The Constitution of a Trust

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  • Created by: Hope
  • Created on: 20-05-16 14:51
What will happen to a trust that is not constituted? What will happen to the beneficiary?
It will be void, they will become a volunteer and the court won't intervene to help them
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What is equity's stance on gratuitous promises?
Equity will not assist a volunteer
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What are the 3 ways to transfer property?
Giving it away, declaring that you hold it on trust for someone else or transferring it to your trustees
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What happens if none of these are done?
The gift is imperfect and equity can't help
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Which case set out the 3 formalities for a transfer of shares to become binding?
Milroy v Lord
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What are they?
Must have the appropriate transfer form, must deliver the form and share certificates to the recipient, director of company must approve the transfer and re-register the shares to the new owner
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What happens if those steps aren't completed?
The first person remains the owner
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Which case approved Milroy?
Zietel v Kay
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Which case established that if one trustee owns all the stuff in legal title, they all share it
Choithram International SA v Pagarani
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Which case followed this reasoning?
Shah v Shah
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When do courts seem to allow gifts?
When the person intended to make a gift and it would be unconscionable for them to recall it or for their personal reps to refuse to give it over after death
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Which case does this come from? What are the criticisms of that case?
Pennington v Waine. The judges were concerned with fulfilling her dying wish but the reasoning isn't great
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Which case outlined 3 ways to avoid the strict application of Milroy?
Curtis v Pulbrook
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What are they?
Where the donor has done everything necessary to be done by him, detrimental reliance of the donnee may bind the conscience of the donor, benevolent constructio
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Which case shows the difficulties with trusts of land? What was the rule?
Richards v Delbridge - Intention is not enough, need to convey lease to someone to hold on trust. Almost always a volunteer, no consideration
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Which case shows the difficulties with trusts of chattels? What was the rule?
Re Cole, Words aren't enough, need to prove someones intention
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Which is the case authority for trusts of equitable interests?
Re McArdle
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Which case deals with imperfect transfers inter vivos? What was the rule?
Strong v Bird - on the death of the transferor, the gift will be perfect if- the intended transferee becomes executor or the transferor shows a present and continuing intention to make the transfer in their lifetime
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What about gifts made with view of impending death/on deathbed?
The gift is conditional that the person does die, on the death, the gift is automatically transferred. If the gift remains imperfect the donee can compel someone
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What are the requirements for that transfer?
Must be a clear intention to give but only if donor dies, gifts must be made in contemplation of imminent death, donor must part with dominion over the subject matter
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Other cards in this set

Card 2

Front

What is equity's stance on gratuitous promises?

Back

Equity will not assist a volunteer

Card 3

Front

What are the 3 ways to transfer property?

Back

Preview of the front of card 3

Card 4

Front

What happens if none of these are done?

Back

Preview of the front of card 4

Card 5

Front

Which case set out the 3 formalities for a transfer of shares to become binding?

Back

Preview of the front of card 5
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