer of Land Act 1893 (WA) protects registered mortgagees who are volunteers; the reasoning in Bogdanovic v Koteff is to be preferred to King v Smail. Where investor funds are paid into an overdrawn trust account, the right to trace is lost and unregistered investors cannot establish a proprietary interest in the mortgage or its proceeds. The question whether investors who advanced funds but cannot trace them to the mortgage are truly 'volunteers' in equity was left open as obiter.
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