Focus should then turn to how you determine the exact status of an interest.
- Consider the closed list of interests that have legal capacity under s 1(2) LPA 1925.
- Identify the formalities that must be complied with to make interests that have the capacity to be legal actually legal. Key authorities include s 52 LPA 1925; s 1 LP(MP)A 1989; s 27 LRA 2002. What happens if those formalities are not satisfied? Explain that an equitable interest may arise instead, but only where formalities required by equity are satisfied. Key authorities include s 2 LP(MP)A 1989; Walsh v Lonsdale (1882).
- Identify those interests that can only have equitable status: s 1(3) LPA 1925. Discuss briefly relevant formalities.
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