Lysaght v Edwards (1876) 2 Ch D 499

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  • A man agrees to sell his mansion to another man, but before the transaction is completed he dies
  • His will leaves the house to his wife
  • The man who attempted to buy it sues saying he had an equitable interest
  • As soon as a contract becomes enforceable, the buyer has an equitable property right and the vendor has a right to the money
  • Therefore buyer is somewhere between a mere trustee and a mortgagee
  • Vendor has the right to possession until they get the money
  • The vendor holds the estate on trust for the buyer

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