Constitution of trusts
- Created by: Molly Byrne
- Created on: 18-02-16 11:19
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- Constitution of trusts
- For validity of trust need the three certainties and proper constitution
- Constituted - The ownership of property is transferred from the settlor to the trustee
- Different types of property are transferred in different ways
- Transfer of land - S52 Law of property Act 1925 - Must be supported by a deed.
- Transfer of shares - the new owner must execute a shares transfer form once the shares are transferred to them.
- Different types of property are transferred in different ways
- Milroy v Lord 1862 - Two means of constituting a trust
- declare yourself trustee
- Transfer property to a trustee
- Has the settlor done everything in their power to transfer the property?
- No - transfer not valid
- Yes - Trust is validly constituted
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