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Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
The resulting merger of the legal and equitable gives rise to the "perfect title", often referred to as marketable title. Legal and equitable title also arises in trust. In a trust, one person may own the legal title, such as the trustees. Another person may own the equitable title such as the beneficiary. [2]
Beneficial owners hold specific property rights ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Beneficial owner is subject to a state's statutory laws regulating interest or title transfer. [2] This often relates where the legal title owner has implied trustee duties to the ...
If the title says the first person's name followed by the word "and" before listing the second person's name, then both parties must sign the vehicle title. 2. Create a Bill of Sale
Items such as the car's title, maintenance record and a bill of sale are all among the paperwork you'll need to sell your car. This guide from CarGurus runs through what all these items are. Also ...
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Equitable interest is a right against a right, rather than right against a thing or right against a person. Whenever a party B has a right against a right of another A, B's right is prima facie binding on anyone who acquires a right that derives from A's right. B will acquire such a persistent right whenever A is under a duty to hold a specific ...
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