The Court of Appeal held that when a Torrens mortgage securing a separate loan agreement is transferred and registered, only rights arising under the mortgage instrument itself vest in the transferee - the contractual rights under the separate loan agreement remain with the original lender. The registration of a mortgage transfer under s.62 of the Land Title Act 1994 (Qld) does not vest in the transferee the right to recover debts created by separate loan agreements, even where the mortgage contains a covenant to pay those amounts.
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