LAND MATTERS 5.0.
“Landlords grow rich in their sleep” -John Stuart Mill.
COMPETING INTERESTS: Who will the Law support?
Since land is considered a limited resource, the whole idea of owning it, is for one to have absolute control and exclusive possession. Usually, however, two or more persons may claim ownership over the same parcel of land. This is what is termed as "Competing Interests."
Take for example, one Mr. Innocent bought a plot of land from Mr. Jaguda, an Omo Onile in 2011. Upon payment, he was issued a receipt. He left the land vacant, and did nothing more to formalize his purchase by registration and perfect his title. He is vested with what is described as an "Equitable Interest." On the converse, Mr. Moneybag who just arrived from the United Kingdom bought the same piece of land in 2017, 6 years after the first sale, without knowledge of the initial sale to Mr. Innocent. He immediately formalizes the sale and registered the land with the appropriate Ministry. He becomes enured with a "Legal Interest." Now, both parties are at loggerheads about the rightful owner of the land. The rogue Omo Onile has expectedly disappeared. This situation is a usual occurrence in the realm of Real Estate.
It is a settled principle of Law that as between two equal equities, the first in time shall prevail. In other words, where there are competing interests, the first to be created takes priority. Applying this to the factual scenario, since Mr. Innocent's interest was created first, i.e. in 2011, ordinarily his interest should take precedence. However, a condition for this principle to apply is that the equities must be equal. This is not the case here. While Mr. Innocent has an Equitable Interest, Mr. Moneybag has a Legal Interest.
This brings us to an alternative principle: A subsequent Legal Interest cannot be overreached by a prior Equitable Interest, where the purchaser bought bonafide and for value without notice of the prior Equitable Interest. In simpler terms, where there are competing interests, the person with a Legal Interest takes precedence over any other person with an Equitable Interest, not minding the time of purchase, provided he was not aware of the interest of the other person when he was creating his own. In the application of this, it is manifest that Mr. Moneybag's interest will prevail over and above that of Mr. Innocent.
There is also the adjunct principle that: He who is in possession is stronger in Law- qui sentantiam possidere iure potior. Accordingly, assuming Mr. innocent has altered the state of the land, for instance, by erecting any structure on it from which possession can be inferred, the pendulum of justice may tilt to his side, not minding his Equitable Interest. In any case, the structure erected would be taken to have constituted sufficient notice to Mr. Moneybag, and his claims would be defeated. Since the Land was left vacant, however, Mr. Innocent will have to lick his wounds. His only remedy being to find Mr. Jaguda and sue him to recover his money.
Recommendations:
* If you buy Land from Omo Onile, take possession instantly.
*Alter the state of the land: erect a fence, start your foundation or plant economic crops on it. Never leave it vacant!
POST SCRIPT:
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Remember: Always discuss land matters because, Land Matters!
With Love,
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