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Under a trust, beneficiaries may be volunteers, which means they are pure recipients of bounty, or they may have given consideration. Which of the following is an example of a beneficiary who has given consideration?
Under a trust, beneficiaries may be volunteers, which means they are pure recipients of bounty, or they may have given consideration. Which of the following is an example of a beneficiary who has given consideration?
When a trust has been completely constituted, it can be enforced by both beneficiaries who have given consideration and volunteers. However, when the trust property is not vested in the trustee, it cannot be enforced by a volunteer. What is the reason for this?
When a trust has been completely constituted, it can be enforced by both beneficiaries who have given consideration and volunteers. However, when the trust property is not vested in the trustee, it cannot be enforced by a volunteer. What is the reason for this?
Which of the following is true regarding the creation of a trust by will?
Which of the following is true regarding the creation of a trust by will?
A declaration of trust constitutes a transfer of property to the trustees.
A declaration of trust constitutes a transfer of property to the trustees.
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In Milroy v Lord, if a prospective settlor attempts to set up a trust by transferring property to a trustee and the attempted transfer is ineffective, it can be construed as a declaration of trust.
In Milroy v Lord, if a prospective settlor attempts to set up a trust by transferring property to a trustee and the attempted transfer is ineffective, it can be construed as a declaration of trust.
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In Richards v Delbridge, there was an effective transfer of the lease to EBR, JD's infant grandson.
In Richards v Delbridge, there was an effective transfer of the lease to EBR, JD's infant grandson.
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A declaration of trust can be implied from conduct, according to the text.
A declaration of trust can be implied from conduct, according to the text.
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What did C and the plaintiff do with the £950 received as damages for personal injuries in 1973?
What did C and the plaintiff do with the £950 received as damages for personal injuries in 1973?
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In the case of Jones v Lock, what did the father do with the £900 cheque he received as payment for a mortgage?
In the case of Jones v Lock, what did the father do with the £900 cheque he received as payment for a mortgage?
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What is the requirement for a declaration of trust to be valid?
What is the requirement for a declaration of trust to be valid?
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In the case of Pennington v Waine, what did A do to transfer 400 shares to her nephew H?
In the case of Pennington v Waine, what did A do to transfer 400 shares to her nephew H?
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What is necessary to render a voluntary settlement valid and effectual?
What is necessary to render a voluntary settlement valid and effectual?
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What is the classic statement of the law as to what is meant by the perfect creation of an inter vivos trust?
What is the classic statement of the law as to what is meant by the perfect creation of an inter vivos trust?
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What is necessary to pass the legal title of land in the case of an inter vivos trust?
What is necessary to pass the legal title of land in the case of an inter vivos trust?
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In the case of personal chattels capable of passing by delivery, what is necessary to pass the legal title in an inter vivos trust?
In the case of personal chattels capable of passing by delivery, what is necessary to pass the legal title in an inter vivos trust?
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When does an equitable assignment take place?
When does an equitable assignment take place?
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What is the principle that equity will not assist a volunteer?
What is the principle that equity will not assist a volunteer?
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In the case of T Choithram International SA v Pagarani, what did the Privy Council hold about the settlor's gift to the foundation?
In the case of T Choithram International SA v Pagarani, what did the Privy Council hold about the settlor's gift to the foundation?
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In the Choithram case, how did the court construe the imperfectly constituted gift?
In the Choithram case, how did the court construe the imperfectly constituted gift?
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Study Notes
Constituting a Trust and Enforcing it
- Beneficiaries of a trust can be either volunteers or those who have given consideration.
- A trust must be completely constituted in order for it to be enforced by both volunteers and those who have given consideration.
- If the trust property is not vested in the trustee, it cannot be enforced by a volunteer.
- A trust created by will cannot fail on the ground of incomplete constitution.
- The perfect creation of an inter vivos trust requires the settlor to do everything necessary to transfer the property and render the settlement binding.
- There are two modes of constituting an inter vivos trust: effective transfer of the trust property to trustees or a declaration by the settlor that he is a trustee.
- The legal title to the property must be vested in the trustee if the trust is constituted by transfer.
- Neglecting inessential matters on a transfer is not necessarily fatal to its validity.
- A trust can be constituted by assigning an equitable interest to trustees.
- A trust can be completely constituted by a declaration of trust by the settlor.
- Equity will not assist a volunteer in perfecting an imperfect gift or an incompletely constituted trust.
- The court will not hold an incomplete gift to operate as a declaration of trust, but it will not strive to defeat a gift either.
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Description
Test your knowledge of property transfers and trusts with this quiz! Dive into the landmark case of Milroy v Lord and explore the concept of declaration of trust. Discover the intricacies of property transfers and learn about the judge's perspective on physical transfers.
