Equity Notes

Equity notes

Legal Position
Look first as to what licit position the parties being advised are in and if thither are competing effective interests will they extinguish equitable interests.
& manipulate; Is there any existing proprietary rights? I.e. mortgage, lease, fee simple
& manipulate; Is there any existing contractual family relationship in the midst of the parties?

They will if the legal title to certain property is obtained without wit by a bona fide purchaser. Law of Property Act s117 states that fellowship can be either constructive, actual or imputed if through and through an agent. If the legal interest was first in time thence the equitable interest will only win if the legal title holder was careless or took part in a fraud to create the equitable title.

Trusts
Express Trust
Statute
In SA to validly create a trust over Torrens human action land s29 (1) (B) states that the transfer needs to be in writing.

certainty of Intention
When a deed of trust is executed there will usually be no need to look provided at the conception of the party allegedly creating the trust. However, when there is a situation such as the one in Joliffe the motility of intention does matter.

Commissioner of Stamp Duties v Joliffe (1953) – man opens bank report card and states that it is on trust for someone else.



However, the court held that his real intention was to use the money in the account as his make and no trust has therefore been created.

Walker v Corboy (1990) – commonly moneymaking(prenominal) transactions will only give pilfer to a trust if there is a fiduciary relationship between the parties. If there is not then it is more than than likely that as in this case the relationship can more ordinarily be described as a commercial one between debtor and creditor.

Quitclose Trust
Australasian Conference fellowship v Mainline Constructions (1979) – adopted in Australia the rule from Barclays cashbox v Quitclose that where one party advance money to other with the mutual intention that it should...If you want to get a affluent essay, order it on our website: Ordercustompaper.com



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