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Full title guarantee: Difference between revisions
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An expression | {{g}}An expression [[Mediocre lawyer|financial lawyers]] toss casually about, without much of a backward glance, but which has a specific meaning under the [[Law of Property (Miscellaneous Provisions) Act 1994]]. | ||
Under said statute (section (1)) there are two forms of covenant a chap can give when transferring property: by “[[limited title guarantee]]”, and by “[[full title guarantee]]” | Under said statute (section (1)) there are two forms of covenant a chap can give when transferring property: by “[[limited title guarantee]]”, and by “[[full title guarantee]]”: | ||
:(1): In an instrument effecting or purporting to effect a disposition of property<ref>defined as including a “[[thing in action]], and any interest in real or personal property”</ref> there shall be implied on the part of the person making the disposition, whether or not the disposition is for valuable [[consideration]], such of the covenants specified in sections 2 to 5 as are applicable to the disposition. <br> | |||
(2) Of those sections— <br> | :(2) Of those sections— <br> | ||
(a) sections 2, 3(1) and (2), 4 and 5 apply where dispositions are expressed to be made with [[full title guarantee]]; and <br> | ::(a) sections 2, 3(1) and (2), 4 and 5 apply where dispositions are expressed to be made with [[full title guarantee]]; and <br> | ||
(b) sections 2, 3(3), 4 and 5 apply where dispositions are expressed to be made with [[limited title guarantee]]. | ::(b) sections 2, 3(3), 4 and 5 apply where dispositions are expressed to be made with [[limited title guarantee]]. | ||
Full title guarantee implies that: | [[Full title guarantee]] implies that: | ||
*The transferor | *The transferor is entitled to dispose of the property (section 2(1)(a)). | ||
*The transferor will do all it reasonably can to pass the [[title]] to the transferee, at its own cost (section 2(1)(b) and (2)). | *The transferor will do all it reasonably can to pass the [[title]] to the transferee, at its own cost (section 2(1)(b) and (2)). | ||
*There is a presumption that the whole of the property if on a registered title, is being transferred (section 2(3)). | *There is a presumption that the whole of the property if on a registered title, is being transferred (section 2(3)). | ||
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It’s also not really much to do with {{tag|guarantee}}s generally, which are a topic of no small gruelling exactitude, should that be your kind of thing. | It’s also not really much to do with {{tag|guarantee}}s generally, which are a topic of no small gruelling exactitude, should that be your kind of thing. | ||
{{sa}} | |||
*[http://www.legislation.gov.uk/ukpga/1994/36/contents Law of Property (Miscellaneous Provisions) Act 1994] | *[http://www.legislation.gov.uk/ukpga/1994/36/contents Law of Property (Miscellaneous Provisions) Act 1994] | ||
*[[limited title guarantee]] | *[[limited title guarantee]] | ||
*[[title transfer]] | *[[title transfer]] | ||
{{C|Magic Words}} | {{C|Magic Words}} | ||