The observation in Custom Credit Corporation v Ravi Nominees Pty Ltd that removal of a caveat where an arguable caveatable interest is demonstrated 'will be unusual' is not a proposition of law or a legal test, but simply a general observation as a matter of fact. The discretion under s 138(2) does not require a two-step process in which, once an arguable caveatable interest is shown, the applicant must demonstrate 'unusual circumstances' for removal. Balance of convenience factors may become decisive where the caveator's interest is a security interest or an interest in competition with another claimant against the registered proprietor, as distinct from a claim to an estate in fee simple or leasehold.
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