a thesis - Institute of Advanced Legal Studies

102 IMPLIED TRUSTS.
CHAPTER XIV.—RESULTING TRUST ON JOINT PURCHASE
OR MORTGAGE.
WHERE property is conveyed to two or more persons as
joint tenants, who, being purchasers, contribute the
purchase-money in unequal shares, or, being mortgagees,
contribute the mortgage money in either equal or
unequal shares, on the death of any of the joint tenants
the survivor or survivors hold so much of the property in
trust for the representatives of the deceased joint tenant
as is proportionate to the amount of the purchase-money
or mortgage money, as the case may be, contributed by
him.
The third class of resulting trusts was definitely established by
the case of Lakcv. Gibson (1729, 1 Eq. Ca. Abr. 294, pi. 3), where
Sir Joseph Jekyll decreed that five persons to whom land had
been conveyed jointly were tenants in common in equity, " and
that the survivor should not go away with the whole ; for then it
might happen that some might have paid or laid out their share of
the money, and others who had laid out nothing go away with the
whole estate."
" When two or more purchase lands and advance the money in
equal proportions, and take a conveyance to them and their heirs,
this is a joint tenancy ; that is, a purchase by them jointly of the
chance of survivorship, which may happen to the one of them as
well as to the other ; but where the proportions of the money are
not equal, and this appears in the deed itself, this makes them in
the nature of partners; and however the legal estate may survive,
yet the survivor shall be considered but as a trustee for the others
in proportion to the sums advanced by each of them."
This was affirmed by Lord Chancellor King under the name
Lake v. Craddock in 1732 (3 P. Wms. 158).