equitable conversion

The exchange of property from real to personal or from personal to real, which takes place under some circumstances in the consideration of the law, such as, to give effect to directions in a will or settlement, or to stipulations in a contract, although no such change has actually taken place, and by which exchange the property so dealt with becomes invested with the properties and attributes of that into which it is supposed to have been converted. It is sometimes necessary however for certain purposes of devolution and transfer to regard the property in its changed condition as though the change has not absolutely taken place

+ equitable conversion

The doctrine that, since equity regards as done what ought to be done, once parties have executed a binding contract for the sale of land, equitable title vests in the purchaser and the vendor holds legal title only as security for payment of the balance of the purchase price. A doctrine commonly applied when death intervenes between the signing of an agreement to sell real estate and the date of transfer of title resulting in treating land as personalty and personalty as land under certain circumstances. It takes place when a contract for sale of realty becomes binding on parties. Lampman v. Sledge, Tex.Civ.App., 502 S.W.2d 957, 959.

See also conversion