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Related Flashcards
Cards In This Set
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Essential elements of a trust
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Girozentrale v Islington. 1.trustee 2.who holds property 3.and is under a duty to handle property in some way
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3 types of gratuitous gift
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Milroy v Lord 1.outright gift 2.transfer to trustees 3.declaration of self as trustee
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Only an invalid gift can be revoked
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Standing v Bowring
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Valid gift - mental capacity,
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Re Beaney - must understand nature and consequence of transaction, degree depends on nature of gift
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For gift to be valid donor must have done everything which is necessary
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Milroy v Lord
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4 ways in which an equitable interest can be transferred
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Timsons Execrs v Yerbury 1assign to TP.2direct trustees to hold in trust for tp.3contract for valuable consid to assign it.4declare himself trustee
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Exception to "equity will not assist a volunteer"
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Strong v bird 1donor intends imed lifetime gift.2legal title not trnsfrd-gift imperfect.3intent remains at death.4donee apptd exec-rec legal title
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Equity regards gift complete if donor has done everything required and but legal title can only be transferred on action of a third party
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Re rose
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Precatory words such as “full confidence” do not impose a binding duty. A moral duty is not sufficient to create a trust
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Re Adams and Kensington Vestry
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Customer’s money held on trust can not be used to pay off creditors if company goes insolvent
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Re Kayford
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Certainty of subject matter - uncertain as "bulk of estate" not quantified
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Palmer v Simmonds
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Money - uncertain as money not segregated from other money
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MacJordan Construction v Brookmount Erostin
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Chattels - uncertain as chattels (wine) not specified from larger collection of chattels
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Re London Wine
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Shares - certain even though not specified from a larger group of shares
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Hunter v Moss
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Certainty of beneficial interests - "reasonable income" is objective formula and therefore certain
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Re Golay
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