INTRODUCTION TO THE LAW OF PROPERTY Case Study Example | Topics and Well Written Essays - 1000 words

INTRODUCTION TO THE LAW OF PROPERTY - Case Study Example The second way is by, derivatively- this is where an individual sells his property to someone else or he may give it to another person as a gift, under which the ownership of the item is transferred to the other person. The last way is that of succession- in this case we find that the original owner of the item dies; here the item may be passed through to the other person. Under the law of property, we find that ownership is taken as a matter of law while possession is considered as a fact which involves physical custody accompanied by an intention of holding the item as one's own. An example of this is that when an individual is in possession of a pair of shoes decides to throw the shoes in the street, this indicates that he has given up his possession and the person who comes across the shoes and picks them then he becomes the owner of the shoes without paying for them. In law of property, we find that there is also a law of trust whereby, trust is defined as an agreement under which an item either money or property is owned and managed by one person for the benefit of another. It is basically formed when an individual, who is always referred to as a settlor hands over his property to other parties of his own choice who are legally referred to as trustees, under the law of property these trustees are always under the obligation of holding the property for the benefit of other persons. Under the law, for one to come up with a clear intention and the reason for the agreement must be stated. In the Derek case, we find that the reason for this agreement was that since his children had grown up to their twenties, they had a clear intention of purchasing a new house that could accommodate the three of them and also to enable them to take in lodgers so that he may be provided with an extra income. Therefore for one to come up with a trust he should also i dentify the beneficiaries in this case we find that the beneficiaries are Tim and Pam. This trust is always formed through the means of either a written documentation which is referred to as an express trust or it can also be formed by an implied trust.2 Under the implied trust we find that the legal requirements for this particular trust are well adhered to, but the intention for such an agreement are stated, in this case we may find that a reasonable title is not provided and in this case the law comes up with a provision that the grantor for the trust is the beneficiary. In the case of Derek and his children, we find that he was unable to obtain a mortgage loan due to his age and it is explained that, Pam who was able to obtain a loan and took the legal title in her name after which, Derek paid the amount required for deposit, expenses and the mortgage payments, here we find that Derek acted as a grantor according to the implied trust, which according to the law of property is formed in a situation where some of the legal necessities for an express trust are not met, although there is usually the formation of an intention to create a trust on behalf of the parties,