(b) Distinguish between the following:
(i) Real property and personal property. (6 marks)
(ii) Legal interests and equitable interests. (4 marks)
(Total: 20 marks)
• Generally signifies interest in land, immovables, traditionally could be restored to the owner.
• Personal property: this is personalty or movables sometime said to be chattels or chattels real. Traditionally not recoverable if dispossessed. However, leaseholds are deemed to be personalty.
• Legal interest: this is a right over the land of another. E.g. easement, legal mortgage.
• It is an interest which is capable of subsisting or being conveyed or created at law.
• It is enforceable against every one.
• Equitable interest: this is a right recognized equity only and enforceable against all others except a bona fide purchaser of a legal interest without notice of the equitable interest, examples include restrictive covenants.