Division of proceeds in after Fat Boy forces a sale.
Despite the fact that Fat boy contributed an equal amount as Prince, Madonna, and slim in purchasing the house that he wants to be sold, the court law does not recognize him as one of the legal owners of the house. The agreement that binds Fat boy as one of the legal owners of the house is void under s2 of the Law of Property (Miscellaneous Provisions) Act 1989 that provides that a sale of land, transfer of an interest of land ought to be in writing. It is because before the transfer deed was registered their solicitor realized that Fat Boy was under age thus prompting the property to be registered in the names of Madonna, Prince, and Slim. Since there is no evidence showing that Fat boy is one of the legal owners of the property he would have to rely upon the conduct of the other owners to establish a common intention of sharing the property’s benefits as well as establishing that the conduct that he relied on resu...
... middle of paper ...
...sh law only covers ownership of property as either freehold or leasehold. In this case, business assets lie under freehold property. In occasions where the house would have been a business asset, they would have held it as joint tenants because they contributed equally in purchasing the house. Under this arrangement, there would own the house as one legal entity with each person entitled to equal, undivided right in the house as well as equal proceeds from the selling of the house. Remember the notes from co-ownership chapter
In sharing the proceeds of the property since Price had sold his interest in the house to Madonna the remaining parties will hold the property as tenants in common. Thus, in dividing the proceeds from selling the house, the proceeds will be shared upon the agreed proportions. With Slims shifting to the person stipulated in his Will.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Bundle of Rights is one way to explain property ownership. Bundle of Rights Theory an individual holds a free hold estate of inheritance, that individual owns the whole bundle of rights. Some rights are considered too been known as bundle of sticks and they represent and identifiable rights. In the rights, there are two types of property real and personal property. Estates in land: life estate, leasehold estate, real estate, fee simple. It includes nonpossessory interest such as easement and liens.... [tags: Real estate, Real property, Property]
701 words (2 pages)
- Ownership has long affected our sense of self and worth. It has changed with the times but still affects us the same way as before. The famous philosopher, Plato, thought that “owning objects is detrimental to a person's character”. By examining the different types of ownership and evidence from historical to contemporary society, ownership correlates with one’s sense of self by either improving or diminishing it. . It is impossible for any living organism to survive without owning anything. From insects to mankind, owning some sort of property, whether tangible or intangible, is our way of surviving.... [tags: financial system, economy, self-ownership]
1233 words (3.5 pages)
- The statement suggests that at the core of the decision in Stack the assumption of a “common intention” trust is the default option for cohabitants holding a property in a joint ownership. Firstly, this can be said that it is due to the nature of joint ownership, which presupposes unity of possession, title and interest. Moreover, where a property is jointly owned a trust can be classified as a constructive trust for the equitable benefit of joint parties as well as preserving their joint legal ownership.... [tags: Law, Property, Ownership, Property law]
1053 words (3 pages)
- Buy To Let Conveyancing Fees If you`re planning on purchasing a house or apartment to rent out, there are a number of factors you need to consider. The conveyance process is one of the major things that you need to arrange for this. Our site will help you find the best buy to let conveyancing fees online which you can compare instantly. The Buy To Let Process The first thing you need to do when buying a rental property, is inform all of the professional advisers you are hiring that the purchase if for buy to let purposes.... [tags: Renting, Property, Leasehold estate, Leasing]
1392 words (4 pages)
- A Bonzi found a necklace while staying at a hotel that is owned by Alpha Corp, and the question, “to whom does the necklace belong?” is asked. First of all, the type of property involved, from a legal perspective is personal property, and more specifically, tangible personal property because the necklace is a physical object that can be moved and touched. In determining who the necklace belongs to, the legal decision that needs to be made in relation to Bonzi is: who has legal ownership of the necklace.... [tags: Property, Ownership, Property law, Contract]
1977 words (5.6 pages)
- Assignment 4 A Bonzi found a necklace while staying at a hotel that is owned by Alpha Corp, and the question, “to whom does the necklace belong?” is asked. First of all, the type of property involved, from a legal perspective is personal property, and more specifically, tangible personal property because the necklace is a physical object that can be moved and touched. In determining who the necklace belongs to, the legal decision that needs to be made in relation to Bonzi is: who has legal ownership of the necklace.... [tags: Property, Ownership, Property law, Contract]
1916 words (5.5 pages)
- While both researchers and human subject’s battle over the basic issue of cell ownership, here in United States the rights to those cells remains a constant tug of war. There are four types of specimens obtained for research; tissue for a future research project, extra or leftover tissue taken for diagnosis or treatment during procedures, such as fluids collected and biopsies; cadaveric tissue, and tissue with human potential or reproductive tissue, fetal tissue, eggs, sperm, and embryos. Scientist and researchers are fighting to preserve their foundation of cell and tissue sample collection and testing claiming the sources discarded or forgot about the tissue and cells, and ownership should... [tags: Property, Ownership, Research, Exclusive right]
1346 words (3.8 pages)
- Question 4: The argument for intellectual property tends to provide a source of profit and income for a person who has meritoriously developed a new idea through their own independent volition. In contrast tot his, there are aspects of intellectual domain that were collectively designed, and cannot possibly be “owned” by an individual corporation or individual. Of course, all of this tends to be defined through the economic system of capitalism, which tends to find individual ownership a valid rationale for intellectual property due to the fact that owners receive money and power from these “inventions.” In political and economic terms, The clash between collective ownership under communis... [tags: Property, Ownership, Copyright, Capitalism]
1115 words (3.2 pages)
- In this paper, I will examine Nozick’s ‘whatever arises from a just situation by just steps is itself just’ formula. By this formula, Nozick protects individuals’ absolute property rights. To examine its validity, first, I will show that Nozick’s entitlement theory relies on Kantian principle, which demands treating everyone as persons having individual rights with dignity. However, it will be clear that Kantian theory does not necessarily yield the concept of absolute property rights. Second, I will explain the principle of self-ownership, which will clarify that persons have rights over their bodies and powers.... [tags: Property, John Locke, Ownership, Copyright]
1929 words (5.5 pages)
- 7-Eleven is best described as being a joint ownership. 7-Eleven does exactly what some joint ownerships do where a business creates local business with investors in a foreign market. 7-Eleven put their stores in several countries and has done with many countries dream of doing, and they have entered market in a foreign country and have become so submerged that many people do not even know that they are not an American company. 1. One a scale of one to five, to what degrees does 7-Eleven adapt its offering in each global market.... [tags: Convenience store, 7-Eleven, Convenience]
874 words (2.5 pages)