Co-Ownership Flashcards
(19 cards)
What is concurrent co-ownership?
Ownership of the same estate (freehold or leasehold) by two or more people at the same time. A trust of land is automatically imposed
How is legal and equitable title separated in co-ownership?
Legal title: held by trustees, registered proprietors
Equitable title: held by beneficiaries, not on public register
What are express trusts and their formalities?
Intentionally created trusts, evidenced in writing and signed
What are implied trusts?
Trusts arising by conduct, e.g. financial contribution, without writing (LPA 1925, s 53(2)). Include resulting and constructive trusts.
What are the two types of co-ownership?
Joint tenancy: Single entity, no shares, survivorship applies
Tenancy in common: Distinct but undivided shares, no survivorship
What are the four unities?
Possession
Interest
Title
Time
(All required for joint tenancy)
What is the right of survivorship?
On death, the interest of a joint tenant passes automatically to the surviving co-owners.
Can the legal title be held as tenancy in common?
No. Legal title must be held as joint tenancy and cannot be severed
How is the legal title limited for administrative ease?
Max 4 trustees
Who can hold equitable title?
Anyone, including minors and mentally incapacitated individuals.
Can equitable title be joint or in common?
Yes. Co-owners can hold as joint tenants or tenants in common, depending on the presence of four unities and express declarations.
What is severance of equitable title?
The process of converting a joint tenancy into a tenancy in common to avoid survivorship
What are the recognised modes of severance?
Notice in writing
Unilateral act
Mutual agreement
Mutual conduct
What is required for notice in writing to be valid?
Must be unequivocal, irrevocable, and immediate in intention. No signature needed. Must be served to all other joint tenants.
What constitutes proper service of notice?
By hand or at last known abode or business. Effective upon delivery, not necessarily upon being read
What are the types of unilateral acts?
Total alienation: sale or gift of interest
Partial alienation: mortgage or lease
Involuntary alienation: bankruptcy
What are the mutual methods of severance?
Mutual agreement: express or implied agreement to hold separate shares
Mutual conduct: prolonged conduct suggesting division
What does TLATA 1996 (Disputes) allow?
Anyone with an interest in land subject to a trust can apply to the court for an order concerning the land (e.g., for sale or occupation).
What factors must the court consider under TLATA?
Purpose of the trust
Welfare of any minors
Interests of secured creditors
Wishes of adult beneficiaries
