A covenant to pay in a collateral loan agreement that is incorporated into a registered mortgage through a memorandum of common provisions is made indefeasible by registration, even where the mortgage was forged. The 'you' in a memorandum of common provisions is a drafting device connecting the person named in the mortgage with the person named in the bank document, and does not require an independent investigation into the existence of legal relations. The NSW line of authorities (Printy, Chandra, Tsai) denying enforcement of collateral obligations are distinguishable where the collateral agreement is in fact incorporated into the mortgage.
The full text is available to signed-in members, including the 15 later cases that cite this judgment.