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Legal interest - n.(in land law) A right in or over land. It may comprise equitable ownership of the land (such as the interest of the tenant for life under a settlement), where the legal estate is owned by trustees; or the benefit of some other right over the land of another, such as an easement or rentcharge. Interests of the latter type can be legal or equitable, but under the Law of Property Act 1925 only interests owned on terms equivalent to a fee simple absolute in possession or a term of years absolute qualify as legal interests. A person interested in land is one who has rights in it. See also equitable interests.
equitable interests - Interests in property originally recognized by the Court of Chancery, as distinct from legal interests recognized in the common-law courts. They arose in cases when it was against the principles of equity for a person to enforce a legal right. Originally equitable rights (e.g. a trust, or the equity of redemption under a mortgage) were enforceable against the person with a legal right over property in question. Later, however, those who were given the property by the holder of the legal interests took it subject to equitable interests; later still, anyone who bought property knowing of the equitable interests was bound by them. In the developed law, everyone took property subject to equitable interests except those who bought it and neither knew nor ought to have known of the equitable interests (the doctrine of notice). Since 1925, equitable interests may be protected by the doctrine of overreaching, under the system of land charges, or by notice.
equitable interest An interest in, or ownership of, property that is recognized by equity but not by the common law. A beneficiary under a trust has an equitable interest. Any disposal of an equitable interest (e.g. a sale) must be in writing. Some equitable interests in land must be registered or they will be lost
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What is the difference between Legal and Equitable Rights?
A legal right is a right you have to something without any barriers. An equitable right is one that would be recognized by a court of equity. One of the easiest to understand examples is the right of real property ownership.Suppose a person purchases a parcel of land by deed from its owner. That person becomes the legal owner of the property. They have a legal right of ownership.Now suppose a person inherited a parcel of land as the only heir at law of her grandfather. The grandfather's estate must be probated to transfer legal title to the beneficiary. When the estate is probated through the probate court the beneficiary will become the legal owner of the premises by virtue of the court order that allows the probating of the estate.If the estate is not probated the beneficiary has an equitable right to the property and is not the legal owner. She has the right to commence a court action to probate the estate so she can acquire the legal right to the premises.Another example: An owner whose land is taken by the town due to nonpayment of real estate taxes has an equitable interest in the property until that right has been barred by a court decree. In this case the delinquent property taxes are the barrier to full legal ownership. The delinquent taxpayer is no longer the legal owner of the premises. Until the delinquent owner's rights have been barred by a court decree they have the right to pay the delinquent taxes to redeem their property and become the legal owner once again.
Is recission a legal or an equitable remedy?
Rescission is considered an equitable remedy. It allows a contract to be cancelled and parties to be restored to their pre-contractual positions. It is typically granted by a court to prevent unjust enrichment or unfair outcomes.
What are some alliteration words for justice?
Just judgment Fairness factor Equitable evaluation Legal legitimacy
What can an equitable remedy do?
An equitable remedy is different from a (money) damages remedy, usually because no amount of money would solve the plaintiff's problem. In other cases, such as contract modification, it is more efficient to restate the agreement than to guess at what the parties' damages might be.
Equitable remedies for men and women different?
Ideally, the equitable remedies issued in the courts should not differ according to the gender of the plaintiff. However, remedies do tend to differ for men and women because juries tend to be biased.
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
What is the difference between equitable title and legal title?
distinction between legal and equitable title
Does a contract for deed constitute legal or equitable title?
Equitable.Equitable.Equitable.Equitable.
If a Cosigner pays all of the the Home Equity Loan monthly payments does the Primary Signatory then get to claim the tax deduction on the interest paid or does the Cosignatory get such tax deduction?
You cannot claim a deduction for something you did not pay. If the primary signatory did not pay the interest, then this person does not get to deduct it. In order to claim a non-business/non-investment deduction for interest, the person claiming the deduction must (among other things) be the legal or equitable owner of the property. Usually, the cosignor is not the legal or equitable owner of the property, hence the cosignor cannot claim an interest deduction.
Can a court grant legal remedies or equitable remedies?
Yes, a court can grant both legal remedies, such as monetary damages, and equitable remedies, such as injunctions or specific performance. Legal remedies aim to compensate for losses, while equitable remedies seek to address broader issues of fairness and justice.
To deduct mortgage interest do you need to be on the loan or the title?
Certainly on the loan, for property you occupy. An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
Is an interim injunction a legal or equitable remedy?
Injunctions are equitable remedies, they are not remedies which the claimant has a right to and are therefore given at the discretion f the court.
What the different between equitable fee simple and legal fee simple?
Fee simple usually means you have a deed reciting full ownership of the appurtenant rights in the property. Equitable title means you only have a contract right to sue for specific performance (in equity) to obtain the property deed. In other words, fee simple is the deed, and equitable title is the right to obtain the deed in court.Other Perspectives:If the town takes your property for failure to pay your property taxes you have an equitable interest until your rights of redemption have been barred by a court decree. If you pay your delinquent taxes before a decree is entered your fee ownership will be restored.Suppose your mother died owning a home and you are her only heir. She left the property to you by her will. Until her will is probated you only have an equitable interest in the property and not a fee simple interest. In order for you to acquire legal title, a fee simple, her estate must be probated.
Why did equitable remedies come into being and how do they differ from legal remedies?
Equitable remedies were created to provide fair and just solutions when legal remedies were inadequate. They differ from legal remedies in that they focus on principles of fairness and justice rather than strict legal rules. Equitable remedies include specific performance, injunctions, and rescission, and are granted at the discretion of the court based on the unique circumstances of each case.
What is equitable fee simple?
Fee simple is the highest form of ownership of real property. Fee simple is absolute ownership. The owner in fee simple can sell the property or if they die while owning property it will pass to their heirs upon death by their will or by the laws of intestacy.An equitable fee simple would be an interest in real property that is something less than absolute ownership or fee simple. For example:A decedent died having a will and leaving their real property to their only child. The estate must be probated in order for legal title (fee simple) to pass to that child. If the estate is not probated that child would only own an equitable fee simple interest in the property. Their ownership would not be perfected until the parent's estate is probated.
What is an equitable servitude?
That term refers to something less than a fee interest in real property. It is a right of use that has benefits and burdens for both parties, the owner and the user. See the link below for a legal definition.
What is the difference between Legal and Equitable Rights?
A legal right is a right you have to something without any barriers. An equitable right is one that would be recognized by a court of equity. One of the easiest to understand examples is the right of real property ownership.Suppose a person purchases a parcel of land by deed from its owner. That person becomes the legal owner of the property. They have a legal right of ownership.Now suppose a person inherited a parcel of land as the only heir at law of her grandfather. The grandfather's estate must be probated to transfer legal title to the beneficiary. When the estate is probated through the probate court the beneficiary will become the legal owner of the premises by virtue of the court order that allows the probating of the estate.If the estate is not probated the beneficiary has an equitable right to the property and is not the legal owner. She has the right to commence a court action to probate the estate so she can acquire the legal right to the premises.Another example: An owner whose land is taken by the town due to nonpayment of real estate taxes has an equitable interest in the property until that right has been barred by a court decree. In this case the delinquent property taxes are the barrier to full legal ownership. The delinquent taxpayer is no longer the legal owner of the premises. Until the delinquent owner's rights have been barred by a court decree they have the right to pay the delinquent taxes to redeem their property and become the legal owner once again.
