- Heid sold land to an investment company for $165,000
- $50,000 was secured by a mortgage back to Heid
- He did not register this mortgage
- The title and documents were given to the purchaser
- The purchaser executed a mortgage to the finance company who registered the transfer but not the mortgage
- Who had the better equitable interest?
- The finance company because Heid had armed the purchaser by not registering the interest
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