Co-Ownership Flashcards
What is the role of a trustee?
- LEGAL
- Manage land in a fiduciary manner.
- Decision making/Management
- recognised in law
What is the role of the beneficiary?
- EQUITY
* use and enjoy the damn land
What does fiduciary mean?
exercise powers in strict good faith for beneficiaries
What are the 2 types of co-ownership? (and any sub-co-own-puppies)
- Successive (upon death)
- Concurrent (2≥ own at same time)
a. joint-tenancy
b. tenancy in common
What are the main ∆ in landholding? What statute reflected this?
• 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”
What are the formalities required to form a (Trust of Land)? What happens if this is not fulfilled?
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
Joint Tenancy or Tenancy in Common, which on is only in LAW?!?!?!
Joint-Tenancy (JT)
What is JT? (Justin Timberlake, Justin Trudeau??)
- Dont ID shares (single owners)
- creation: Law/EQ
- express/implied via 4 unities
- significance: right of survivorship
- ending: death/severance
What is Tenancy in Common?
- Doc ID shares
- Creation: EQ- unity of only possession + presumptions
- significance: no right of survivorship. separation of interests.
- Ending: Severance (Only EQ)
What are the 4 elements of the avatar/ 4 unities?
- Possession
- Interest
- Time
- Tittle
What statute supports that Justin Trudeau (JT) can be the only implied trust in LAW?
s34(2) LPA 192- “a statutory trust”
• legal age ≥18
• max 4 people
What statute states that trusts of land exist?
s1 ToLATA
How can you sever a JT in equity?
- s36(2) LPA 1925
- severance
requires:
- unilateral act- notice in writing
- division of shares (intent)
“notice has to express desire to bring about wanted result immediately”
- JT in EQ
Harris v Goddard
• divorce petition insufficient to sever
• no desire expressed to bring about result immediately
What are methods of severing in JT in EQ
Williams v Hensman
- Act operating on your share (Explicit enforceable int)
- Mutual Agreement [Burgess v Rawnsley]
- Course of dealing sufficient to intimate interest of all were mutually treated as constituting a tenancy in common
Can a mutual agreement severe JT in equity? Even if it is not enforceable?
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.
What is the effect of severance?
Goodman v Gallant
• equal shares even if ≠ contributions
What is ToLATA’s Effect?
- Trust of land: s1(2) any trust
- reflected societal changes??
- abolished doctrine of conversion s3
- doctrine of conversion treated trust as already sold
What are some powers of the trustee>
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
What are some rights of beneficiaries?
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
