Distinguish between the following: Real property and personal property and Legal interests and equitable interests

(i)
• 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.

(ii)
• 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 by 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.



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