LLB270 Lecture Notes - Lecture 9: Official Receiver, Revenue Commissioners, Life Estate
LECTURE 9 – GIFTS & SALES II
Assignment
oTransfer of ownership of property
oApplies to land & property (choses in action & choses )
Equitable assignment:
oLegal interest in property – assignment can occur in law OR equity
oEquitable property – assignment must be equitable
oOccur where –
Formalities of legal assignment have not occurred, but
There has been consideration, or
There is a gift, and
oThe donor has done everything they alone can do to bring it about –
Corin v Patton
oMade it beyond revocation – Costin v Costin
Property is equitable in nature
Assignment is of future property
oEquitable assignment is enforceable in equity
ASSIGNMENT OF FUTURE PROPERTY –
oFuture property – property that does not yet exist or is not yet owned by the
assignor
oExamples of future property:
Expected inheritance under a will where the testator is not dead
Verdict to be recovered in litigation
Dividends on shares if not yet declared
oOnly ASSIGNABLE IN EQUITY
MUST BE VALUABLE CONSIDERATION – Holroyd v Marshall (1862)
Void if no consideration, cannot assign what may not come to fruition –
Norman v FCT (1963)
oNature of the interest:
Technically – “prophetic conveyance” isn’t possible
Assignment of future property for value creates a contractual obligation
which is specifically enforceable when the property comes into existence
When assignor gains property – assignee obtains an equitable interest
BUT – Re Lind [1915]
Lind assigned an expectation under his mother’s will as security for a loan
twice – then declared bankruptcy
Assigned the expectancy a third time
Purely contractual agreement – extinguished by bankruptcy
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Assignment: transfer of ownership of property, applies to land & property (choses in action & choses ) Equitable assignment: legal interest in property assignment can occur in law or equity, equitable property assignment must be equitable, occur where . Formalities of legal assignment have not occurred, but. There is a gift, and: the donor has done everything they alone can do to bring it about . Corin v patton: made it beyond revocation costin v costin. Assignment is of future property: equitable assignment is enforceable in equity. Assignment of future property : future property property that does not yet exist or is not yet owned by the assignor, examples of future property: Expected inheritance under a will where the testator is not dead. Dividends on shares if not yet declared: only assignable in equity. Must be valuable consideration holroyd v marshall (1862) Void if no consideration, cannot assign what may not come to fruition .
