14 Questions
According to Lord Wilberforce, before an interest can be considered property, it must have all of the following characteristics EXCEPT:
Capable of assumption by third parties
Which of the following is NOT a characteristic of a property right?
Existence without all elements being present
Equitable interests are exemplified by the interest of a beneficiary under a trust.
True
Who created an equitable charge on the land?
The purchaser
Who succeeded in having the sale set aside?
The mortgagor
Why was the mortgagor bound by the equitable charge of the third party?
Because the mortgagor was a bona fide purchaser for value without notice
Which court came to protect other rights unrecognised by the common law?
Court of Chancery
What are some examples of equitable interests?
Equitable mortgages, vendor's liens, restrictive covenants
What is the difference between an equity and an equitable interest?
An equity is a personal right, while an equitable interest is a proprietary interest.
What is the role of the court in relation to undefined equities?
The court has discretion to provide a remedy against the other party.
What is the primary rule for determining the priority of estates and interests?
The order of their creation
What must someone with a legal estate establish in order to gain priority over an earlier equitable interest?
That they are a bona fide purchaser for value
When does the rule giving priority to the owner of a legal interest apply?
When the equities are equal
What is the position when the competition is between an equitable interest and a mere equity?
The bona fide purchaser of an equitable interest takes free from a prior equity of which he has no notice
Study Notes
Quiz: Understanding the Distinction between Equitable Interests and Mere Equities Test your knowledge on the dividing line between equitable interests and mere equities in this quiz. Explore concepts such as the discretionary nature of mere equities and the reliance on specific performance for purchasers under estate contracts. Learn about Maudsley's proposed test for determining whether an 'interest' is capable of being classified as equitable.
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