Ownership

Question 1

How many potential co-ownership forms are there?

Answer 1

Three

Authority: s1.6 LPA

(Eg joint tenants)

Question 2

AG Securities v Vaughan

Answer 2

Outlines for 4 unities for valid co-ownership

1. Time (must begin at the same)
2. Title (must come from the same document
3. Interest (all must hold 100%)
4. Possession (between all of them, there possession must be exclusive, excluding the world)

Question 3

Antoniades v Villiers

Answer 3

Case authority for 2nd point of AG unities, the title must come from the same document

Question 4

How to take care of oneself if wealthy with no family?

Answer 4

Create a trust.

Transfer legal ownership to another person.

Keep equitable ownership

Become the beneficiary (was the settlor)

Question 5

Who is the settlor?

Answer 5

The one who creates the will.

Often by / through will or deed

Question 6

Express trusts, what does it require?

Answer 6

Three certainties: certainty of intention, certainty of subject matter, certainty of object

Question 7

Trust coupled with a power?

Answer 7

An element of discretion in a trust

Eg I leave £5000 to X to use for my daughters on however he best deems fit

(Power is the element of determining how best it should be used)

Question 8

Rules against pepetutity

Answer 8

You can not bind an asset for all eternity

Eg Bentham