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Overriding Interest
''For the oil and gas terminology of overriding royalty interest, please'' ''see'' Overriding Royalty Interest. Overriding interest is an English land law concept. The general rule in registered conveyancing is that all interests and rights over a piece of land have to be written on the HM Land Registry, register entry for that land. Otherwise, when anyone buys that piece of land, the interests will not apply to the purchaser, and the rights will be lost. Overriding interests are the exception to this general rule. Overriding interests need not be registered to bind any new owner. Overview The House of Commons, House of Lords and tasked Royal Commission preparing the Law of Property Acts (1925) agreed that for many classes of interest it would be unreasonable to expect certain interests to be registered, in which legislation they were termed overriding interests. Their list was reformed and simplified under legislation of 2002 in staggered reforms between that year and 2013. Such ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overriding Royalty Interest
''For the English land law concept of overriding interest, please see'' Overriding interest, Overriding Interest''.'' An Overriding Royalty Interest (ORRI) is an oil and gas interest is separated from the participatory interest of what is called the working interest. It is percentage of gross production that is not charged with any expenses of from an oil and/or gas well. An ORRI is a Covenant (law), covenant Covenant (law)#Related to land, running with the land between the Assignment (law), assignor and assignee. However, it expires if the associated leases expire. Calculating ORRI The overriding royalty interest, for well units, is calculated as follows: (Overriding Royalty Rate) × (Working Interest) × (Mineral Interest) × (Tract Participation Factor) = ORRI Where the terms are defined as follows: * Working interest is the ownership interest that would require the participation in production expenses. * Mineral interest is the percentage of real property interest after sev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stare Decisis
Precedent is a judicial decision that serves as an authority for courts when deciding subsequent identical or similar cases. Fundamental to common law legal systems, precedent operates under the principle of ''stare decisis'' ("to stand by things decided"), where past judicial decisions serve as case law to guide future rulings, thus promoting consistency and predictability. Precedent is a defining feature that sets common law systems apart from civil law systems. In common law, precedent can either be something courts must follow (binding) or something they can consider but do not have to follow (persuasive). Civil law systems, in contrast, are characterized by comprehensive codes and detailed statutes, with no emphasis on precedent, and where judges primarily focus on fact-finding and applying codified law. Courts in common law systems rely heavily on case law, which refers to the collection of precedents and legal principles established by previous judicial decisions on s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Interest
In law, an equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". The equitable interest is a right in equity that may be protected by an equitable remedy. This concept exists only in systems influenced by the common law (as opposed to civil law) tradition, such as New Zealand, England, Canada, Australia, and the United States. Equity Equity is a concept of rights distinct from legal (that is, common law) rights; it is (or, at least, it originated as) "the body of principles constituting what is fair and right (natural law)".Black's Law Dictionary. Second Pocket Edition. p. 241. 2001 West Group. Bryan A. Garner (editor in chief) It was "the system of law or body of principles originating in the English Court of Chancery and superseding the common and s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leasehold Estate
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and after that held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) periodically such as weekly or monthly. Terminology and types of leasehold vary from country to country. Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as renting. The leaseholder can r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prescriptive Easement
An easement is a nonpossessory right to use or enter onto the real property of another without possessing it. It is "best typified in the right of way which one landowner, A, may enjoy over the land of another, B". An easement is a property right and type of incorporeal property in itself at common law in most jurisdictions. An easement is similar to real covenants and equitable servitudes. In the United States, the Restatement (Third) of Property takes steps to merge these concepts as servitudes. Easements are helpful for providing a 'limited right to use another person's land for a stated purpose. For example, an easement may allow someone to use a road on their neighbor’s land to get to their own.' Another example is someone's right to fish in a privately owned pond, or to have access to a public beach. The rights of an easement holder vary substantially among jurisdictions. Types Historically, common law courts would enforce only four types of easements: # Easemen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
In Personam
