legal vs. equitable
Posted by Laura W on December 01, 1997 at 22:33:39:
In response to legal vs equitable etc, written by Kate on November 28, 1997 at 11:28:10
] ] After a perusal through Black's, I'm even more confused. What is a "legal" vs. "equitable" estate?
] An equitable estate is held according to the rules of equity (ie a trust) whereas a legal estate is held according to "law". The difference in english property law was (and is) quite important - particularly prior to the 1870s when the courts of equity and courts of law were combined. Until then, you actually had to bring an equitable claim in the Lord Chancellors court (this is what much of the story in Dicken's Bleak House is about) and a legal claim in the law courts.
Well, I know that, ;-) what I don't understand is what about an estate would classify it as legal or equitable? Is a testate estate one of law or equity? Intestate? Why would a trust be an equitable estate rather than a legal one? Etc. Obviously I'm very fuzzy on this....
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