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以上两术语代表英、美等国对物权的一种分类。其中,equitable title (衡平法上的产权)代表的是物权中的实际利益权利,诸如占有、监护、收益、享用等权利(possession, custody 等)[1]; 而legal title (普通法上的产权)则多指的是名义上的所有权(ownership) [2]。按英、美物权法,一财产的普通法上的产权可为一当事人享有,而其衡平法上的产权,又可为另一方当事人享有。同理,equitable interest (衡平法上的权益[3])和legal interest (普通法上的权益)以及equitable estate (衡平法上的不动产权益)和legal estate (普通法上的不动产权益)也具有此种区别。如香港的《合伙经营条例》规定,合伙企业的不动产,不论是参股用的或而后购置的,其所有权益(equitable estates and interests)应为企业所有,而该不动产的普通法上的权益(legal estates and interests),则应经信托转移他人(或机构)[4]。又如不动产按揭(mortgage),凡采用“产权转移论” (title theory [5])的州(在美国,仅有部分州适用该理论,其称为 title state、title-theory state 或 title jurisdiction),均规定 mortgagor 具有衡平法上的权益,而mortgagee则具有普通法上的权益, 直至mortgagor支付所有按揭贷款或按揭财产因按揭人未付款而被拍卖为止(until the mortgage has been satisfied or foreclosed)。
[1]“A title that indicates a beneficial interest in property and that gives the holder the
right to acquire formal legal title. ”Cf. Bryan A. Gamer, Black's Law Dictionary, 7th edition ,at p. 1493,West Group (1999).
[2]“Title that is determined or recognized as constituting formal or valid ownership (as by virtue of instrument) even if not accompanied by possession or use. " Cf. Linda Picard Wood, J. D. Merriam Webster's Dictionary of Law, at p. 496, Merriam-Webster,Incorporated (1996).