''In personam'' is a Latin phrase meaning "against a particular person". In a lawsuit in which the case is against a specific individual, that person must be served with a summons and complaint (in England & Wales known as Particulars of Claim (CPR 1999)) to give the court jurisdiction to try the case, and the Judgment (law), judgment applies to that person and is called an "in personam judgment". In personam is distinguished from ''in rem'', which applies to property or "all the world" instead of a specific person. This technical distinction is important to determine where to file a lawsuit and how to serve a defendant. ''In personam'' means that a judgment can be enforceable against the person wherever he/she is. On the other hand, if the lawsuit is to determine title to property (''in rem'') then the action must be filed where the property exists and is only enforceable there. See also *Personal jurisdiction *''quasi in rem'' *''in rem'' *''sui iuris'' *Suitable age and discre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Misrepresentation
In common law jurisdictions, a misrepresentation is a False statements of fact, false or misleading''Royal Mail Case, R v Kylsant'' [1931] Question of law, statement of fact made during negotiations by one party to another, the statement then inducing that other party to enter into a contract. The misled party may normally rescind the contract, and sometimes may be awarded damages as well (or instead of rescission). The law of misrepresentation is an amalgam of contract and tort; and its sources are common law, equity and statute. In England and Wales, the common law was amended by the Misrepresentation Act 1967. The general principle of misrepresentation has been adopted by the United States and other former British colonies, e.g. India. Representation and contract terms A "representation" is a pre-contractual statement made during negotiations. If a representation has been incorporated into the contract as a Contractual term, term, then the normal remedies for breach of contra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Convention On Human Rights
The European Convention on Human Rights (ECHR; formally the Convention for the Protection of Human Rights and Fundamental Freedoms) is a Supranational law, supranational convention to protect human rights and political freedoms in Europe. Drafted in 1950 by the newly formed Council of Europe,The Council of Europe should not be confused with the Council of the European Union or the European Council. the convention entered into force on 3 September 1953. All Member states of the Council of Europe, Council of Europe member states are party to the convention and new members are expected to ratify the convention at the earliest opportunity. The convention established the European Court of Human Rights (generally referred to by the initials ECtHR). Any person who feels their rights have been violated under the convention by a state party can take a case to the court. Judgments finding violations are binding on the states concerned and they are obliged to execute them. The Committee o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Rights Act 1998
The Human Rights Act 1998 (c. 42) is an Act of Parliament (United Kingdom), Act of Parliament of the United Kingdom which received royal assent on 9 November 1998, and came into force on 2 October 2000. Its aim was to incorporate into UK law the rights contained in the European Convention on Human Rights. The Act makes a remedy for breach of a Convention right available in UK courts, without the need to go to the European Court of Human Rights (ECHR) in Strasbourg. In particular, the Act makes it unlawful for any public body to act in a way which is incompatible with the convention, unless the wording of any other primary legislation provides no other choice. It also requires the judiciary (including tribunals) to take account of any decisions, judgment or opinion of the European Court of Human Rights, and to interpret legislation, as far as possible, in a way which is compatible with Convention rights. However, if it is not possible to interpret an Act of Parliament so as to mak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Williams & Glyn Bank V Boland
''Williams & Glyn's Bank v Boland'' 980is a House of Lords judgment in English land and trusts law (family co-ownership) on an occupier's potentially overriding interests in a home. Facts Michael Boland and his wife Julia Sheila Boland lived on Ridge Park, Beddington, in the London Borough of Croydon. Mr Boland, registered owner of the house, borrowed money from Williams & Glyn's Bank for his building company. Boland failed to repay, and the bank sued for possession. Mrs Boland argued that because she made substantial financial contributions to acquiring the home, she should be able to stay. The bank argued: #Her rights did not qualify as a property right, basing its argument on the doctrine of conversion, and she should only get a share of any money made by her husband from the land, not a right enabling her to use it. #Even if there was a property right, the bank's defence was it registered its charge, and Mrs Boland's right was not registered. The lack of registration def ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Landlord And Tenant Act 1985
The Landlord and Tenant Act 1985 (c. 70) is a UK act of Parliament on English land law. It sets minimum standards in tenants' rights against their landlords. Background The reason for the introduction of the Act was not as might be assumed to help the existing private residential landlords who were in 1985 obliged by law to have regulated tenancies; their regulated tenancies gave all tenants a tenancy for life that they could pass onto other occupants in the home when they died, rents were set typically 50% of market value, they could not be re-mortgaged because of the sitting tenant and if sold were worth 50% of vacant possession value because of the regulated tenant being in place. At this time regulated tenancies were the only tenancy available to private landlords and made up just 5% of housing stock, Private rent levels were set by 'fair rent officers'. With insufficient rent to make a profit or pay expensive property repairs, private landlords sold up as soon as a tenant m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
