LAW316 Lecture 4 - LEGAL AND EQUITABLE INTERESTS IN LAND 1...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
WEEK4 1 LEGAL AND EQUITABLE  INTERESTS IN LAND
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Forms of title in Australia 2 Crown title Native title  Old system or common law title, and Title under the various State Real Property Acts, or  Torrens title as it is commonly known
Background image of page 2
“Mere Equities” 3   Latec Investments Ltd v Hotel Terrigal Pty Ltd  (in  liquidation) 113 CLR 265 Double Bay Newspapers v AW Holdings (NSWSC  1677/95 8 May 1996) “a claim to have an equitable interest which can only  be enforced by succeeding in some claim for  equitable relief”  
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Today’s aim 4 To be able to recognise when a legal or equitable  interest in land has arisen To know how these legal and equitable interests can  be transferred
Background image of page 4
Early method of land transfer 5 Manton v Parabolic  Pty Ltd 91985) 2 NSWLR 361 at 367-369 Young J – Text p512 ‘…the two parties to a conveyance attended on the land. The vendor removed his  battle glove with which he had defended the land and vested the purchaser with  it. It is, of course, from this ceremony that we get the words “vesting in  possession” and the like. The vendor then took his knife and dug up a clod and  lifted it up and handed it to the purchase. This lifting up and handing over is the livery. The vendor then handed the purchaser the knife which was usually  broken or twisted into a unique shape as a memorial of the transaction. The  vendor then publicly quit the land and usually threw to the purchaser a want or  a rod or festuca. …. .The parties then prepared a memorial of what had  happened which was substituted for the knife or the festuca, though for a while,  the knives were often incorporated in the wax of the seal that was placed on the  deed. By 1600, the parchment which was called “the Charter” or “the Factum”  or “the Deed” had entirely replaced the ancient symbols of livery.”  
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Manton v Parabolic 6 Young J:  “It seems to be a feature of every legal system that there must be some  particular ritual, act or instrument by which a person can notify the  community that  the most solemnly means what he is doing as being  binding on him. In Biblical times, this solemnity was provided by the  contracting parties slaughtering an animal, cutting its carcase in two,  and together walking between the two halves, see Genesis ch 15: 10 –  18”  
Background image of page 6
Livery of Seisin
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Standard Contract 8
Background image of page 8
Exchange of contracts 9 Two identical counterpart  contracts are prepared One is signed by the vendor and  one by the purchaser The counterparts are exchanged Purchaser usually pays 10% At this point there is a binding 
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/26/2010 for the course ECON 1160 taught by Professor Byrke during the Spring '10 term at Macomb Community College.

Page1 / 50

LAW316 Lecture 4 - LEGAL AND EQUITABLE INTERESTS IN LAND 1...

This preview shows document pages 1 - 10. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online