14 When the first defendant became the registered proprietor, it then held the legal estate in the land and Magenta Nominees Pty Ltd held the equitable estate in the land on trust for the unit holders. The plaintiffs therefore had a proprietary interest in the equitable estate in the land held by Magenta Nominees Pty Ltd. It was noted by Fullagar J in Livingston v Commissioner of Stamp Duties (Q) [1960] HCA 94; (1960) 107 CLR 411, at 438, that to say that the plaintiffs had an interest in the equitable estate is to say something that requires explanation and analysis. The explanation in this case, as in most cases, is that the equitable interest is an interest which is held subject to the provisions of the trust deed. So, for example, the trustee of the trust has wide powers, including the power to sell real estate. If the land were sold under a valid exercise of that power, then of course the plaintiffs would no longer have any caveatable interest in the land. Their interest then would be in the proceeds of sale which would become part of the trust fund. The power of sale, however, has not been exercised and the plaintiffs do therefore have a proprietary interest in the equitable estate in the land. My conclusion is that the plaintiffs have a caveatable interest. In consequence, to use the language of s 138C, I am satisfied that the caveator's claim has substance.