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Criado por Ravneet Bola
mais de 8 anos atrás
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Questão | Responda |
Define: Co-ownership. | Forms of ownership in which 2 or more people are entitled to possession at the same time. They include joint tenancy and tenancy in common. |
What concept do we have from the Law of Equity? | Trust Law |
What is a Trust? | A TRUST enables 2 or more people to own the same piece of land at the same time. EG: a husband and wife - in fact they hold the title in trust for each other |
what are the 2 titles in trust property? Explain their roles in with eachother | Trustees and Beneficiaries They trustees hold on behalf of the beneficiaries. |
Explain: Trustees | Hold the legal estates, eg: in land, paintings, or investments Who has the duty to administer property for the benefit of others, or for a purpose recognized as creating a valid trust. IN LAND: Have all the powers of an absolute owner (Trusts of Land and Appointment of Trustees Act, 1996 s.6) |
Explain: Beneficiaries | Hold an equitable interest, eg: Beneficial Interest Person entitled in equity to property held on trust. |
What says that a trust of land must be in writing? | LPA 1925 s.52 (1)(b) |
After 1925 what is the legal title? | The legal title is always a JOINT TENANCY. |
What are the equitable titles? | There are 2 equitable titles. JOINT TENANCY and TENANCY IN COMMON. |
How do legal and equitable titles work? | (Say 2 people own a house) They will own both the LEGAL ESTATE and the EQUITABLE INTEREST on trust for themselves and the other co-owner. |
JOINT TENANCY - explain the general jist | Each JT owns the WHOLE property not just a share of it - the share is expressed in value of the land - no owner may sell their "share" because they don't have a share but the whole as a joint entity There is the right of survivorship - legal title passes to surviving JTs - cannot be left to someone through will |
How do you know it's a JOINT TENANCY? | There must be UNITY! (PITT) P - POSSESSION - all co-owners must be equally entitled to the whole of the land I - INTEREST - all co-owners must have same interest T - TITLE - all co-owners must derive their title from the same document T - TIME - all interests must vest as the same time |
How many co-owners can you have? | LPA 1925 s.34 (2) - there cannot be more than 4 co-owners (all full age) - if so: the first 4 are JTs and the others only have equitable interest (until one passes away) ***NB - the LEGAL ESTATE will vest them as JT's (only the first 4 are on the deed) |
TENANCY IN COMMON - explain the general jist | - only a share in the land - not physically divided but no one owns the whole - there is no right to survivorship - shares may be left in wills or to heirs - there is only one UNITY - Possession - in a JT if any is missing it becomes a TinC - each co-owner is entitled to a separate undivided share in the land ***NB: legal title cannot be held as a TinC so above is only of EQUITABLE TITLE |
Define: Severance in Equity | To sever the joint tenancy in equitable interest. It is not possible to sever a legal title - therefore severance must take place "behind the curtain" |
What METHODS can you use to sever the equitable interest? | 1. "Acting on your own share" 2. Mutual agreement of the joint tenants 3. Mutual conduct of all existing joint tenants 4. Notice in writing |
Williams v Hensman | Williams v Hensman 1861 - a money fund was bequeathed to be invested in stock to pay an annuity to A "the principle to go to kids at death" - HELD: JT - "Acting on your own share" - Insolvency Act 1986?? |
Burgess v Rawnsley | Burgess v Rawnsley 1975 - Elderly couple - There IS severance - Mutual agreement of the joint tenants |
Harris v Goddard | Harris v Goddard 1983 - NO severance - Mutual conduct of all existing joint tenants |
Re Draper's Conveyance | Re Draper's Conveyance 1961 - There IS severance - notice in writing |
Re 88 Berkley Road | Re 88 Berkley Road 1971 - Divorcing, but same house, living apart but not separate - Woman signed for post AKA notice letter and left for spouse - NO severance |
TOLATA or TLATA | Trusts of Land and Appointment of Trustees Act 1996 - imposes a trust of land on all co-owned land - all prior "trusts for sale" are converted into trusts of land |
Primary reason in TLATA s.1 (1)(a) is to occupy land not really SELL. Explain. | Trusts of Land and Appointment of Trustees Act 1996 - trust of land means any trust of property which consists of or includes land |
What are the 2 different types of trusts? | EXPRESS Trusts and IMPLIED Trusts |
When do trusts arise? | - JT's in Law - TinC's in Equity - Conveyance to co-owners (where one is a minor) |
Trustees have the powers of an absolute owner. What are they? | Trusts of Land and Appointment of Trustees Act 1996 s.6 - Sell - Lease - Grant a Mortgage (powers must be exercised for the benefit of beneficiaries) |
TLATA s.9 | Trusts of Land and Appointment of Trustees Act 1996 s.9 - trustees may delegate their powers to beneficiary |
TLATA s.11 (1) | Trusts of Land and Appointment of Trustees Act 1996 s.11 (1) - trustees must consult with beneficiaries "as far as practicable" |
TLATA s.12 | Trusts of Land and Appointment of Trustees Act 1996 s.12 - beneficiaries have the right to occupy (provided they have an interest in possession) |
TLATA s.13 | Trusts of Land and Appointment of Trustees Act 1996 s.13 - exclusions of the right to occopy |
TLATA s.14 | Trusts of Land and Appointment of Trustees Act 1996 s.14 - court has wide power to make any order in its discretion relating to land which is trust property - EG: order for sale |
TLATA s.15 | Trusts of Land and Appointment of Trustees Act 1996 s.15 - has the "Guidelines" for exercising court's discretion in s.14 |
What MUST the courts have regard to? | - the INTENTION of the settlor - the PURPOSES for which the property is held on trust - the WELFARE of any minor - INTERESTS of any secured creditor of a beneficiary - the WISHES of majority of beneficiaries with interests in possession |
Bank of Baroda v Dhillion | Bank of Baroda v Dhillion 1998 - Case decided under old section of TLATA house had registered title under the husband's name who has mortgaged house to bank and couldn't pay but it was a matrimonial house - Mrs. D came in with overriding rights because she's an actual occupant - Under TLATA 1996 s,14 court have the power to make an order as they see fit |
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