Property Law Canada - Winter Flashcards
Fee tail (Not tested)
- Shortened type of fee simple
- Could only descend to specific class of relatives as described in its formula
- Can no longer be created in Ontario
- No longer used since the 1770
Fee simple
a permanent and absolute tenure in land with freedom to dispose of it at will
DOCTRINE OF ESTATES
defined as a bundle of rights delimiting the period during which the holder was entitled to possession
Estate in Land
defines the interest held by a landholder
Freeholdproperty
can be defined as any estate which is “free from hold” of any entity besides the owner.
Fee simple
lasts as long as there are heirs who may inherit estate
Life estate
lasts for the holder’s lifetime which is uncertain therefore freehold
O grants to A for life.
A has a life estate. O retains a reversion in fee simple.
O grants to A for life, remainder to B in fee simple.
A has life estate. B has a remainder in fee simple. O retains nothing.
A grants to B for life, remainder to C and his heirs
A does not have the reversion right. B died then the C and his heirs get the property.
fee simple is “of inheritance” and life estate is “not of inheritance”
True
Usus
right to use and possess land, including the right of management and control
fructus
right to profit from land, whether by exploiting it directly or leasing it out
Abusus
right to alter the land physically, even destruction
Common law
“to A and his heirs” to create a fee simple
Ontario’s Conveyancing and Law of Property Act (1886)
Replaced “ A and his heirs”. No need to put down “his heirs” for fee simple.
X grants to A and his heirs
Common Law: A gets Fee simple, X doesn’t retain interest.
CLPA: A gets fee simple, X doesn’t retain interest.
X grants to A in fee simple
Common Law: A gets life estate, because it doesn’t say and his heirs. X gets the property after A dies.
CLPA: A gets fee simple. X doesn’t retain interest.
X grants to A forever
Common Law: A gets life estate. X retains the interest.
CLPA: A gets fee simple. X doesn’t retain interest. Forever = Fee simple.
X grants to A
Common Law: A gets life estate. X retains the interest.
CLPA: A gets a fee siimiple. X doesn’t retain any interest.
X grants to A for her natural life
Common Law: A gets life estate. X retains the interest.
CLPA: A gets life estate. X retains the interest.
X grants to A for her natural life, and one month after A died, X grants to B and his heirs.
Common Law: A gets life estate. B is the reminder person. X retains no interest.
CLPA: A gets life estate. B gets a fee simple. X retains nothing.
Capital Property
Capital Property is also commonly referred to as capital asset. This is property that on a sale or other disposition give rise to a capital gain or capital loss.
- Depreciable property
- non-drepciable property
Depreciable property
vehicles, equipment or machinery used in a business, and buildings.
Non-depreciable property
stocks, bonds and units of a mutual fund trust shares, partnership interst, and land
Re Taylor
The executors of a testatrix’s estate applied for a determination of the meaning, intent and effect of a clause in the testatrix’s husband’s will. By
