An out-of-court receiver's equitable lien for costs of attempted realisation does not take priority over a first registered mortgagee's legal interest where the receiver did not effect the realisation, no incontrovertible benefit was conferred on the mortgagee, and no agreement or assurance was given to cede priority. The term 'salvage' in the context of receivers' claims is descriptive of the result of applying equitable lien and restitutionary principles, not an independent legal principle. Receivers should distinguish between claims for 'care and preservation' costs and 'realisation' costs, as the former may be recoverable even where the latter are not.
The full text is available to signed-in members, including the 22 later cases that cite this judgment.
5 of the 22 citing cases carry a classified treatment. How each court treated it is available to signed-in members.