Equitable Owner - Law Dictionary Search Results
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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...
owner
owner : one with an interest in and often dominion over property: as a : legal owner in this entry b : one with the right to exclusive use, control, or possession of property c : a purchaser under a contract for the sale of real property see also equitable owner in this entry beneficial owner 1 : one holding a beneficial interest in a trust compare beneficial interest at interest 2 : one enjoying the benefit of property of which another is the legal owner [was the beneficial owner of property held by the parent corporation] 3 : one who has or shares the power to control the voting or investment of stock [was considered the beneficial owner of stock held by her minor children] equitable owner : one (as a beneficiary of a trust) who is considered to have rights or obligations of an owner regardless of legal title on the ground of equity [do not have legal title but, upon execution of the contract, they became equitable owners and have power to sue to protect their land "Desse...
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)...
Limited owner
Limited owner. A tenant for life, in tail or by the courtesy, or other person not having a fee-simple in his absolute disposition. The legal estates of limited owners were reduced to equitable interests after 1925 by the (English) Law of Property Act, 1925, ss. 1 and 4. See SETTLED LAND.Limited owner commonly means a person with restricted rights as opposed to full owner with absolute rights. In relation to property absolute, complete or full ownership comprises various constituents such as the right to possess, actual or constructive, power to enjoy, that is to determine manner of use extending even to destroying, right to alienate, transfer or dispose of etc. Any restriction or limitation on exercise of these rights may result in limited or qualified ownership, Kalawatibai v. Soiryabai, AIR 1991 SC 1581 (1589): (1991) 3 SCC 410....
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 ...
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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