Equitable interest

Equitable estateequitable title
An equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary." The equitable interest is a right in equity that may be protected by an equitable remedy.wikipedia
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Equity (law)

equityequitablefairness
The equitable interest is a right in equity that may be protected by an equitable remedy.
This role gave rise to the basic distinction between legal and equitable interests.

Equitable remedy

equitable reliefequitable remediesequitable
The equitable interest is a right in equity that may be protected by an equitable remedy.

Common law

common-lawcourts of common lawcommon
This concept exists only in systems influenced by the common law (connotation 2) tradition, such as New Zealand, England, Canada, Australia and the United States.

Trustee

trusteesBoard of Trusteestrusteeship
Under a trust, the trustee has a legal interest in the trust property and all of the rights and powers that follow from that legal interest (for example, rights to deal with that trust property and to invest trust property), subject to the interest of the beneficiary and the terms of the trust (deed).

Beneficiary (trust)

beneficiariesbeneficiarycestui que use
The beneficiaries under the trust have an equitable interest in the trust property.

High Court of Australia

High CourtAustralian High CourtSupreme Court
In DKLR Holding Co (No 2) Pty Ltd v Commissioner of Stamp Duties (NSW), the High Court of Australia held that if a person has an equitable interest in property, this implies that some other person has the legal interest in that property.

Keith Aickin

AickinSir Keith AickinAickin J
Aickin Jsaid "If one person has both the legal estate and the entire beneficial interest in the land he holds an entire and unqualified legal interest and not two separate interests, one legal and the other equitable".

Latec Investments Ltd v Hotel Terrigal Pty Ltd

Latec Investments Ltd v Hotel Terrigal Pty Ltd establishes that, in New South Wales, there are 3 classes of equitable interests: equitable interest, mere equity and personal equity.

Walsh v Lonsdale

An enforceable contract for sale confers an equitable interest on the purchaser of the land, as per the rule established in Lysaght v Edwards It was similarly held in Walsh v Lonsdale that 'equity looks on as done that which ought to be done'.

Law of Property Act 1925

19251925 property legislationLPA 1925
A contract, which does not meet the requirements of a deed, required by the Law of Property Act 1925 s.52(1), may be specifically enforced to convey the equitable interest to the new purchaser.

Specific performance

specifically enforcedorder of specific performanceperformance
A contract, which does not meet the requirements of a deed, required by the Law of Property Act 1925 s.52(1), may be specifically enforced to convey the equitable interest to the new purchaser.

Constructive notice

This rule has had a significant impact because it allows interests that have not been conveyed by a deed to still be binding on future purchasers, through the doctrine of constructive notice.

Parliament of the United Kingdom

ParliamentUK ParliamentBritish Parliament
However, the UK Parliament has weakened the impact of this rule, with the Law of Property (Miscellaneous Provisions) Act 1989 s.2, which requires all contracts for the sale of land (which could be specifically enforceable) to be in writing, to contain all the terms of the agreement and be signed by both parties.

Assignment (law)

assignmentassignedassignee
The rights may be vested or contingent, and may include an equitable interest.

Conveyancing

messuageconveyanceconveyed
A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).

Maxims of equity

equitable maximmaximequitable maxims
Due to his equitable interest in the outcome of the transaction, the buyer who suffers a breach may be entitled to the equitable remedy of specific performance (although not always, see below).

Tracing in English law

traceasset tracingtraceable assets
Equitable tracing, on the other hand, relies on the claimant having an equitable interest in the property, and can succeed where the property has been mixed with other property.

Birmingham Midshires Mortgage Services Ltd v Sabherwal

Birmingham Midshires v Sabherwal
Birmingham Midshires Mortgage Services Limited v Sabherwal [2000] 80 P&CR 256 is an English property law case, concerning the principles of equitable interests, overriding interests, and overreaching interests.

Creation of express trusts in English law

expresscreationexpress trust
When disposing of an equitable interest, the Law of Property Act 1925 must also be followed; much of the case law in this area has centred on the meaning of "dispose", with many cases involving people attempting to avoid tax.

Statute of Frauds

Statute of Frauds 1677
Sections 10 and 11 deal with the execution of judgments upon equitable interests of cestui que trust in land and held free from the incumbrances of the persons seized in trust.

Title (property)

titleland titlelegal title
At common law equitable title is the right to obtain full ownership of property, where another maintains legal title to the property.

Gift (law)

giftgiftsdonatio mortis causa
The transfer of equitable interests must be performed in writing by the owner or their agent.