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In law, an equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". [1]
Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They tend to illustrate the qualities of equity, in contrast to the common law, as a more flexible, responsive approach to the needs of the individual, inclined to take into account the parties' conduct and worthiness.
The rule in Dearle v Hall (1828) 3 Russ 1 is an English common law rule to determine priority between competing equitable claims to the same asset. The rule broadly provides that where the equitable owner of an asset purports to dispose of his equitable interest on two or more occasions, and the equities are equal between claimants, the claimant who first notifies the trustee or legal owner of ...
In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership.
A legal interest refers to the legally enforceable right to possess or use property. The term may refer to past, present, or future interests. Legal interest may also refer to: Equitable interest, which is a legal interest that may be enforced by equitable remedies; Estate in land, a possessory interest in real property
For disposing of existing equitable interests, the Law of Property Act 1925 provides in Section 53(1)(c) that: (c) A disposition of an equitable interest or trust subsisting at the time of the disposition, must be in writing signed by the person disposing of the same, or his agent thereunto lawfully authorised in writing or by will. [26]
Someone with an equitable interest in the property but no legal title, as in MCC Proceeds v Lehman Brothers, [9] cannot recover the money under common law. [10] Due to these limitations, "many leading academics and judges" have suggested that common law tracing should be completely merged with equitable tracing.
The contract transfers the equitable interest from the original owner to the other party, which takes place through a constructive trust. This originated with Chinn v Collins , [ 48 ] where it was decided that the creation of such a contract automatically passes the equitable interest to the buyer, assuming the contract can be completed.