Land 7 - Co Ownership - Severance & dispute Flashcards
1
Q
When must severance take place?
A
During joint tenant’s lifetime i.e. making a will does not sever
2
Q
What is the effect of severance? What will the ownership be?
A
The joint tenant who severed will hold interest as tenant in common as a distinct share (regardless of contribution), based on no. of former joint tenants.
3
Q
How can severance take place due to ‘other things’
A
- unilateral act
- mutual agreement
- mutual conduct
4
Q
How can co-ownership disagreements be solved?
A
Through application to the court (s14 TLTA 1996)
5
Q
What are possible court orders for resolving a co-ownership dispute?
A
- Sale (can be postponed)
- Orders as to nature/extent of a beneficiary’s interest
- Orders as to who occupies
CANNOT order someone to buy out another
6
Q
What factors must a court consider for a co-ownership dispute?
A
- Intention of person(s) who created the trust
- Purpose for which property is held (if still continuing, giving greater weight)
- Welfare of any minor who occupies/expected to occupy (weight varies depending on age/independence)
- Interests of secured creditors
7
Q
If severed by notice, who must the be served on?
A
- all other equitable joint tenants (but not other tenants in common).
