Overreaching Notes PDF

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Overreaching Notes...

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Over r e a c hi ng:ke ypoi nt s Ove r r e a c hi ngi st hena meofapr oc e s swhe r e bybe ne fic i ali nt e r e s t sunde rat r us tof l a ndc a nbes we ptf r om t hel a ndanda t t a c hi ns t e a dt oanymone ypai df ort hel a nd. Thei de ai st ha tt hepur c ha s e roft hel a ndi spr ot e c t e d( be c a us es hedoe snotha vet o wor r yaboutt hebe ne fic i ali nt e r e s t sbe i ngbi ndi ngonhe r )a ndt hebe ne fic i alowne r s a r epr ot e c t e dbe c a us et he yar es t i l lbe ne fic i ar i e sunde rat r us t , butwha ti she l don t r us tf ort he m af t e rove r r e ac hi ngi smone yr a t he rt ha nt hel a nd. I nt e r e s t swhi c hc anbeove r r e ac he dar ebe ne fic i a li nt e r e s t sbe hi ndt r us t sofl and: s2 LP A 1925 . Ove r r e a c hi ngc a nonl yhappe ni ft hepur c ha s emone y( ormor t ga gel oan)i spai dt o a l lt het r us t e e sbe i nga tl e as tt woi nnumbe r( orat r us tc or por a t i on) : s27( 2 )LP A192 5. So ,i ft he r ei sas ol el e ga lowne r( i . e . onet r us t e e ,t hel andi si nt hes ol ena meofone pe r s on)t he r ec anbenoove r r e a c hi ng( Bo l a nd) . I f , howe ve rt he r ear et woormor et r us t e e s( l e galowne r s )ove r r e ac hi ngmi ghthappe n. Fora ne xa mpl e , s e eCi t yo fLo nd o nBui l di ngSo c i e t yvFl e g g( 1 988 ) . I nFl e g gahous ewaspur c ha s e da ndc onve ye di nt ot hena me sofMra ndMr sMB.I t wa spai df orpa r t l ybyMr sMB’ spar e nt sa ndpar t l ywi t hamor t ga gel oa n. Mra nd Mr sMBandMr sMB’ spa r e nt sl i ve di nt hehous e . Unbe knowns tt ot hepar e nt s , Mr a ndMr sMBt ookoutf ur t he rl oa nsus i ngt hehous eass e c ur i t y . The yde f aul t e don t hel oa nsandt hel e nde rs oughtpos s e s s i onoft hepr ope r t y . Thepa r e nt sar gue dt ha tt he yha da ni nt e r e s ti nt hehous eunde ra ni mpl i e dt r us ton t hebas i soft he i rc ont r i but i ons( t he ydi d) . The yf ur t he rar gue dt ha tt hi si nt e r e s t s houl dbebi ndi ngont heBui l di ngSoc i e t yasanove r r i di ngi nt e r e s t( whi c hwe ’ l lbe l ooki nga ti nt hel e c t ur et hi swe e k) .TheHLhe l dt ha tt hepar e nt s ’i nt e r e s thadbe e n ove r r e ac hi ngbyt hel a t e rmor t ga get r ans ac t i ons , wi t ht hee ffe c tt ha tt he i ri nt e r e s twa s nol onge rani nt e r e s ti nl and,butani nt e r e s ti nt hemone yt ha tha dbe e nf or war de d byt hel e nde r . Thi si swha tMrandMr sMBnow t he or e t i c al l yhe l dont r us tf ort he par e nt s( Is a yt he or e t i c al l y , be c aus ea sIr e c a l lt hi smone yhada l r e adybe e ns pe nt ) . Thepa r e nt s ’r e me dywoul dt he r e f or ebet ot a kea c t i ona ga i ns tt het r us t e e s( t he i r daught e ra ndhe rhus band) ,butt he yha dnoi nt e r e s twhi c hwasc a pa bl eofbi ndi ng t heBui l di ngSoc i e t y . Theme c hani s m ofove r r e ac hi ngi st he r e f or ewor ki ngi nt hi s c as et opr ot e c tt hepur c ha s e r( t hemor t ga gel e nde rhe r e ) . Wha tt hi sc as ea l s o de mons t r a t e si st ha tove r r e a c hi ngi snota l wa ysve r ygooda tpr ot e c t i ngt heowne r sof be ne fic i a li nt e r e s t sbe hi ndat r us t .

Pur c has e r sofl a nda r ef ur t he rpr ot e c t e df r om be i ngboundbypr e e xi s t i ngi nt e r e s t s byt heme c ha ni s m of‘ ove r r e ac hi ng’ . Eve ni nt e r e s t swhi c hha vebe e nr e gi s t e r e dma y be‘ ove r r e a c he d’ . ‘ Ove r r e ac hi ng’i sas t a t ut or ypr oc e s s , t ha ti s ,i ti snots ome t hi ng whi c hhasbe e nde ve l ope dbyt hec our t s , butr a t he rhasbe e ni nt r oduc e dbys t a t ut e .I t

i st hepr oc e s sbywhi c hapur c ha s e rofal e gale s t a t ema ybegi ve ni mmuni t yf r om pr e e xi s t i nge qui t a bl er i ght s( mos tof t e nt hebe ne fic i a li nt e r e s tunde rat r us t ) .I n or de rf or‘ ove r r e a c hi ng’t ot a kepl ac ec e r t a i nc ondi t i onsmus tbef ul fil l e d( f or e xampl e , t het ypeoft r ans a c t i onmus tbeofas pe c i fie dki nd, a ndt he r ea r eot he r s t a t ut or ypr e c ondi t i onswhi c hwes a wi nt hel a s tmodul e ) . I fane qui t a bl ei nt e r e s ti n l a ndi s‘ ove r r e ac he d’byapur c has e roft hel e gale s t a t e , t hepur c ha s e rt he nt ake st he e s t a t ef r e eoft ha te qui t abl ei nt e r e s t s .Ani mpor t antpoi ntt oe mpha s i s ei st ha tt he owne r soft hee qui t abl ei nt e r e s t sdonotl os ee ve r yt hi nge ve nwhe nt he i ri nt e r e s t s ha vebe e n‘ ove r r e a c he d’ . Ra t he rt he i ri nt e r e s t sar es hi f t e df r om t hel a ndt ot hemone y a r i s i ngoutoft hes a l eoft hel a nd. [ ‘ Ove r r e ac hi ng’ope r a t e si npr ac t i c ei nr e l a t i ont o ‘ f a mi l y’e qui t a bl ei nt e r e s t s , f ore xampl e ,i nt hec ont e xtofj oi ntowne r s hi pofaf a mi l y home . ] Themai nda nge rf ac i ngpur c has e r sofr e gi s t e r e dl a nd,t he r e f or e , l i e si nt hec a t e gor i e s of‘ ove r r i di ngi nt e r e s t s ’ .Psar epr ot e c t e df r om e qui t abl ei nt e r e s t sunde rt r us t sby ove r r e ac hi ngandot he ri nt e r e s t swi l lbi ndonl yi ft he ya r eont her e gi s t e r( s ot he pur c has e rwi l lknow aboutt he m) ....