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IRC v Lloyds Private Banking Ltd

[1998] ChD 10 Apr

Case summary last updated at 23/02/2020 17:59 by the Oxbridge Notes in-house law team.

Judgement for the case IRC v Lloyds Private Banking Ltd

·   Mr and Mrs E owned house as tenants in common. On her death Mrs E left her half share on trust provided that: ‘while my husband… remains alive and desires to reside in the property and keeps the same in good repair and insured comprehensively to its full value… and pays and indemnifies my Trustees against all rates taxes and other outgoings in respect of the property my Trustee shall not make any objection to such residence and shall not take any steps to enforce the trust for sale on which the property is held or to obtain any rent or profit from the property.’ Subject to the above, the property was held on trust for her daughter absolutely. 
·   It was held that the above clause gave Mr E a life interest in the property since it elevated him to the status of a sole occupier of the entirety free from any obligation to pay compensation for excluding the daughter from occupation and free from the risk that an application would be made to the court for sale.

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