(Privy Council, 25 May 2017)
Property – Beneficial ownership – Properties – Purchase money provided by one party – Claim that parties intended to share beneficial ownership – Resulting trust
During the relationship between the two men they acquired several properties and other assets in their joint names. When the relationship came to an end it fell to be determined who owned the assets. The appellant contended that the assets were owned by him beneficially by virtue of him having paid for the majority of them himself. The respondent claimed they had intended to have equal shares in the assets.
The first instance decision that by virtue of a resulting trust the parties were entitled to an equal division of the assets was upheld on appeal. The appellant appealed to the Privy Council.The appeal was allowed and the case remitted to the Supreme Court of the Bahamas. The evidence in this instance was insufficient to found a conclusion that the parties intended to share the beneficial interest in the properties and the assets