Describe and explain the significance of FIVE of the following methods of acquiringownership or possession of property, in the present day:(a) chose in action;(b) tenancy in common;(c) manufacture;(d) sub- bailment;(e) pledge; and(f) attornment.Question 5 (5 Marks)Explain the rationale for the common law rule against perpetuities. Explain theapplication of the rule at common law, and explain how, if at all, it has been modifiedby legislation in your own jurisdiction.
Question
Describe and explain the significance of FIVE of the following methods of acquiringownership or possession of property, in the present day:(a) chose in action;(b) tenancy in common;(c) manufacture;(d) sub- bailment;(e) pledge; and(f) attornment.Question 5 (5 Marks)Explain the rationale for the common law rule against perpetuities. Explain theapplication of the rule at common law, and explain how, if at all, it has been modifiedby legislation in your own jurisdiction.
Solution
(a) Chose in Action: This refers to a personal right of property that can only be claimed or enforced by action, and not by taking physical possession. For example, a debt owed by another person. Its significance lies in its ability to allow the transfer of rights to property without the need for physical possession.
(b) Tenancy in Common: This is a form of concurrent estate in which each owner, referred to as a tenant in common, is regarded by the law as owning separate and distinct shares of the same property. This method is significant as it allows multiple parties to own property together, with each having the right to leave their share of the property to any beneficiary upon death.
(c) Manufacture: This refers to the creation of new property from raw materials. The significance of this method is that it allows for the creation and ownership of new goods, contributing to economic growth and development.
(d) Sub-Bailment: This is a legal relationship created when a bailee (a person who has been entrusted with the custody of goods) in turn entrusts those goods to a third party. The significance of sub-bailment is that it allows for the temporary transfer of possession of goods without transferring ownership.
(e) Pledge: This is a bailment of personal property as security for a debt or obligation. The significance of a pledge is that it provides a way for a debtor to secure a debt, giving the creditor a right to the property if the debtor defaults.
(f) Attornment: This is the acknowledgment of a new landlord by a tenant, usually in writing. The significance of attornment is that it provides legal recognition and protection to the new landlord-tenant relationship.
The rule against perpetuities is a common law rule that prevents people from using legal instruments to exert control over the ownership of private property for a time deemed too long by the law. The rationale for this rule is to prevent the restriction of property use and alienation for an unreasonable period of time. At common law, the rule states that no interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest. The rule has been modified in many jurisdictions to increase the perpetuity period or to abolish the rule altogether. The specific modifications depend on the jurisdiction.
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