CG13141 - Assets lost/destroyed/negligible value: involuntary transfers

It is always important to ascertain the correct legal position. In St.Marylebone Property Company v Fairweather (1963AC510), it was held that a squatter had obtained a new and separate title under the Statute of Limitations and had not taken a `Parliamentary conveyance' from the original owner. The operation of the Statute of Limitations was said to be merely negative. It destroyed the leaseholder's title to the land but did not vest it in the squatter. Therefore this was an involuntary transfer which was not a natural disposal but, nevertheless, the asset was `entirely lost'.

A leaseholder in this situation could claim relief for the loss of their interest in the asset, TCGA92/S24 (1), see CG13120.