"The term 'warranty date' is defined in chapter 327A to mean 'the earliest of (a) the date of the initial vendee's first occupancy of the dwelling; or (b) the date on which the initial vendee takes legal or equitable title
in the dwelling,'" Johnson continued.
The legal title - the man whose name is on the deed and equitable title
, the people who really own it and this land is held on trust for the residents of Whickham, who are the true equitable owners and as a result of a trust created by Whickham urban district council in 1937 in perpetuity."
Sebastian countered that title is not the same as ownership, and even if DeBruce did not hold legal title to the grain, it held equitable title
. The supreme court noted that generally, equitable title
is considered sufficient to establish ownership for property tax purposes, however, the court of appeals did not reach the issue of ownership, which raised both factual and legal questions.
In part, this conundrum rests on the distinctive nature of title as held in the underlying trust assets, i.e., legal title as held by the trustee and equitable title
by the trust beneficiaries.
A: For an action to quiet title to prosper, two indispensable requisites must concur, namely: (1) the plaintiff or complainant has a legal or an equitable title
to or interest in the real property subject of the action; and (2) the deed, claim, encumbrance or proceeding claimed to be casting cloud on his title must be shown to be in fact invalid or inoperative despite its prima facie appearance of validity or legal efficacy.
The second situation is where the claimant only ever begins with an equitable title
. It is difficult to envisage any situation in which such a claimant will be able to argue that his original equitable interest has been 'upgraded' to absolute ownership by misappropriation.
The BHL lawsuit claims One Bank holds legal title to the property for the benefit of OneFinancial, which owns equitable title
to the Parker Building.
has been determined appropriate because the "paramount constitutional requirement of just compensation must be allowed to prevail over the niceties of legal title." Courts also have deemed equitable title
an appropriate consideration on the basis that "[t]he law should not require businessmen to ignore otherwise sensible economic planning decisions in order to retain their right for full actual damages consequent upon a public taking."
Although the claimant could equally have brought a proprietary claim involving an assertion of equitable title
, the case as pleaded was concerned only with a personal claim: an action for money had and received.
Instead, he reasoned, the servicer sues as the owner of equitable title
to the claim.
Furthermore, the Torrens system does not inhibit the operation of the doctrine in Walsh v Lonsdale, (45) which has the effect of transferring equitable title
to the purchaser in the above claim pending the completion of transfer.