PROPERTY LAW – LECTURE 8

PROPERTY LAW – LECTURE 8 - PROPERTY LAW...

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EQUITABLE INTEREST Outline Introduction: Origins of equity – What is it? o Formalities relating to acquisition of title to land o Emergence of the use and the trust o Essence of modern equity and the trust The modern trust o Express intentional trusts o Resulting trusts o Gratuitous transfers Equitable rights arising from contract o Formalities relating to the acquisition of title to land o Proprietary effects of contracts Doctrine of conversion Equity deems as done that which ought to be done Interaction between Walsh v Lonsdale and Conversion Doctrine of Part Performance o Unconscionable behaviour Background Constructive trust and the Baumgartner principle doctrine of estoppel Introduction: Origins of equity – What is it? 3 source of property law: o Statute – Two key sources in SA – RPA, LPA. There are other sources in SA as well. Rights from statute are described as legal rights, but some statutory rights are considered to be of an equitable nature, such as the Trustee Act. o Common law – Such rights are also described as legal rights. o Equity – Such rights from equity are described as equitable rights.
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Development of Court of Chancery – To merge with the King’s Bench so courts have power over all sources of property law. Developed out of the Lord Chancer who was responsible for the administration of justice in the UK, where those with complaints about the administration of justice could take any issues with the Lord Chancer as he had power to manage courts in the justice system. If there were any unfair matters in jury, the Lord Chancer had the power to take action and readdress certain issues in any matter that had being conducted. Equity – Does not overrule common law – Works in conjunction with it. Gives the courts greater flexibility where equity is stamped on the common law system. Courts today recognise legal rights and where appropriate, subject them to equitable rights Formalities relating to the Acquisition of Title of Land. LPA S 26 – Contracts for sale of land to be in writing o (1) No action shall be brought upon any contract for the sale or other disposition of land or of any interest in land, unless an agreement upon which such action is brought, or some memorandum or note thereof, is in writing, and signed by the party to be charged or by some person thereunto by him lawfully authorised. So there is a sale for any dispossession in land or any interest in land, then there needs to be in writing and signed by the parties to that particular agreement. o (2) This section does not after the law relating to part performance, or sale by the court. There are exceptions however where such a document will not affect the law
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This note was uploaded on 09/27/2011 for the course FINANCE 1001 taught by Professor Profassorted during the Three '11 term at University of Adelaide.

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PROPERTY LAW – LECTURE 8 - PROPERTY LAW...

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