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Tony and Saskia are a married couple who purchase an unregistered property. The conveyance is into Tony's name only; however, Saskia contributes 50% of the purchase price. Their relationship breaks down, and Tony sells the property to Jim. When Jim is looking around the property, Saskia explains that she owns half of the house, but Jim thinks that she must be mistaken as the deeds are in Tony's name only. Jim proceeds to purchase the property, paying the completion funds to Tony. Which of the following statements best describes the legal position?
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Saskia has an interest in the property as a beneficiary under a trust. This interest binds Jim by virtue of the Doctrine of Notice and it has not been overreached on the sale. As Saskia contributed to the purchase price, she has an equitable interest under a trust. Jim had notice of her interest as she informed him during his inspection of the property. Overreaching did not occur because the purchase price was paid to a single trustee (Tony) and not to at least two trustees, as required for overreaching to take place.
Key Point: An equitable interest under a trust can bind a purchaser if the purchaser has notice of it, unless overreaching occurs by payment to at least two trustees.
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