Whether Gill Can Claim the Flat Under Implied Trust Essay

Whether Gill Can Claim the Flat Under Implied Trust - Essay Example The remedy to these issues lies in the law of Property. The law provides for rights over property. Those rights are legal and equitable rights. Trust creates equitable rights. Common law recognizes legal rights. Equitable rights are also enforceable in common law but they are enforceable in personam, i.e. they are enforceable against only a particular person i.e. particular trustee. Whereas legal rights on the property are rights in rem, which are enforceable against anyone. The statute classifies the interest in the property as commercial and family interest. The commercial interest in property is derived generally by buying and selling of the property, such transaction is registered under the law thereby creates legal right over the property. The family interest is the equitable interest like life interest in the property such interest is created by family settlements or formal testimonies like will. The Law of Property Act, 1925 provides for Co-ownership. When two or more persons hold interests in a property their ownership over the property is said to be co-ownership and each of them is called tenants. The term tenant used in this statute differs from that used in the lease. Under the co-ownership, each tenant has the right to live on or share in the property during his or her lifetime. This co-ownership is of two types - Joint Tenancy and Tenancy in common. In case of death of any of co-owners his/her interest is devolved to the surviving tenant. In joint tenancy, the ownership of the property is retained upon all tenants as single ownership. They are not entitled to devolve their share in the property by will but the law permits to dispose of it during a lifetime.