Trusts
- Created by: jesskeayy
- Created on: 04-05-19 16:44
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- Trusts
- When a person has rights which he is bound to, to exercise upon behalf of another, he is said to have rights in trust for that purpose and is called a trustee
- Settlor transfers legal title to property to the trustee, who holds legal title for the beneficiary. The beneficiary has equitable interest in the trust property
- Beneficiary can transfer their beneficial interest to someone else, even when the settlor has tried to limit their power to do this
- Brandon v Robinson
- Saunders v Vautier- where they have reached the age of majority, beneficiary can require transfer of the trust(bring the trust to an end)
- Trustee can transfer legal title to a third party. Beneficial interest will bind third parties, unless its 'equity's darling'
- Trustee obligations to the beneficiary: 1. trust obligations. 2. fiduciary obligations. 3. obligations of care and skill
- Trusts can: 1. split nominal and real ownership 2. split control and ownership 3.split property different ways: across time(successive interests), across space (concurrent), contingent interests
- Imposed by law
- Constructive trusts, resulting trusts
- Express trusts
- Charitable trusts public), private trusts (fixed interest trusts, discretionary trusts)
- Westdeutsche (1996) 1. equity acts on conscience of legal owner, 2. legal owner must be aware of factors affecting conscience, 3. must be identifiable trust property, 4. B has proprietary interest in trust property
- Three certainties 1. certainty of intention 2. certainty of subject matter 3. certainty of objects
- 1. certainty of intention: intention to create a trust
- Jones v Lock (1865) equity will not perfect and imperfect gift
- 'Trust' is neither necessary nor sufficient
- Inferred from circumstances: Paul v Constance (1977)
- No formalities apart from: S.53(1)(b) LPA 1924 and S.9 Wills Act 1837
- 2.certainty of subject matter: described with sufficient clarity
- Must be identifiable: London Wine Co (1986) Hunter v Moss (1994)
- 3. certainty of objects: Morice v Bishop of Drham (1805)
- 1. certainty of intention: intention to create a trust
- Astor's Settlement Trusts (1952)
- Preservation of the freedom, independence and integrity of newspapers
- Promotion of independence, freedom and integrity of the press in all its activities
- Protection of newspapers from being absorbed or controlled by combines
- Promotion of independence, freedom and integrity of the press in all its activities
- Preservation of the freedom, independence and integrity of newspapers
- Supervision and performance: McPhail v Doulton (1970)
- The court will execute the trust in the manner best calculated to give effect to the settlors intentions. It may appoint new trustees if necessary
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