Unit holders in a unit trust have a proprietary interest in the equitable estate of land forming part of the trust fund, constituting a caveatable interest under the Transfer of Land Act 1893 (WA). That interest subsists subject to the trust deed, including the trustee's power of sale, but while the land remains unsold, the caveat may be maintained. The balance of convenience will rarely justify removal of a caveat where the caveator's equitable interest is established. Under s 138B(2), the court may in a clear case finally determine the caveator's claim rather than merely assessing whether there is an arguable case.
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