Legal or equitable estates

Main content Bankruptcy Basics Glossary A adversary proceeding A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. A nonexclusive list of adversary proceedings is set forth in Fed.

Legal or equitable estates

The proper definition is that a right which a person has over another's land. There are 2 types of interest: Equitable interests These two interests are different from each other but both of them share a common feature- they are proprietary rights in land, which means that they are capable of binding third parties.

It is different from the personal rights, which is not capable of binding third parties eg, licences 1.

Legal or equitable estates

This includes both easements the right to use the land of another in some way or prevent it from being used for certain purposes, such as rights of way and rights of water and light and profits a prendre rights to take something from the land of another, such as fish, wood or grazing rights.

In order to be a legal, the right must be held either for an indefinite time equivalent to a fee simple or for a definite time equivalent to a term of years.

Therefore, an easement for life or a right of drainage granted until the road is adopted by the local authority cannot be a legal interest, must be equitable. Rentcharge is that someone gives the owner the right to a periodical sum of money secured on land independently of any lease or mortgage.

For example, where the seller of land reserves an annual payment for it to secured by a rentcharge. These are commonly found in the Manchester and Bristol area. Yet, there will be no new rentcharge can be created after 22 July and most rentcharges will be extinguished on 22 July or 60 years from the date of the creation.

A right of re-entry in a lease, if the tenant, for example, fails to pay the rent, is made an interest in land itself. It can be attached to a legal rentcharge to secure payments of the rent. An instrument shall not be a deed unless: Step 1- Identify the right: As it is for life, it can only be equitable even if it is signed in a deed.

It does not mentioned that the easement is for the rest of Casper's life, therefore we can assume that it is for ever.

So, it can be either legal or equitable. Step 3- Is it in a deed? If yes, then it is a legal interest. Equity often applied where the application of the strict rules of common law would not have produced a just result. The effect was that equity often did not insist on the observance of formalities, such as the need for a right to be granted in a deed.The various kinds of estates as to quantity and quality may be either (a) Legal, or (b) Equitable.

We now come to a new principle upon which to classify estates, namely, their legal or equitable character. Defend estates against claims under the Family Protection Act, Testamentary Promises Act and other equitable claims such as constructive trust.

Claw back assets into the estate where they have been taken by the deceased’s surviving spouse or partner.

Best Lawyers for Trusts and Estates in Toronto, Ontario. A Trust and Estate practice includes all legal aspects relating to the accumulation, preservation, enjoyment, and succession of family wealth. also may be of value when planning for the equitable distribution of assets among members of blended families or the care of minors and.

Legal or equitable estates

Community Property and Equitable Distribution States Understanding how your state’s laws affect property division in your divorce. In certain states, a divorcing couple’s property will be divided under a community property approach, while in other states equitable division rules apply.

You are the legal owner, but the equitable owners are you and your relative. Perhaps you have a savings account into which you put money for a young friend or relative, too young to have their own account.

Attorneys bringing an action for the recovery of unpaid legal fees after the expiration of the three-year statute of limitations for legal malpractice claims must be aware that former clients can still assert equitable recoupment counterclaims for legal malpractice to offset the damages sought in the complaint.

Priorities Between Competing Legal Interests | Oxbridge Notes Australia