Affidavit of Equitable Interest form in a Trust Beneficiary
Equity can be lucidly defined as rights distinctively different from legal rights. An equitable interest, however, is an interest held by virtue of an equitable title or right claimed on a property based on the equitable ground. It’s similar to the rights enjoyed by a trust beneficiary. Affidavit of an equitable interest in a trust beneficiary gives the holder the right to a beneficial interest in property & legal stand to move ahead with acquiring the property in legitimate ways. The affidavit is exercised in states having a common uniform code of law as the US of A, Australia, Canada, England & New Zealand.
How affidavit of equitable interest form in a trust beneficiary works:
- Equitable interest is the body of principles or law originating in English court of Chancery superseding common law
- A judge is assigned with the right to mete out fair & just judgment to the parties as opposed to the common legal decision
A very common example of equitable interest is the interest of a beneficiary under a trust. A trustee or a board of trustee is entrusted with the legal interest in the property & they are at liberty to enjoy & exercise their power on the legal & formal decisions related to the said property by the sheer affidavit of an equitable interest in a trust beneficiary.
Governing principles of an affidavit of equitable interest form in a trust beneficiary:
Such affidavit is governed by three basic principles namely
- Equitable interest is a right against a right & not against property or a person
- If party B has obtained the right against the right of party A, B’s right is prima facie binding on anyone who derives their right from A
- B acquires a persistent right whenever A tries to claim his right or power
The trust law includes both mandatory laws as well as default law to be taken into cognizance while passing the judgment.