Equity ws 1 and 2

Intention, subject matter and formalities

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  • Created by: Hannah
  • Created on: 03-04-13 16:12
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  • Intention, subject matter and formalities
    • Gift
      • 3 certainties
        • Intention
          • Re Beaney
        • Object
          • those who will/ may benefit must be CERTAIN
    • Trust with self as trustee
      • 3 certainites
        • Beneficiary principle
          • need identifiable human beneficiaries who can enforce the trust
  • Subject
    • 3 certainties
      • Intention
        • Re Beaney
      • Object
        • those who will/ may benefit must be CERTAIN
    • Palmer v Simmons
      • Bulk of = unlcear
    • Re London Wine Co
      • must segregate tangible items of trust property from like items
  • Intention manifested by words or conduct, inferred from circumstances
    • Intention
      • 3 certainites
        • Beneficiary principle
          • need identifiable human beneficiaries who can enforce the trust
      • there must be a binding obligation on trustee
      • Paul v Constance
        • intention is ascertained by words or conduct
    • Rules against perpetuity
      • for discretionary trusts: rule against remoteness of vesting - max 80 years
      • for non charitable purpose trusts: rule against alienability- limited to 21 years or allow trustee to spend all trust capital
    • Land s 53 (1)(b) evidenced in writing, signed  by the transferor
      • Other: none needed
    • same as gifts but..
    • Correct formalities
      • Trust with self as trustee
        • Land
          • s 52 (1)LPA 1925 by deed send to land registry
            • s 1 LP(MP)A 1989 deed must say its a deed, be in writing and be signed, witnessed and delivered as a deed
        • Shares
          • Chattels
            • Re Cole: simple physical delivery
          • 1) complete and sign stock transfer form
            • 2) send form and share certificate to transferee
      • Chattels
        • Re Cole: simple physical delivery
      • Shares
        • 1) complete and sign stock transfer form
          • 2) send form and share certificate to transferee
      • s 52 (1)LPA 1925 by deed send to land registry
        • s 1 LP(MP)A 1989 deed must say its a deed, be in writing and be signed, witnessed and delivered as a deed
      • s 53 (1)(c) LPA 1925
        • in writing  Grey v IRC
          • Signed by person disposing of interest
            • exceptions: resulting, constructive trusts and proprietary estoppel
      • Defective transfer
        • Will equity perfect any imperfection?
      • Milroy v Lord
      • There is no equity in this court to protect an imperfect gift;  equity will not benefit a volunteer
      • Exceptions
        • Strong v Bird
          • On the DEATH of donor, donor can claim legal title if
            • 1. transfer fails due to not satisfying formalities
        • Re Rose
      • 2. intention to make immediate gift by donor Re Freeland
      • 3. Intention continues until death Re Gonin
        • 4. donor becomes executor/ PR/ administrator of donor
      • Every effort test
        • gift complete in equity if donor has done EVERYTHING he can
        • Re Rose
      • Only applies to v specific situations
        • extends Re rose to gifts even when incomplete
          • must be unconscionable to invalidate the disposition
      • Require less from the transferor
        • Enough that the transferors conscious is effected
          • settlor becomes a trustee
      • Vandervell
        • if the interest is under a bare trust and beneficiary  directs trustee to transfer legal estate with the intention of transferring equitable estate as well..
          • s 53 (1)(c) LPA will NOT apply
            • oral instruction will be sufficient
              • ONLY applies if the legal estate is being transferred

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