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Meaning
If someone undertakes an obligation for the other, equity courts look on it
as done and as producing the same results as if the obligation had been
actually performed.
Illustration
A makes T trustee leaving Tk. 50,000 to purchase a land for the use of B.
T does not purchase the land and by the time, B dies leaving all of his
immovable property to X and all movable property to Y. Now, who should
get the Tk. 50,000? Equity in such cases would definitely regard the
purchase of land which should have been made as made. The money thus
goes to X.
Application and cases
The working of this maxim can be seena) Doctrine of conversion
b) Executory contracts
c) Doctrine of part performance
Doctrine of conversion
Conversion refers to the transformation of one species of property into
another, as money into land or land into money. It is a fiction of law, by
which equity assumes that such a transformation has taken place. In the
case of Lachmere v. Lady Lachmere, money was taken as land.
Executory contracts
When there is an agreement to sell a land, the ownership at law remains
with the seller. In Equity the buyer is looked upon as the owner of the
land, and the seller who holds the legal estate, holds it as trustee for the
buyer from the moment the agreement is made though the conveyance
has not been made.
Doctrine of part performance