Where a modern 'all monies' mortgage incorporates by reference a memorandum securing amounts payable under a separate loan agreement, and both the mortgage and loan agreement are allegedly forged, the registered mortgage is indefeasible but the personal covenant to repay in the separate loan agreement is not protected by indefeasibility. A mortgagee seeking summary judgment must adduce evidence that the loan was actually made to the defendant where the defendant denies signing the loan agreement. The traditional presumption that production of the security document is prima facie evidence of the debt does not apply to modern facility mortgages requiring subsequent drawdowns.
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