PROPERTY LAW – LECTURE 9

PROPERTY LAW – LECTURE 9 - PROPERTY LAW...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
PROPERTY LAW – LECTURE 9 WITH “SEMINAR 9.1” PRIORITIES Introduction Range of Proprietary interests in land – Legal and equitable life estate and fee simples, easements and mortgages. Priorities issues arise where competing claims to proprietary interests in land where such interests in inconsistent with each other Range of rules and guidelines to assist courts determine priorities disputes from common law Under Torrens System – Specific statutory rules are applicable with position dominated by Principle of Indefeasibility (once someone is registered under the Torrens system , they are bound by no others). There are different rules to the Torrens System and the general law. Need to understand Common Law rules to assist in applying Torrens system approaches Priorities rules are full of inconsistencies and anomalies 4 possible situations when looking at priorities under the common law: o Prior legal interest followed by a subsequent legal interest o Prior legal interest followed by subsequent equitable interest o Prior legal interest followed by subsequent legal principles o Prior legal interest followed … 3 general principles o Interests rank according to date of creation where they of same general nature. o Interest cerated earlier ntime may be postponed to an interest created later in time because of donduct of parties (eg: Fraud, misrepresentation, gross negligence) – Even if an interest prior, may be put later in time. There can be postponement in time due to the conduct of the parties. o An earlier equitable itneresti n land will be deferred to a later legal interest acquired bona fide for value and without notice of the earlier interest. There are a range of exceptions to these principles however. Equity however sets a high standard in regards to notice given. Prior legal v subsequent legal
Image of page 1

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

View Full Document Right Arrow Icon
If 2 or more legal estates in land are inconsistent with each other – Priority depnds on date of creation of interest Nemo dat – A person cannot concey an interest that he or she does not have Most lega interests conveyed by deed – what date was deed executed? Examples: o A conveys lega estate in fee simple to B and late purports to convey same estate to C B has priority and C has no interest. Not a priority issue as there was nothing for A to convey into C In this event (???) A grants legal lease to B – then purports to convey lega fee simple to C C gets the land subject to the legal lease that B entered into with A. Prior legal v subsequent equitable Provided no fraud or negligence on part of prior legal estate it will take prior over any subsequent equitable estate. Example of case where legal interest postponed because of fraud is: o Northern Countries Fire The legal interest holder was a party to… Involved borrowing money over company for the estate. In return, gave company title documents including mortgage, which was locked in the company safe, which Crab had access to.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern