Vendor Purchasing Relationship/Equitable Conversion Flashcards Preview

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Flashcards in Vendor Purchasing Relationship/Equitable Conversion Deck (10):
1

Equity regards ___ _____ that which has _____ _______.

"as performed" "been promised"

2

Equity will treat the parties to a real estate CONTRACT as if....

they had already performed it.

3

"Equitable Title"can mean either of these.....

1) specific equitable title was created (a trust or a mortgage)
or
2)Equitable conversion has OPERATED

4

examples of specific equitable title being created

trust, mortgage

5

WHEN does equity treat the contract as if it has been FULLy performed?

As soon as that bad boy is signed!

6

Effect of Equitable Conversion

vendor-deemed have title to the payment &
vendee- deemed have title to the real estate

7

"POSSESSION" has not yet transferred, so how is the property held in equitable conversion?

Each is holding the others property in a CONSTRUCTIVE TRUST

8

Craig v. Leslie (US Supreme Court)

"equity regards things directed or agreed to be done AS HAVING BEEN ACTUALLY PERFORMED where nothing has intervened which ought to prevent a performance. Hence money directed to be employed in the purchase of land and the land directed to be considered as that species of property into which they are directed to be converted"

9

is equity a mater of right?

NEVER. (never ENTITLED to a Decree)

10

example of equity never a matter of right

zoning changes- dont force transfer of ownership