Head 14: Involuntary transfer Flashcards
(25 cards)
Transfer without the consent of the transferor is known as…
Involuntary transfer
Involuntary transfer is an example of …… acquisition
Derivative acquisition.
Five main cases of involuntary transfer
- Compulsory purchase
- Sale by a secured creditor
- Diligence
- Sequestration
- Death
What is compulsory purchase?
Allows public bodies to acquire land without the consent of the existing owner.
Compensation must be paid.
How is compensation under compulsory purchase determined?
Lands Tribunal (Land Compensation (S) Act 1973 s 8.
Two stages to compulsory purchase
- Compulsory purchase order (CPO)
- Actual transfer of ownership which may be effected either by a schedule conveyance or by a general vesting declaration.
When is a schedule conveyance used?
Generally if the party whose land is being compulsorily purchased is willing to cooperate.
Schedule conveyances are regulated by the…
Lands Clauses Consolidation (S) Act 1845
When is a general vesting declaration used?
When the transferor is unwilling to cooperate.
General vesting declarations are provided for by what act?
Town and Country Planning (S) Act 1997
When is “sale by a secured creditor” relevant?
When the debtor defaults on the loan, the creditor can sell the security subjects and recover the loan out of the proceeds.
Sale by a secured creditor is…
Involuntary - there is no involvement of the transferor.
How is the transfer by a secured creditor carried out?
Exactly the same way as usual for the type of property in question.
What is diligence?
Process by which the creditor (usually unsecured) attaches the property of his debtor as a means of enforcing an unpaid debt.
What a seize diligences?
The creditor ‘seizes’ the property belonging to the debtor. (these are more relevant to property law than ‘freeze’ diligences.
Main types of seize diligences:
- Attachment (corporeal moveables)
- Adjudication (land)
- Arrestment (moveable (corp/incorp) which is in the hands of a third party, like a bank)
- Furthcoming (moveable (corp/incorp) which is in the hands of a third party, like a bank)
What is the effect of seize diligences?
It seems that the creditor acquires not ownership but a right in security over the property seized and can then sell the property to recover his debt, similar to a secured creditor.
What is sequestration?
When an individual becomes insolvement he may be sequestrated - a trustee in sequestration is appointed by the court to divide his property rateably amongst the various creditors who are owed money.
Sequestration is governed by…
Bankruptcy (S) Act 1985
In sequestration the appointment of the trustee is confirmed by the issue by the sheriff court of an…
Act and warrant (1985 Act s 25);
In sequestration the act and warrant acts as a…
Judicial conveyance to transfer to the trustee all the property owned by the person who has been sequestrated.
For sequestration of heritable property, the act and warrant does not of itself…
Complete the transfer since registration must be carried out before the transfer is complete (as with any other kind of land transfer
When someone dies, their property is administered by…
an executor or executors
On death, in order for the executor(s) to distribute the deceased’s property they must first…
Acquire ownership of the property.
