Equity ws 1 and 2
Intention, subject matter and formalities
- Created by: Hannah
- Created on: 03-04-13 16:12
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- Intention, subject matter and formalities
- Gift
- 3 certainties
- Intention
- Re Beaney
- Object
- those who will/ may benefit must be CERTAIN
- Intention
- 3 certainties
- Trust with self as trustee
- 3 certainites
- Beneficiary principle
- need identifiable human beneficiaries who can enforce the trust
- Beneficiary principle
- 3 certainites
- Gift
- Subject
- 3 certainties
- Intention
- Re Beaney
- Object
- those who will/ may benefit must be CERTAIN
- Intention
- Palmer v Simmons
- Bulk of = unlcear
- Re London Wine Co
- must segregate tangible items of trust property from like items
- 3 certainties
- Intention manifested by words or conduct, inferred from circumstances
- Intention
- 3 certainites
- Beneficiary principle
- need identifiable human beneficiaries who can enforce the trust
- Beneficiary principle
- there must be a binding obligation on trustee
- Paul v Constance
- intention is ascertained by words or conduct
- 3 certainites
- Rules against perpetuity
- for discretionary trusts: rule against remoteness of vesting - max 80 years
- for non charitable purpose trusts: rule against alienability- limited to 21 years or allow trustee to spend all trust capital
- Land s 53 (1)(b) evidenced in writing, signed by the transferor
- Other: none needed
- same as gifts but..
- Correct formalities
- Trust with self as trustee
- Land
- s 52 (1)LPA 1925 by deed send to land registry
- s 1 LP(MP)A 1989 deed must say its a deed, be in writing and be signed, witnessed and delivered as a deed
- s 52 (1)LPA 1925 by deed send to land registry
- Shares
- Chattels
- Re Cole: simple physical delivery
- 1) complete and sign stock transfer form
- 2) send form and share certificate to transferee
- Chattels
- Trust with self as trustee
- Chattels
- Re Cole: simple physical delivery
- Shares
- 1) complete and sign stock transfer form
- 2) send form and share certificate to transferee
- 1) complete and sign stock transfer form
- s 52 (1)LPA 1925 by deed send to land registry
- s 1 LP(MP)A 1989 deed must say its a deed, be in writing and be signed, witnessed and delivered as a deed
- s 53 (1)(c) LPA 1925
- in writing Grey v IRC
- Signed by person disposing of interest
- exceptions: resulting, constructive trusts and proprietary estoppel
- Signed by person disposing of interest
- in writing Grey v IRC
- Defective transfer
- Will equity perfect any imperfection?
- Milroy v Lord
- There is no equity in this court to protect an imperfect gift; equity will not benefit a volunteer
- Exceptions
- Strong v Bird
- On the DEATH of donor, donor can claim legal title if
- 1. transfer fails due to not satisfying formalities
- On the DEATH of donor, donor can claim legal title if
- Re Rose
- Strong v Bird
- 2. intention to make immediate gift by donor Re Freeland
- 3. Intention continues until death Re Gonin
- 4. donor becomes executor/ PR/ administrator of donor
- Every effort test
- gift complete in equity if donor has done EVERYTHING he can
- Re Rose
- Only applies to v specific situations
- extends Re rose to gifts even when incomplete
- must be unconscionable to invalidate the disposition
- extends Re rose to gifts even when incomplete
- Require less from the transferor
- Enough that the transferors conscious is effected
- settlor becomes a trustee
- Enough that the transferors conscious is effected
- Vandervell
- if the interest is under a bare trust and beneficiary directs trustee to transfer legal estate with the intention of transferring equitable estate as well..
- s 53 (1)(c) LPA will NOT apply
- oral instruction will be sufficient
- ONLY applies if the legal estate is being transferred
- oral instruction will be sufficient
- s 53 (1)(c) LPA will NOT apply
- if the interest is under a bare trust and beneficiary directs trustee to transfer legal estate with the intention of transferring equitable estate as well..
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