An equitable interest arising from proprietary estoppel constitutes a 'charge or encumbrance' over property for the purposes of s 52C of the Veterans' Entitlements Act 1986 (Cth), reducing the asset value for pension calculation purposes. The equitable maxim 'equity is equality' should only be applied to divide property when it is otherwise not possible to determine the respective equities; where detriment is demonstrable, the remedy should be calculated by reference to that detriment. An equitable chose in action arising from proprietary estoppel vests in a trustee in bankruptcy under s 58 of the Bankruptcy Act 1966 (Cth). The question of whether the appropriate remedy for proprietary estoppel is to make good the encouraged expectation or to compensate for detriment was left unresolved as between the separate reasons of Spender J and the joint reasons of Dowsett and Edmonds JJ.
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