Equitable Ownership of Land

Question 1

What is a trustee?

Answer 1

Has all the powers of an absolute owner BUT must act in the best interests of the beneficiary

Question 2

What is a beneficiary?

Answer 2

Has equitable ownership

- Can either be sole, several concurrent or successive

Question 3

What is the settlor?

Answer 3

Transfers the property or declares himself as a trustee

Question 4

TLATA s1(1) (a)

Answer 4

“Any trust of property which consists of or includes land”

Question 5

What forms can a trust take?

Answer 5

Express or Implied

Question 6

What is a resulting trust?

Answer 6

• Arises in the absence of any express intention of the parties
• shares relate esults from contribution to the purchase price

Question 7

What does Equity presume?

Answer 7

Equity presumes that if money is given, there is an interest in the property
However, this may be rebutted (E.g gift)

Question 8

Tinsley v Milligan

Answer 8

Beneficiary entitled to an interest in proportion to the contribution

Question 9

What are the requirements of contribution?

Answer 9

• Must be referable to purchase price (complete/partial funding of price, contribution to legal costs or deposit or assisting with mortgage payments)
• CANNOT be payments for household expenses or performing domestic duties

Question 10

What is a constructive trust?

Answer 10

-Relates to bargins made or common intention
-Shares linked between intentions of parties
(as opposed to a resulting trust where it is linked between payments made?