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Law Notes Land Law Notes

Equitable Interests Overview Notes

Updated Equitable Interests Overview Notes

Land Law Notes

Land Law

Approximately 987 pages

Land Law notes fully updated for recent exams at Oxford and Cambridge. These notes cover all the LLB land law cases and so are perfect for anyone doing an LLB in the UK or a great supplement for those doing LLBs abroad, whether that be in Ireland, Hong Kong or Malaysia (University of London).

These were the best Land Law notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LLB samples from outstanding law students with the highest results in ...

The following is a more accessible plain text extract of the PDF sample above, taken from our Land Law Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

  • The trust creates proprietary interests binding successors in title, but notice is necessary for binding purchasers:

    • Actual notice (purchaser was aware of the trust)

    • Constructive notice (purchaser would have been aware if he investigated properly)

    • Imputed notice (an agent, eg. solicitor, had notice)

  • Rule that a trust binds everyone except purchaser of legal interest without notice devised in 20C

  • Other equitable interests:

    • Specific performance of contracts (while common law awards damages)

    • Redemption (if land is held as security for a mortgage, it can be lost for failure to pay a small amount of money, so equity allows it to be ‘redeemed’ upon payment of the loan and interest. This can last indefinitely but mortgagee can obtain a court order for foreclosure stipulating the time the mortgagor has to repay)

  • Equities – a group of proprietary interests that differ slightly from equitable interests so their existence as a separate category is dubious

    • Effect on purchasers is weaker compared to equitable interests

      • Purchaser of equitable interest without notice is not bound

      • Purchaser less likely to be held to have had notice

    • Two types:

      • Latec Investments v Hotel Terrigal: C required the assistance of equity to remove an impediment to his title before asserting his interest

      • Rights different in nature from conventional equitable interests

    • Land Registration Act 2002 s116 gives proprietary status to the first kind of equities but it is unclear whether the second kind is caught also (Act uses the term ‘mere equity’)

  • Though the Judicature Acts merged the courts of Equity and Common Law, it is unlikely that the two branches of law will be merged, because the Trust relies on a separation of the two interests

  • However the two interests are becoming increasingly similar:

    • The principle that equitable interests don’t bind bona fide purchasers of legal estate without notice is eroding because registration requirements require both interests to be registered

    • Equitable remedies are discretionary whereas common law remedies are available as of right, but this is also inconsequential because it is rare for courts to deny an equitable remedy and these situations are usually mirrored by common law defences

    • Legal interests must comply with formality requirements and equitable interests not

    • Main difference today is perhaps the perception of equity as flexible (eg. ‘unconscionability’) and thus more receptive of legal developments. However it would be difficult to argue that merger of interests would stifle judicial development because the common law would still develop the law just using different reasons.

  • The legislation doesn’t seek to...

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