launcija100
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Just a question to the law students out there. If 2 business partners purchase land and register it in their name but only one of them paid, does the land legally and beneficially belong to both or just one?

Can't wrap my head around the whole beneficial-legal interest concept and LRA.
Thank you
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Bitesizelaw
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(Original post by launcija100)
Just a question to the law students out there. If 2 business partners purchase land and register it in their name but only one of them paid, does the land legally and beneficially belong to both or just one?

Can't wrap my head around the whole beneficial-legal interest concept and LRA.
Thank you
Legal owners are those on the title - you question suggests both are the legal owners (trustees)

Beneficial title - if there is no express declaration of the beneficial ownership (I assume not) the beneficial (equitable) ownership is with the one who paid the purchase price. So the legal owners are holding the property on trust for the one who paid.
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