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Law of Property (Miscellaneous Provisions) Act 1994: Difference between revisions
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Law of Property (Miscellaneous Provisions) Act 1994 (view source)
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One of those innocuous-sounding, understated, quintessentially British statutes that actually does some fairly important work. | {{a|security|}}One of those innocuous-sounding, understated, quintessentially British statutes that actually does some fairly important work. | ||
It is this little fellow whom we can thank for vouchsafing to us the expression “[[full title guarantee]]” and its less fashionable, seldom-uttered brother “[[limited title guarantee]]”. | It is this little fellow whom we can thank for vouchsafing to us the expression “[[full title guarantee]]”, bringing with it covenants implied at law (and as to which see below) and its less fashionable, seldom-uttered brother “[[limited title guarantee]]” which, as you might expect, comes with less fulsome [[covenant]]s. In it, “[[property]]” includes intangible rights and similar [[thing in action|things in action]]. | ||
'''[[Full title guarantee]]''': Section 3(1) explains what full title guarantee means. It means you provide the property with an implied covenant, as follows: | |||
{{box|3(1) If the disposition is expressed to be made with [[full title guarantee]] there shall be [[implied covenant|implied a covenant]] that the person making the disposition is disposing of the property free—<br> | |||
:(a) from all charges and incumbrances (whether monetary or not), and <br> | |||
:(b) from all other rights exercisable by third parties, <br> | |||
other than any [[charge|charges]], [[encumbrance|incumbrances]] or rights which that person does not and could not reasonably be expected to know about.}} | |||
It is not unknown for chargees to try to widen this [[implied covenant]] to delete the caveat about no actual or [[constructive knowledge]]. Which seems a bit harsh. | |||
{{sa}} | |||
[http://www.legislation.gov.uk/ukpga/1994/36/contents text of the legislation] | [http://www.legislation.gov.uk/ukpga/1994/36/contents text of the legislation] | ||
{{c|UK Legislation}} | {{c|UK Legislation}} | ||