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
5 of 20
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
9 of 20
Which case followed this reasoning?
Shah v Shah
10 of 20
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
14 of 20
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
20 of 20
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
Card 4
Front
What happens if none of these are done?
Back
Card 5
Front
Which case set out the 3 formalities for a transfer of shares to become binding?
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