A caveat lodged by a registered proprietor to prevent completion of a mortgagee sale must specify on its face the equitable interest claimed, including that the mortgagee has entered into a contract for sale in bad faith; expressing the claim in terms of mere possibilities of bad faith is insufficient. Speculative beliefs about undervalue, unsupported by current valuation evidence, do not raise an arguable case of bad faith. Where the mortgagor's total debt exceeds the combined value of all properties, the variable content of the mortgagee's duty is discounted. The question whether a registered proprietor has a caveatable interest in its own property to prevent a mortgagee sale remains unresolved in Western Australia.
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