constitution

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  • Constitution
    • key facts
      • three ways to benefit someone; gift/hold on trust/ 3rd party holds on trust
      • legal rules for a valid transfer of interest
      • when legal rule fails equity developed methods to prevent intention of donor from being defeated
    • Introduction
      • no enforceable legal rights if not properly vesting title to volunteer
        • equity will not perfect an imperfect title
      • equity will not assist a volunteer
        • if a person to whom the transfer is intended does not give consideration they are said to be a volunteer
      • equity looks at what ought to be done
        • deals with gifts and trusts
      • when person transfers legal title it is said to vest in the other person
        • unless the property is transferred by the correct legal rules it will fail and is said to bre imperfect
    • benefiting another with property
      • milroy v lord identified 3 ways in which an absolute owner can benefit another
      • gift/transfer legal title to 3rd party to hold on trust
        • declaring absolute owner hold it on trust
    • Need to know
      • do not confuse the intention
      • explain how legal rules fail and how equity steps in
      • different legal rules for different interests
  • land
    • must be by deed
    • transfer set out in s52 of the law of property act 1925
    • transfer is completed by land registration
  • stocks and shares which regulate ownership of companies
    • plc= compliance with electronic crest system then correct instructions will be adequate
    • private ltd co= memorandum of transfer registration of shares stock transfer act 1963 companies act 1985
  • intention
    • initiated from release of debts but extended to chattels and intention to transfer legal title as trustee
    • clear intention to give immediately and there has only been some practical barrier to the transfer
  • money merely requires delivery
    • chose in action compliance with lpa 1925 includes cheques
    • chattels by deed delivery re cole case intention of transfer actual or constructive delivery includes jewellery and painting

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