A mortgagee selling by private treaty without advertising does not breach s 77(1) of the Transfer of Land Act 1958 (Vic) if the price obtained is at or above market value. Failures in communication with the mortgagor and delays in accounting for surplus proceeds, while deplorable, do not by themselves vitiate a sale conducted at a proper price. The correctness of Swanston Mortgage's classification of a mortgagor's right to set aside an improper sale as a 'mere equity' (not a caveatable interest) was questioned but remains binding in Victoria until overruled by a bench of five.
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