Lord Wilberforce: “actual occupation should be understood in the everyday, ordinary sense of the word”. The fact that occupation is preceded by the word “actual” is irrelevant.
HoL confirmed that where a proprietary interest, whose priority could be protected by an entry on the register, but has not been on the register, will nevertheless be an overriding interest if its owner is in actual occupation.
Proprietary interest+ Actual occupation = overriding interest.
binding on the bank.