Insol Funding Company Ltd v Cowlam and others

Real property – Beneficial ownership. The beneficial interest in a property purchased by the first and second defendants in joint names was held on a constructive trust, as between them, as tenants in common, in the proportions 80% to the first defendant and 20% to the second defendant, as a result of an agreement as to the ownership of the property after the purchase. However, the Chancery Division held that the first defendant had no further rights over the second defendant's share, whether by way of the equity of exoneration or equitable subrogation.

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