S 334 any 2 or more persons named as transferees

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to be entitled thereto as joint tenants. S 33(4)- any 2 or more persons named as transferees, mortgagees or lessees in an instrument are deemed to be entitled jointly. SITUATIONS WHERE EQUITY PRESUMES A TENANCY IN COMMON 1. Equity normally follows the law and presumes that joint tenants at law are joint tenants in equity, but presumes a tenancy in common where 2 or more persons: make unequal contributions to the purchase price (subject to presumption of advancement) advance money as mortgagees (equally or not). SO, if 2 people advance cash in a mortgage, have a ToC IN THE MORTGAGE, NOT the land as partners acquire property for a business venture; or Hold land for their separate business purposes ( Malayan Credit v Jack Chia ) You come under 1 of the 4. No need to show that you fall under ALL of them!!! MALAYAN CREDIT V JACK CHIA 1. Two companies, MC and JC, took a 5 year lease of a floor of a building, under an agreement that they would occupy floorspace and share costs and outgoings in proportions 62% MC and 38% JC. 2. Following dispute between them, JC sought order for sale of lease and equal division of the proceeds. 10
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11 3. MC argued that they were tenants in common in unequal shares and it should get the greater share of the proceeds 4. PC said that where 2 or more persons hold property for their several business purposes, equity presumes they intended to hold as tenants in common. SOLE OWNERSHIP AT LAW AND JOINT TENANCY IN EQUITY 1. Eg, Vedejs v Public Trustee V lived with deceased A in de facto relationship for many years During relationship they bought a home which was registered in A’s sole name V contributed $1000 to purchase price and mortgage was repaid from pooled earnings Court found actual common intention that they would hold as joint tenants in equity despite unequal contributions Intention at time of acquisition could be inferred from their subsequent conduct RIGHTS AND DUTIES OF CO-OWNERS 1. This section of the unit has been significantly affected by the Property (Co-ownership) Act 2005 which inserted a new Part IV into the Property Law Act (PLA). 2. The best reference on the new provisions is the VLRC, Disputes Between Co-owners Final Report (2002), available through online reading list. 3. Casebook and texts provide background reading on the common law rules. 4. APPLIES to ALL co-owners, as JT and T in C is not a distinction. 5. What might they want to claim? Co-owners at freehold may argue one has paid more for the rates. Repairs Damage done to the land Improvements to the land? MAKING A CLAIM 1. S. 225, 228 (in division 2) 2. S. 234 (s. 28A) (division 3) ACCOUNTING ON DIVISION AND SALE: PLA, PART IV, DIV 2 1. S 233: VCAT may (DISCRETIONARY) order: 2. (a) that compensation or reimbursement be paid or made by a co-owner to another co-owner or other co-owners; 3. (b) that one or more co-owners account to the other co-owners in accordance with section 28A; 4. (c) that an adjustment be made to a co-owner's interest in the land or goods to take
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