Iii title iv time all co owners are vested with their

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iii. Title iv. Time – all co-owners are vested with their interest at the same time and through the same event. (e.g. grant to A for life with the remainder to B and C when they reach 21 years – they are different events even if they are twins). If 11
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it is a trust or a disposition in a will DO NOT WORRY ABOUT THE UNITY OF TIME. 1. right of survivorship – if there are 2 joint tenants and one dies, the other is left as the sole owner. In a joint tenancy situation each of the joint tenants holds the whole of the estate. When one dies that person’s interest is automatically extinguished. The interests of the surviving joint tenants remain unaffected. The last surviving tenant becomes the sole owner (winner takes all situation). If both die at the same time, it will literally require proof of who died first. If you cannot prove who died first then PLA s184 holds that the most senior died first. In TSL s50 of the TLA requires that the registrar must change the names of the title on the proof of the joint tenant. 2. no “words of severance” – use words to indicate a split in title on the transfer document. (“Share and share alike”/ “respectively”). These words will turn it into a tenancy in common (TIC) d. 2. Tenancy in common – where 2 or more people are simultaneously entitled to possession of the land but are not joint tenants. i. “words of severance” ii. One of the three other unities missing iii. Severance of pre-existing JT b. They each have a distinct and separate share in the land. c. May have different proportions. d. Share cannot be identified in relation to different physical parts. e. There is no right of survivorship. f. Share can pass through the will. The position in law versus the position in equity (p433-448 of Bradbrook). Common law and equity each have a preference for JT of TIC. Historically at CL a JT was presumed and preferred. Equity generally preferred a TIC (the “fairer” option). At law (CL) there is a preference of JT in the TLA (s33(4) and s30(2)). Where 2 or more people are named in an instrument to be registered (transfer of title) those people shall be entitled jointly. If 2 or more people are registered as joint proprietors they are deemed JTs. Presumption can be rebutted by words of severance, a missing unity. (Courts only need a slight ground to displace the presumption). Equity: 1. if TIC at law, presumed TIC in equity (follows the law). 2. but if a JT at law, not necessarily JT in equity… 12
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4 circumstances where equity presumes TIC from the start i. Unequal contributions to the purchase price (equity presumes a resulting trust). Lake v Gibson . If one holds legal title and another contributes to the purchase price equity will presume TIC. o Can rebut if there is evidence of marriage.
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