equitable ownership

equitable ownership

Describes the rights of a trust beneficiary in property, as opposed to the legal ownership resting in the name of the trustee.

References in periodicals archive ?
Regarding the alternative claim of equitable ownership, the Tax Court explained that although Harbor Lofts took on many of the rights and obligations of ownership for the buildings, it took them on only for a finite period ending on the lease's expiration.
'Thus a trust, in terms of law, is always a relationship relating to some property where the legal title is vested in the trustee for the benefit of one or more beneficiaries,' the submission stated, adding that in the English law there was a concept of duality of ownership or 'double dominion' and a distinction must be drawn between the legal ownership and the equitable ownership.
It said that in English law there was a concept of duality of ownership or 'double dominion' and a distinction must be drawn between the legal ownership and the equitable ownership.
To avoid confusion, it is therefore preferable to speak of: (1) absolute ownership when describing the combined legal and beneficial interest; (2) legal ownership where it is the legal interest specifically that is under consideration (whether that of the absolute owner or trustee); (3) equitable ownership where the relevant interest arises under a trust; and (4) beneficial ownership when the beneficial entitlement, however it arises, is in issue.
They emphasised that issues of job creation through fair employment processes, capacity building and skills development, financial support and development of local small, medium and micro (SMMEs) and co-operatives and empowerment deals for facilitating equitable ownership, need to be prioritised.
Courts will consider equitable ownership and also will factor in who controls various ownership interests (such as separate corporate entities that share similar officers or members).
The equitable ownership doctrine is a common law concept that can convert lessees of real property into owners that are liable for property taxes.
The minister confirmed that a large number of the projects in the north coast and El Alamein will also be tendered through partnerships involving quotes or equitable ownership, affirming that the country's goal is to avoid private-ownership of project infrastructure.
If legal or equitable ownership is in question the couple would have to apply to the court for a ruling under trust law to determine who owned what.
In 2004, the district court, in a separate matter, provided authority for the county appraiser to assess ad valorem taxes on improvements on Santa Rosa Island under an equitable ownership theory.
* Supports the following clarifying amendments to the Uniform Commercial Code: 1.) add new subsection (4) to [subsection] 679.623, to read: "The debtor retains all of the debtor's rights in collateral, including title if the debtor has title, until the secured party has completed one of the actions in subsection (3)"; and 2.) add new subsection (4) to [subsection] 679.609, to read: "neither title nor legal or equitable ownership pass to the secured party by taking possession of collateral after default unless the secured party acquires ownership by purchase pursuant to [subsection] 679.610 or by acceptance in satisfaction of the obligation pursuant to [subsection] 679.621 and [subsection] 679.622."
At this level of government, there have long existed principles of the equitable ownership of property in the contexts both of trusts and the division of land title.(21)