Beneficial Interests Flashcards
(15 cards)
1
Q
What are beneficial interests?
A
- Concerts equitable/real ownership of land. The legal owner appears on the title and beneficiary has right to use property and benefit from land.
-Arise when trusts are implied or expressly created.
2
Q
Different types of trusts.
A
- Express trust
-Resulting trust
-Constructive trust
3
Q
Define constructive trust
A
- Based on common intention + detrimental reliance
-Even if no money was paid, if parties intended to share property and acted on their detriment, beneficial interest might be established. (e.g., contributed to a mortgage).
4
Q
What is Resulting trust
A
- Arises when one party provides money for a purchase but isn’t on the title
-Presumes that the payer has a share.
5
Q
Express trust
A
- Created intentionally (Usually in writing
-Established in the law of property act s.53
6
Q
What statute affirms express trusts
A
Law of property act 1925 s.53
7
Q
How are beneficial trusts established.
A
- Two main questions established in Stack v Dowden.
- Was their a common intention to share property?
Did one party act on their detriment in that they relied on a detriment?
8
Q
Jones v Kernott
A
- When common intention changes, court can infer/chqnge shares accordingly.
9
Q
Oxley v Hiscock
A
- If parties do not have established shares, the court will decide a fair share
10
Q
Protections of beneficial interests
A
- Beneficial interest can be an overriding interest under schedule 3 Land registration act 2002.
11
Q
What is an overriding interest
A
A right that protects someone even if their name isn’t on the land registry. it can block/bind a new buyer. E.g., an actual occupant can stop a new buyer from kicking them out even if the buyer wasn’t aware of them.
12
Q
What is the law of property at 1925
A
- S.53(1). Express trusts must be evident
-S.53(2). Constructive trusts do not require writing
13
Q
What is the trusts of land and appointment of trustees act 1996.
A
- Gives courts power to resolve disputes about trusts of land
-Beneficiaries can apply for the sale of land
14
Q
What does the LRA 2002 say about beneficial interests
A
- Overriding interrests protect an actual occupants rights.
15
Q
What does the case of William and Glynns Bank v Boland say
A
- Mrs boland was an actual occupant and husband remortgaged the house without her on it.
-Court decided Mrs Boland interests overrode the bank - Established was - Actual occupation + Beneficial interest = overriding interest.
