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Identity fraud and torrens - minimising the risks and allocating the loss to achieve a sustainable system

Griggs, Lynden & Low, Rouhshi (2010) Identity fraud and torrens - minimising the risks and allocating the loss to achieve a sustainable system. In 10th Australasian Property Law Teachers Conference, 24-26 September 2010, Perth, Australia.

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Abstract

Immediate indefeasibility is the cornerstone of the Torrens system of land registration. However, when combined with the apparent ease in which forged mortgages become registered, the operation of this doctrine can come into question. This article seeks to argue that, rather than question indefeasibility, the focus should be on the verification of identity of parties to land transactions. Whilst no system can ever be infallible, it is suggested that by correctly imposing the responsibility for identity verification on the appropriate individual, the Torrens system can retain immediate indefeasibility as its paramount principle, yet achieve the optimum level of fairness in terms of allocation of responsibility and loss. With the dawn of a new era of electronic conveyancing about to begin, the framework suggested here provides a model for minimising the risks of forged mortgages and appropriately allocating the loss.

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ID Code: 39021
Item Type: Conference Paper
Additional Information: Paper presented by Lynden Griggs at the COnference
Keywords: Identity fraud, Identity, Verification, Conveyancing, National Electronic Conveyancing System, Indefeasibility of title, Risk minimisation, Loss allocation
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Property Law (excl. Intellectual Property Law) (180124)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Law not elsewhere classified (180199)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: The Authors
Deposited On: 06 Dec 2010 12:02
Last Modified: 06 Jan 2011 00:01

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