liferent Flashcards
what is a liferent?
usufruct. right to use and enjoy a subject during life, without destroying the subject.
sub real right infavour of life rent er
what is the difference between lifrent and rent
life rent no monthly payments cannot sell the flat real right= the owner
LIFERENTER
the person enjoying the subject
FRIAR
the person whose property is burdened is called the
FEE
the revisionary rught of use and enjoyment after lifrent expired
improper lifrent
one real right and two personal right. triustee has real right of ownership. friar and lif renter both have personal rights against the trustee.
trust law similar to proper life rent but specialised form of trust.
trust set up so that b1 has use of farm then one b1dies b2 gets use.
proper liferent
two real right friar has ownership liferenter has sub real right
creation of a liferent
it is a convention suc scot act s.1010 +331
normally deed required s.1(2b0
reg also necessary land reg ect scot act s.51
creation by GRANT or RESERVATION
Liferenter must be a natural person
Grant define
grants can be mortis causa or intervivos.
reservation define
only transfers ownership and reserves liferent to himself INTERVIVOS ONLY cannot reserve an interest in a deed once dead
what is a life rent created over
as it is a sub real right it is limited.
property subject to liferent = coperal and movable
possession and enjoyment : the lifrenter is entitled to possess and enjoy the property but salva rerum substantial (cannot damage the property)
there is an obligation to may nominal expenses, the upkeep of property and council rates
can grant lease in property BUT cannot sell
liable to obligation and entitled to rights
if liferenter is insolvent/ sequestrated then they cannot sell the liferent but they can lease property though anylease will end with termination of liferent
if FRIARY= insolvent/ no special rules the property = any other affects attach to the creditor but liferenter is protected.
when can life rent be terminated
death
renauciation/ discharge- in exchange for money friar will renounce the liferent but amount depends on age.
confusion/consolidation- liferenter becomes owner of property
destruction of property-fire ect rebuild after destruction
stonachs execs v roberts
lived in property liferent
damaging property
friar life renter needed to repair/decree to force repair damages for repair. Held no. NEITHER WERE AVALIABLE! FRIAR if demonstrated that diberate trashing of the property then other remedies available
Caution - lodge money with court = lifrenter action
WRONGLY DECIDED? cant deliberately demolish it
