Equitable Estates And Interests - Law Dictionary Search Results
Conditional limitation
Conditional limitation partakes of the nature both of a condition and a remainder. At the Common Law whenever either the whole fee or a particular estate, as an estate for life or in tail, was first limited, no condition or other quality could be annexed to this prior estate, which would have the double effect of defeating the estate, and passing the lands to a stranger, for as a remainder it was void, being an abridgment or defeasance of the estate first granted, and as a condition it was void, as no one but the donor or his heirs could take advantage of a condition broken; and the entry of the donor or his heirs unavoidably defeated the livery upon which the remainder depended. On these principles it was impossible by the old law to limit by deed, if not by will, an estate to a stranger upon any event which might abridge or determine an estate previously limited. But the expediency of such limitations, assisted by the revolution effected by the Statute of Uses, at length established ...
Future estates
Future estates, expectancies, which are, at Common Law, of two kinds: reversions and remainders. If in land, these are now referred to as equitable interests by the L.P. Act, 1925, and are no longer capable of subsisting, being conveyed or created at law (ibid., s. 1), but the interests may be disposed of (s. 4). See SETTLEMENT; LEASE....
Frank-marriage
Frank-marriage [in libero maritagio, Lat.], a species of entailed estates, now grown out of use, but still capable of subsisting. When tenements are given by one to another, together with a wife, who is a daughter or cousin of the donor, to hold in frank-marriage, the donees shall have the tenements to them and the heirs of their two bodies begotten, i.e., in special tail, without the words of limitation such as 'heirs of his body.' The legal estate in estates tail has been abolished by L.P. Act, 1925, s. 1, and see s. 130, ibid. for the words of limitation necessary to create an equitable interest in tail. For the word frank-marriage, ex vi termini, both creates and limits an inheritance, not only supplying words of descent, but also terms of procreation. The donees are liable to no service except fealty, and a reserved rent would be void until the fourth degree of consanguinity be past between the issues of the donor and donee, when they were capable by the law of the church of inter...
Puisne mortgage
Puisne mortgage. In the legal phraseology which was used before 1926 meant a mortgage sub-sequent to the mortgage of a legal estate, but for the purposes of the Land Charges Act, 1925, s. 10 (1) (Class C.), it is enacted that 'puisne mortgage' means any legal mortgage (including the first) of a legal estate not being a mortgage protected by a deposit of documents relating to the legal estate affected and (if the whole of the land affected is within the jurisdiction of a local deeds registry) not registered there. These mortgages, if created after 1925, must be registered at the Land Charges Registry, Red Lion Square, or they will lose priority; see, further, MORTGAGE CHARGE. Mortgages created before 1926 may be registered before transfer. This amounts to notice, but even this notice will not prevent tacking on further advances by a prior mortgagee if that mortgagee has not seen the register at the date of the first advance or has no other actual or direct notice. See TACKING.Under the ...
Part-owners, or co-owners
Part-owners, or co-owners, joint owners, or tenants in common, who have a distinct, or at least an independent, although an undivided, interest in the property. If the property is in land, by the (English) Law of Property Act, 1925, s. 1 (6), a legal estate is not capable of subsisting or of being created in an undivided share in land and the beneficial interest in the property is merely equitable [ibid., sub-s. (3)] See, further, UNDIVIDED SHARES. Neither of them can transfer or dispose of the whole property, or act for the others as partners can in relation thereto; each can merely deal with his own share, and to the extent of his own several right and interest. It is an entirely different relation from partnership.Part-owners of ships are tenants in common, with distinct and undivided interest, and each is the agent of the others, as to the ordinary repairs, employment, and business of the ship, in the absence of any known dissent. The property in a ship, is by s. 5 of the (English)...
Determinable fee
Determinable fee. A fee determinable by limitation or condition, (English) S.L. Act, 1925, ss. 1 and 117 (1)(iv.), and see Challis R. P., 3rd Edn. By the First Sched., (English) L. P. Act, 1925, such fees, if not capable of taking effect as legal estates under Part I of that Act, have been converted into equitable interests. Certain estates in fee simple which by statute are liable to be divested, and fee simple vested incorporations are legal estates, see s. 7(1) and (2), (English) L. P. Act, 1925, and see BASE FEE....
Shifting use
Shifting use, a secondary or executory use, which, when executed, operates in derogation of a preceding estate: as land conveyed to the use of A. and his heirs, with proviso that when B. pays a certain sum of money, the estate shall go to the use of C. and his heirs. The legal estates thereby created have been converted as from the 1st January, 1925, into equitable interests (see Law of Property Act, 1925, ss. 1 and 39 and the 1st Sch., Part I.). The instrument declaring the use if it was still in contingent operation on the 31st December, 1925, is a settlement within the meaning and for the purposes of the Settled Land Act, 1925, s. 1 (ii.) (b). See also SPRINGING USE....
Attendant term
Attendant term. Terms for years in real property are created for many purposes, e.g., to furnish money for the payment of debts, to secure rent charges or jointures, to raise portions for younger children, daughters, etc. Now, although the purpose for which the term was originally created has been satisfied or has failed, yet, not being surrendered, it continued to exit, the legal interest remaining in the trustees, to whom it was at its creation limited, or, if deceased, in their personal representatives; but the person entitled to the inheritance then became, according to equitable principle, entitled to the beneficial interest in such term, and the term or was held to be such person's trustee. This beneficial interest was subordinate to and merely attendant upon the higher estate possessed by the owner of the inheritance, and yet completely consolidated with it, following the inheritance in all the various modifications and changes to which it might be subjected by act of law or arr...
property of the estate
property of the estate All legal or equitable interests of the debtor in property as of the commencement of the case. Source: Administrative Office of the U.S. Courts ...
Resulting trust
Resulting trust, a trust created by operation of law. Resulting trusts are of two kinds: (1) Where an owner of property makes a disposition of the legal estate and there is nothing to show that he meant to deal with the equitable interest, but by s. 60 of the Law of Property Act, provides that in a voluntary conveyance executed after 1925, a resulting trust for the grantor will not be implied merely because the property is not expressed to be conveyed for the benefit of the grantee; (2) where a purchaser of property takes the conveyance not in his own name but in that of some one else. In either of these cases the law creates a 'resulting trust'-in the former case, in favour of the owner of the legal estate; in the latter, in favour of the purchaser, i.e., the man who paid the purchase money. See Lewin on Trusts....
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