Co-Ownership

Question 1

What is the role of a trustee?

Answer 1

• LEGAL
• Manage land in a fiduciary manner.
• Decision making/Management
• recognised in law

Question 2

What is the role of the beneficiary?

Answer 2

• EQUITY

* use and enjoy the damn land

Question 3

What does fiduciary mean?

Answer 3

exercise powers in strict good faith for beneficiaries

Question 4

What are the 2 types of co-ownership? (and any sub-co-own-puppies)

Answer 4

1. Successive (upon death)
2. Concurrent (2≥ own at same time)
   a. joint-tenancy
   b. tenancy in common

Question 5

What are the main ∆ in landholding? What statute reflected this?

Answer 5

• rent->own
• house (commodity)-> home (living space)
• more joint owners
• Trusts of Land Act 1996: OR TOLATA WHAT IS LIFE
- T duty to “manage” not “sell”

Question 6

What are the formalities required to form a (Trust of Land)? What happens if this is not fulfilled?

Answer 6

s53 LPA 1925 (1(b), (2))
1(b):
•declaration of trust… interest manifested
• proved by some writing
• signed by some person who is able to declare such a trust
• If not fulfilled= resulting/constructive trusts

Question 7

Joint Tenancy or Tenancy in Common, which on is only in LAW?!?!?!

Answer 7

Joint-Tenancy (JT)

Question 8

What is JT? (Justin Timberlake, Justin Trudeau??)

Answer 8

• Dont ID shares (single owners)
• creation: Law/EQ
• express/implied via 4 unities
• significance: right of survivorship
• ending: death/severance

Question 9

What is Tenancy in Common?

Answer 9

• Doc ID shares
• Creation: EQ- unity of only possession + presumptions
• significance: no right of survivorship. separation of interests.
• Ending: Severance (Only EQ)

Question 10

What are the 4 elements of the avatar/ 4 unities?

Answer 10

1. Possession
2. Interest
3. Time
4. Tittle

Question 11

What statute supports that Justin Trudeau (JT) can be the only implied trust in LAW?

Answer 11

s34(2) LPA 192- “a statutory trust”
• legal age ≥18
• max 4 people

Question 12

What statute states that trusts of land exist?

Answer 12

s1 ToLATA

Question 13

How can you sever a JT in equity?

Answer 13

• s36(2) LPA 1925
• severance

requires:

1. unilateral act- notice in writing
2. division of shares (intent)

Question 14

“notice has to express desire to bring about wanted result immediately”

• JT in EQ

Answer 14

Harris v Goddard
• divorce petition insufficient to sever
• no desire expressed to bring about result immediately

Question 15

What are methods of severing in JT in EQ

Answer 15

Williams v Hensman

1. Act operating on your share (Explicit enforceable int)
2. Mutual Agreement [Burgess v Rawnsley]
3. Course of dealing sufficient to intimate interest of all were mutually treated as constituting a tenancy in common

Question 16

Can a mutual agreement severe JT in equity? Even if it is not enforceable?

Answer 16

Burgess v Rawnsley
• Trafalgar square couple. Offered to buy shares-> Agreement -> Went back on it
• Key point: even though went back, there was an agreement (Severance crystalized
• denning: make clear other party want common shares (not joint shares)
• pennycuick: doesn’t have to be enforceable agreement.

Question 17

What is the effect of severance?

Answer 17

Goodman v Gallant

• equal shares even if ≠ contributions

Question 18

What is ToLATA’s Effect?

Answer 18

• Trust of land: s1(2) any trust
• reflected societal changes??
• abolished doctrine of conversion s3
• doctrine of conversion treated trust as already sold

Question 19

What are some powers of the trustee>

Answer 19

S6
• trustees of land= powers of absolute owner
• (5)- exercising powers-> have regard to rights of beneficiaries (FIDUCIARY)

S7
terminate trust & partition land

S11(1) -(2)
should consult B && give effect to majority wishes

Question 20

What are some rights of beneficiaries?

Answer 20

S12(1)
Right to occupy
• (a), (2), s 13– if available & Suitable for occupation

S19(2), s21(1)(2)
• Right to appoint/remove trustees

S11(1)
•Right to be consulted

S13
Exclusion & restriction of right to occupy
• (4)-using powers under this section, trustees have to consider 3/4 factors listed