Co-ownership

Question 1

How can interests behind a trust of land occur?

Answer 1

1) express: evidenced in writing and signed by the declarant
2) implied: no formalities

It is protected by a restriction in the proprietorship register, which prevents overreaching

Question 2

What are the criteria for legal title and equitable title?

Answer 2

Legal- max 4, have to be over 18, must be held as joint tenants

Equitable- unlimited number- any age, held as joint tenants or tenants in common

Question 3

What is the right of survivorship

Answer 3

in Joint tenancy, they are seen as one unit- if one die, their interest will pass to the other tenants

In contrast, in Tenancy in common- each tenant owns an undivided share of the property. If a TIC dies, the right of survivorship does not apply and passes under their will.

Question 4

What are the 4 unities of joint tenancy

Answer 4

1) unity of possession
2) unity of interest
3) Unity of time
4) Unity of title

If all present, they can hold as a joint tenancy

Question 5

How can severance occur?

Answer 5

1) notice in writing

2) other acts or things:
1) unilateral act by one joint tenant
2) mutual agreement
3) Mutual conduct

Question 6

What is the position ndere TLATA

Answer 6

Under s14(1) this allows any person who is a trustee of land or has an interest in property subject to a trust of land may make an application to the court for an order under this section

The court must consider:
1) intention of the person(s) who created the trust
2) The purpose of the trust and whether it is still continuin
3) If any minors occupying the property
4) interests of any secured creditor
5) circumstances and wishes of any beneficiaries of full age or the majority

If the court makes an order for sale, it will be an overreaching evemt