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Wk 5: Co-Ownership - Coggle Diagram
Wk 5: Co-Ownership
Rights between co-owners
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The jurisdiction to resolve comes from common law, equity and statute PLA
S 43(1) action on account
- can include rent, profits and compensation for improvements
- BUT does not include money which the co-owner earned through their own skill and labour (Eg, co-own farms the land, he is entitled to money arising from his work)
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Right of Disposition
- Dispose of interest to a third party (no obligation to consult)
Right of occupation
- Each co-owner entitled to occupy property
Right to receive income derived from property
- rent received by a third party must be shared
Compensation for improvements
- General rule if one co-owner spends money on improvement the the other co-owners do not have to contribute unless there is agreement otherwise
Occupation Rent
- Equity will charge occupation to a co-owner who has been in sole occupation of property
Other outgoings
- No general obligation to contribute to repairs and other expenses unless there is an agreement/obligation otherwise
- If repairs improve capital value than a proportionate amount will be recoverable in equity on termination of the co-ownership
- similar principle to compensation for improvements
What is
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Innovative and interesting examples of multiple owners is the way strata/units are owned where there are multiple owners (strata-title)
Each owner owns his/her apartment but has a share in the common property
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Types
PLA s 33(1) recognises the two types of co-ownership
- joint-tenant
- tenants in common
Joint-Tenants
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4 unities
- Unity of title
- Unity of time
- Unity of possession
- unity of interest
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Tenancy in common
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Eg, 4 owners each owning 25% of property
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