Law Assignment

Table of Contents

Introduction to Assignment3

Case Scenario 13

Related Concepts and Principles in Theoretical Context3

Analysis of Problem5

Considerations for Proprietary Estoppels8

Identifying Solutions10

Case Scenario 211

Related Concepts and Principles in Theoretical Context11

Analysis of Problem11

Remedies in Case of Fiduciary Relationship between Marcus and Petra12

Identifying Solutions13

Bibliography15

Law Assignment

Introduction to Assignment

This assignment seeks to demonstrate an understanding of trusts of land, co-ownership, implied trusts and proprietary estoppels, and the concepts and principles underpinning fiduciary relationships in lieu of the evaluation and analysis of two case scenarios in the same context. This assignment will analyze problems and identify effective solutions by deploying primary and secondary legal sources and related sources. The issues rose by such scenarios and their solutions will be described.

Case Scenario 1

Related Concepts and Principles in Theoretical Context

Trusts of land and co-ownership imply certain provisions according to the Trusts of Land and Appointment of Trustees Act 1996 (hereafter TLATA), that creates an understanding about its fundamental aspects and formalities. In order to resolve the given case and to study the implications in the wake of the given situations, it is necessary to study this Act and its important features. This Act deals with strict settlements, areas of reforms, cases under co-ownership, trustees' powers, beneficiaries and provisions for the protection of purchasers. According to the Law of Property Act 1925, a property may be “owned” by one and four people, called a “trust” are held if it is owned by more than one person. These people enjoy “beneficial” interest in the property and can be called “tenants”. The types of tenancy are either a “joint tenancy” or a “tenancy in common”. The difference between the two types is that in a joint tenancy, the property is owned by all the tenants together. There can be no divisions or share that is to be defined. On the other hand, in case of a tenancy in common, the tenants agree to a definite share out of the property, which is divisible if required.

A property transferred into a living trust, takes advantage of the trust's benefits. An individual who passes on or “transfers” a property into the trust is called a grantor. There are several dimensions or items of property in which the grantor can entrust his trust, these include household as property, trust in business interests, mutual funds and bonds, accounts of the money markets, accounts of brokerage, patents and copyrights, royalty and its related contracts, antiques and valuable metals etc.

Property trust is thus, a multi-dimensional terminology that underlies many provisions and regulatory assumptions for the people who “hold the property into trust”. Notwithstanding the similarities on the issues of creation, transfer and joint ownership for properties, the rights and duties of co-owners of a property differ substantially from those for joint owners. This involves a subsequent level of trust, called property trust. A Property Trust Will:

Guarantees that will benefit from the share in the property, if the surviving partner either remarries or writes a new Will after the trustee's death.

Reduces the potential impact of residential ...