s4 Equitable Interest v Priority Rules Flashcards
what is equitable interest?
Equitable jurisdiction is based on fairness rather than legal technicalities
A party with an equitable interest can raise their interest in a property without having any legal title of the land. The only way an equitable interest can be enforced is by the court.
through which court was the doctrine of equity developed?
Through seperate courts of Chancery
to supplement the common law
what are the differences between common law and equitable interest ?
- equitable title is more likely to be harmed by postponement in registering the property under their name than common law title
- the owner of an equitable interest does not have the right to posses, this must be obtained through court order
- not all equitable owner will constitute ownership
define bona fida purchaser?
“good faith” purchaser
forms of equitable interest?
- Express - where a settler transfers property to a third party (known as trustee) for a beneficiary
- Implied -
what is Priority Rules?
it resolves disputes between different parties with an interest in the same property.
Only applies to old land title or unregistered land interest.
what is a Legal Interest in a land?
A legal interest is a legally enforceable right to possess or use property.
which sec outlines the legal formalities required for creating a legal interest?
s51 v s52 Property Law Act 1958 - Through a grant or conveyance executed by deed
the requirement of a deed for legal interest?
s73 PLA - it has been signed and witnessed
Doctrine of Notice?
basically a purchaser should buy a land with good faith (bona fida) and should be considered of the right of a party with an equity interest in the same land. The court will take this into consideration on whether the legal title noticed another party’s interest in the land.
