The minimum equity approach is na to proprietary

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The minimum equity approach is N/A to proprietary estoppel but is relevant to promissory estoppel. You do not necessarily have to have suffered financial disadvantage. No substantial correspondence is necessary. Once the estoppel is made out Susie is entitle to the proceeds of the sale. In this case there has been a considerable rise in market value of the property. The quarter share was worth $275 000 and is now $1M. TJ came up with a middle figure of $600 000. Is $600 000 disproportionate to her detriment? No, the parents were aware and although the detriment was not completely financial, there were irreversible life changing decisions (career, would have invested in their own home etc). Equities Equity of redemption (full equitable interest) – right of the mortgagor to have the property redeemed without paying back the loan. Equity of rectification – the right to have the contract corrected because it does not represent the agreement (may be an equitable interest if it relates to land – i.e. lease). 10
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Equity to set aside fraudulent transactions – There is debate as to whether this is proprietary. Equity of acquiescence (Prop estoppel) – The better view is probably that it is a mere equity and not a proprietary right. Arises through proprietary estoppel. (Inwards v Baker) Equity based on estoppel – undefined. It is a mere equity arising through estoppel and is imposed to prevent unconscionable behaviour. It is of wider consequence and may arise through any kind of estoppel. Topic 2: Co-Ownership [gambling, latin fruit, accounting stock and trade methodology, swap, Murdoch] Co-ownership – when 2 or more people are entitled to simultaneous enjoyment of the land. All have a ‘concurrent interest’. People can co-own land at land and in equity. People can co-own freeholds, leaseholds etc. There is a trend towards more co-ownership. Co-owners are not entitled to different parts of the land – they are each entitled to enjoy each and every part of the land. Each co-owner should not exclude the other co-owner from that enjoyment. 2 surviving types of co-ownership: 1. Joint tenancy a. Exists when each of the co-owners is seised of the whole of the estate or interest. Each owns (in the case of a fee simple) the whole of the fee simple. b. The interest/title is not split. c. There are a number of indicators – 4 unities: i. Possession – necessary for any kind of co-ownership to exist. Both/all co-owners are entitled to possession of all of the land. Remedies are available if one is wrongfully excluded of possession. ii. Interest – where the interest of each of the co-owners is the same. They must all have interest of the same nature (life estate, leasehold, remainder etc). If both have a life interest and one has a remainder interest – that is okay, because they both have the life estate. They must also have an interest to the same extent – that is equal interest. They must also have the same duration of interest (i.e. leaseholds of the same duration).
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