1-3 of 3 Results

  • Keyword: disposition of property x
Clear all

Chapter

Cover Business Law

18. Businesses and the Responsibility to Agents  

This chapter identifies agency relationships, their prevalence in business, and how the agency exists to bind the principal in contracts with third parties. It begins by defining agency as the relationship that exists between two persons when one, called the agent, is considered in law to represent the other, called the principal, in such a way as to be able to affect the principal’s legal position in respect to strangers to the relationship by the making of contracts or the disposition of property. Agencies exist in corporate organizations, sole trader, and partnership trading structures, and the law in this area applies to many relationships and is frequently seen in commercial enterprises, including high street retailers, between partners, and the directors of a corporation.

Chapter

Cover Land Law

17. Co-ownership and Priorities: The Defences Question  

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter deals with the priority rules applicable where co-owned land is sold or mortgaged. It concentrates on overreaching. It is theorized that s 27(1) of the Law of Property Act 1925 (LPA 1925) provides the basis of overreaching. Other theories include that the basis of overreaching lies in the doctrine of conversion and the trustees’ powers of disposition. The chapter considers the preconditions for overreaching to take place and the practical division that arises between trusts with one and two (or more) trustees. The chapter explores the contentious question of the effect on overreaching where a transaction constitutes an intra vires or ultra vires breach of trust and the protection available to purchasers in those circumstances where a breach of trust precludes overreaching.

Chapter

Cover Equity & Trusts

13. Dispositive Powers  

Paul S Davies and Graham Virgo

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter begins with a definition of the nature of dispositive powers and duties and how they relate to the distribution of trust property to beneficiaries or objects. They are sometimes referred to as ‘beneficial’ powers and duties. It is hard to draw the distinction between dispositive and administrative powers and duties, but it is a necessary distinction since different rules relate to administrative and dispositive powers and duties. Trustees may have various powers relating to the appointment of trust property to beneficiaries, and there are various consequences of a dispositive power not being exercised. These include liability for breach of trust and the court’s exercising the power instead. Sometimes the trustees may be authorized by the court to exercise the power late.