Equitable Conversion - Law Dictionary Search Results
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equitable conversion see conversion ...
conversion
conversion 1 a : the act of changing from one form or use to another b : the act of exchanging one kind of property for another ;esp : the act of exchanging preferred stocks or bonds for shares of common stock of the same company usually at a preset ratio or price and at a preset time equitable conversion : the constructive conversion of real property into personal property esp. as a result of a contract for sale of land or testamentary instructions to sell real estate and divide the proceeds NOTE: Equitable conversion is a legal fiction under which the seller of a real property becomes, upon the execution of a contract for the sale of the property, the owner of personal property in the form of legal title to the property that secures payment of the purchase price. The purchaser is deemed to be the holder of equitable title in and owner of the real property, having the rights and being subject to the liabilities that attend that status. In the case of a will in which a property ...
Conversion, equitable
Conversion, equitable. It is an established principle that money directed to be employed in the purchase of realty, and realty directed to be sold and turned into money, are considered inequity as that species of property into which they are directed to be converted; and this, in whatever manner the direction is given; whether by will, or contract, marriage articles, settlement, or otherwise; and whether the money is actually deposited, or only covenanted to be paid, or whether the land is actually conveyed, or only agreed to be conveyed, Fletcher v. Ashburner, (1779) 1 Bro CC 497; 1 W&TLC. This principle is governed by the doctrine of equity, that that which ought to be done shall be deemed as actually done.The property thus equitably transmuted by anticipation will possess all the qualities, incidents, and peculiarities of that kind of property into which it is destined to be changed. See 3 & 4 Wm. 4, c. 74, s. 71.But the beneficiary, or all the beneficiaries together, provided they ...
Equitable estates and interests
Equitable estates and interests, Rights relating to property of which the legal ownership is vested in another person, or in the equitable owner himself in another capacity. The rights arise whenever a person obtains a title to have the property or an estate or interest in it vested in himself, e.g., by contract or by any conveyance or assignment which does not by law transfer or vest the legal estate or ownership in the transferee, by mortgage or charge, and whenever a trust arises, either express, constructive, implied or by operation of law. In theory the legal owner alone was entitled, both in law and equity, to the property, and he alone was responsible for the obligations and incidents attaching to the property, the beneficial owner merely having a personal right inequity to force the legal owner to carry out his obligation or trust, but the rights and obligations of beneficial ownership became recognized and affected by statute. The Statute of Uses turned the beneficial right or...
Just and equitable
Just and equitable, are a recognition of the fact that a limited company is more than a mere legal entity with a personality in law of its own: that there is room in company law for recognition of the fact that behind it, or amongst it, there are individuals, with rights, expectation and obligation inter se which are not necessarily submerged in the company structure. A. Company H.L.(E) (in re:), (1999) 1 WLR 1092.Just and equitable, the principle of 'just and equitable' clause baffles a precise definition. It must rest with the judicial discretion of the court depending upon the facts and circumstances of each case. These are necessarily equitable considerations and may, in a given case, be super imposed on law. Whether it would be so done in a particular case cannot be put in the straitjacket of an inflexible formula, Hind Overseas Private Limited v. Raghunath Prasad Jhunljunwalla, AIR 1976 SC 565 (574): (1976) 3 SCC 259: (1976) 2 SCR 226.The words 'just and equitable' which occur in...
Equitable mortgage
Equitable mortgage, a mortgage under which the mortgagee does not get the legal estate. The following mortgages are equitable:-(1) Where the subject of a mortgage is trust property, which security is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. As a rule these mortgages include mortgages (not being mortgages of a legal estate) under a trust for sale or settlement which are not registrable under the (English) L.C. Act, 1925, s. 10, Class C.(2) Where the subject of the mortgage is an equity of redemption, which is merely a right to bring an action in the Chancery Division to redeem the estate. Now under the (English) L.P. Act, 1925, Sched. I., Parts VII. (1), (3), and VIII. (1), (3), and see ss. 85, 86, ibid., a mortgagor retains a legal estate in fee simple or for a term of years, and the first and subsequent mortgagees out of that estate each have a legal mortgage.(3) Where mortgages created before 1925 ...
Conversion
Conversion, with its grammatical variations, includes alteration or change of whatever nature. [Places of Worship (Special Provisions) Act, 1991 (42 of 1991), s. 2 (b)]--Where a man who is, lawfully or unlawfully, in possession of the goods of another deals with them in a manner which is inconsistent with the dominion of the owner over them, he is guilty of a conversion. It must be 'an unauthorized act which deprives another of his property permanently or for an indefinite time', Hiort v. Bott, (1874) LR 9 Ex 89. The taking possession of the goods of another is a trespass, as distinct from a conversion, though the latter term is often used to include both. Refusal to restore the goods is prima facie sufficient evidence of a conversion, though it does not amount to a conversion, 10 Rep. 56. See Fouldes v. Willoughby, (1841) 8 M&W 540; Hollins v. Fowler, (1875) LR 7 HL 757; Union Credit Bank Cases, (1899) 2 QB 205; Clerk and Lindsell on Torts, 7th ed., ch. xi.; and TROVER....
Equitable claims and defences at Common Law
Equitable claims and defences at Common Law; The (English) Common Law Procedure Act, 1854 (ss 83-86), enabled any defendant to plead the facts which would entitle him, if judgment were obtained against him, to relief in Equity from such judgment on equitable grounds, by way of defence, and also enabled the plaintiff to avoid such defence by a replication upon equitable grounds. A plea on equitable grounds was good at Law only where an absolute and unconditional injunction wold be granted in Equity.The (English) Judicature Act, 1925, s. 36, and follow-ing sections, reproducing s. 24 of the (English) Judicature Act, 1873, has combined the jurisdiction of the Courts of Common Law and Equity so that legal and equitable remedies may be granted in the same Court but without affecting the nature of the rights. The object is to avoid multiplicity of actions and it does not confer a new jurisdiction (The James Westall, 1905, P., p. 51), and if there is any conflict or variance between the rules...
Fair and equitable
Fair and equitable, The words 'fair' and 'equitable' both mean 'just or unbiased' (see the Concise Oxford Dictionary, 4th Edn., p. 426 and p. 402). The words 'fair and equitable' must be given their due meaning and proper effect. The question then asked is - what meaning is to be given to the words 'such.......... as the lessor shall determine'. It is indeed true that these words constitute an adjectival clause to the expression 'fair and equitable enhancement', but we consider that the meaning of the adjectival clause is merely this: the lessor must first determine what it considers to be fair and equitable enhancement; but if in fact it is not so, it is open to the lessee to ask the Court to determine what is fair and equitable enhancement, Damodhar Tukaram Mangalmurti v. State of Bombay, AIR 1959 SC 639 (642): (1959) Supp 2 SCR 180....
Equitable distribution
Equitable distribution, in Jowitt's Dictionary of English Law, where 'equitable' has been stated to mean 'that which is fair', and to Corpus Juris Secundum to show that equitable is that which is done 'fairly, justly and impartially'. It cannot be doubted that only that distribution can be said to be 'equitable' which is 'just and right under all the circumstances of the particular case', State of U.P. v. Hindustan Aluminium Corpn., (1979) 3 SCC 229: AIOR 1979 SC 1459: (1979) 3 SCR 709....
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