Business, Legal & Accounting Glossary
An interest in land (see: Interest land and property) that is governed by the practices of Equity, rather than by the common law or legislation. Since the passage of the Law Of Property Act (1925), the relevance of equitable interests has probably increased because the 1925 legislation destroyed many of the large numbers of legal interests that existed at that time. Equitable interests may be overt, such as the interests of beneficiaries under a trust. However, many other interests are capable of taking effect in equity: co-ownership rights, easements, covenants, options, and so on. Courts also recognize equitable rights where parties have attempted to grant each other legal interests and failed. For example, a lease or mortgage not granted by deed cannot be a legal interest, but the court may enforce it as an equitable interest.
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This glossary post was last updated: 6th April, 2020 | 2 Views.