Quick Answer: What Is The Difference Between Legal And Equitable Title?

Unlike a right recognisable in law, all equitable rights are enforceable only at the discretion of the court.

Legal rights, however, are enforceable as of right.

Once the existence of the right is established it is not really open to the court to consider the merits of the situation before giving a remedy..

Legal title means the legal ownership of the product, rather than who has possession of the product. For example, a wholesaler may sell a piece of equipment to a customer on 30-day credit terms.

Can I sell my house with a charging order?

When your creditor applies for an interim charging order, they’ll also register a charge on your property at the Land Registry. This means you can’t sell your property without your creditor knowing about it.

What is equitable property?

Equitable distribution is a legal theory whereby marital property is distributed equitably in a divorce proceeding. Property assets are classified as either separate property or marital property. Most US states follow the equitable distribution theory.

A legal charge is usually registered to protect a mortgage loan. … Unlike an interest protected by a notice, or an equitable charge, a legal charge is an actual legal interest in land, just like a right of way, and so it is capable of binding future owners of a property who were not a party to the mortgage contract.

What is an example of equitable relief?

A common form of equitable relief will order the rescission of a contract, which cancels all terms and obligations and restores both parties to their pre-contract position. … For example, gag orders, which prevent a party from publishing sensitive information, are often issued in cases of intellectual property theft.

What do you mean by equitable remedies?

The practice of granting equitable remedies came about to compensate for the inadequacies of the common law courts which could not grant remedy if the affected party wanted the performance of the contract or wanted to prevent the commission of a wrong threatened.

What does an equitable charge mean?

The Equitable Charge With lending, the legal charge holders have to give consent for another legal charge over the same property. … This means property subject to an equitable charge cannot be sold until that charge is cleared. The big difference is in the power of sale.

What is an equitable wrong?

The term “equitable wrongs” is used generically to encompass breach of fiduciary duty and equitable breach of confidence, but does not include the retention of an unjust enrichment by a non-fiduciary or a non-confidant.

What is the difference between a title and a deed?

The Difference Between A Title And A Deed A deed is an official written document declaring a person’s legal ownership of a property, while a title refers to the concept of ownership rights. … A deed, on the other hand, can (and must!) be in your physical possession after you purchase property.

Legal ownership It belongs to the legal owner, i.e. the person who is registered at the Land Registry on the title deeds. Legal interest gives the owner a right of control over the property, which means they can decide to sell or transfer the property.

trusteeThe trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.

What is an equitable interest listing?

In real estate law, “equitable title” refers to a person’s right to obtain full ownership of a property or property interest. This is often contrasted with or used in conjunction with the term “legal title.” Legal title is the actual ownership of the land.

Who holds the equitable interest in a trust?

An equitable interest is an “interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary.”[2] The equitable interest is a right …

What does equitable title mean?

beneficial interest inA beneficial interest in real property that gives the title holder the right to acquire legal title to the property. Equitable title holders cannot transfer legal title to real property, but they derive benefits from the property’s appreciation in value.

What are the 3 equitable remedies?

There are three types of equitable remedies: specific performance, injunction, and restitution.

What does equitable remedy mean?

Equitable remedies are judicial remedies developed by courts of equity from about the time of Henry VIII to provide more flexible responses to changing social conditions than was possible in precedent-based common law.

How does an equitable charge work?

Essentially a charge creates an equitable proprietary interest in the asset being secured. A charge arises when there is agreement between creditor and debtor that the creditor has an equitable proprietary interest in the secured asset as a security for a debt. When the debt is discharged, the charge terminates.