Law of Trusts: Constitution and Vesting of Trust Property
36 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

According to Milroy v Lord, what must the settlor do to transfer property and render the settlement binding?

  • Sign the transfer forms and deliver them to the company for registration
  • Do everything necessary according to the nature of the property comprised in the settlement (correct)
  • Complete the transfer by authorized transfer forms and register the shares in the company's books
  • Transfer the shares to the trustee and ensure they are registered by the company
  • Under what circumstances will equity not assist a volunteer, according to the Constitution and Equitable Maxims?

  • When there is unconscionability in transferring property
  • When there is a failure to complete the transfer by authorized forms and registration in the company's books
  • When there is lack of seriousness of intention (correct)
  • When the transfer of shares is not completed by authorized transfer forms and company registration
  • In the context of transferring shares, what is required for completion and delivery according to the Stock Transfer Act 1963 s. 1?

  • Transfer by delivery or through a deed
  • Sign and deliver the transfer forms to the company for registration (correct)
  • Register the transferee as the proprietor of the estate transferred
  • Complete a form on the DVLA Website, V5C
  • Under what circumstances would a conveyance of unregistered land be void for conveying or creating a legal estate?

    <p>Non-compliance with Land Property Act 1925 s. 52</p> Signup and view all the answers

    Which rule states that equity will not perfect an imperfect gift, as in Jones v Lock?

    <p>The Every Effort Rule</p> Signup and view all the answers

    What is required for transferring registered land under the Land Registration Act 1925 s. 19?

    <p>Transfer of registration by entering on the register the transferee as the proprietor of the estate transferred</p> Signup and view all the answers

    What did Milroy v Lord establish regarding shares held upon trust for a beneficiary?

    <p>Shares must be transferred by registration in the name of the transferee in the company's books</p> Signup and view all the answers

    "Equity will not assist a volunteer" is an equitable maxim related to which principle?

    <p>(as there should be seriousness of intention) Equity will not assist a volunteer.</p> Signup and view all the answers

    What happens if shares were transferred on 30th March according to Re Rose (1952)?

    <p>No tax would be applicable</p> Signup and view all the answers

    What is the primary purpose of the constitution of a trust?

    <p>To ensure that the trust property is vested in the trustees</p> Signup and view all the answers

    In the context of constitution of a trust, what did the court hold in Jones v Lock?

    <p>Equity will not perfect an imperfect gift</p> Signup and view all the answers

    What was the significance of the deceased's words in Paul v Constance?

    <p>They conveyed a present declaration that the existing fund was as much the plaintiff's as his own</p> Signup and view all the answers

    In what situation would equity not treat a self-declaration of trust as valid, as per Jones v Lock?

    <p>When the settlor is one of several trustees</p> Signup and view all the answers

    What did T Choithram International S. A v Pagarani Charitable foundation illustrate about settlors and trustees?

    <p>It showed that the settlor being one of several trustees is acceptable in all cases</p> Signup and view all the answers

    What is the role of constituting a trust in assessing the seriousness of intention?

    <p>It provides evidence of the settlor's intention to create a trust</p> Signup and view all the answers

    What is the purpose of constitution in a trust?

    <p>To provide evidence of the settlor’s intention</p> Signup and view all the answers

    In which case did the court hold that equity will not perfect an imperfect gift?

    <p>Jones v Lock</p> Signup and view all the answers

    What did the court conclude in the case of Paul v Constance regarding the declaration of trust?

    <p>The settlor effectively declared a trust in favor of the plaintiff</p> Signup and view all the answers

    What does self-declaration of trusts refer to?

    <p>The settlor declaring himself as a trustee</p> Signup and view all the answers

    What is one of the methods of constituting a trust during the settlor's lifetime (Inter vivos)?

    <p>Declaring oneself as a trustee</p> Signup and view all the answers

    According to T Choithram International S. A v Pagarani, what was the nature of the foundation established by the settlor?

    <p>Charitable foundation with multiple trustees</p> Signup and view all the answers

    What are the three certainties required for an express trust to comply with?

    <p>Certainty of intention, certainty of subject, and certainty of object</p> Signup and view all the answers

    In the creation of a trust, what does the trustee hold legal ownership of?

    <p>Trust property</p> Signup and view all the answers

    What is the nature of a constructive trust?

    <p>Created by law</p> Signup and view all the answers

    What is the key purpose of certainty of intention in the context of a trust?

    <p>Respects settlor</p> Signup and view all the answers

    In a trust, what is the primary responsibility of the trustee regarding the trust property?

    <p>To manage it for the benefit of the beneficiary</p> Signup and view all the answers

    What type of trust is established based on the intention of the settlor or testator?

    <p>Express trust</p> Signup and view all the answers

    What was the outcome of the court in Jones v Lock regarding the alleged trust?

    <p>The court held that there was no valid trust as the father did not demonstrate intention to be a trustee.</p> Signup and view all the answers

    According to the case of Paul v Constance, what did the words 'this money is as much mine as yours' demonstrate?

    <p>Intent to create a trust for Miss Paul.</p> Signup and view all the answers

    What did the court hold in Sham Trust acts, as per Snook v London and West Ridings Investments Ltd?

    <p>The court found that the acts were intended to create legal rights different from their actual intentions.</p> Signup and view all the answers

    According to Singha v Heer (2016), what is necessary to consider when using the word 'trust'?

    <p>The circumstances and context in which the word 'trust' is used.</p> Signup and view all the answers

    What was the ruling in Midland Bank v Wyatt (1995) concerning the use of the word 'trust'?

    <p>The court found that there was not a valid trust despite using the word 'trust'.</p> Signup and view all the answers

    What is meant by 'precatory words' as discussed in Lambe v Eames (1871)?

    <p>Words that express an intention or wish but are not legally binding.</p> Signup and view all the answers

    What did Staden v Jones EWCA Civ 936 emphasize in assessing intention?

    <p>Considering all circumstances in order to assess intention.</p> Signup and view all the answers

    What did Interpreting the trust instrument involve according to Re Steele's Wills Trusts [1948 ] Ch 603?

    <p>'Legal advice' based interpretation of the trust instrument.</p> Signup and view all the answers

    What did Rowe v Prance demonstrate about beneficial interest?

    <p>Sole legal ownership may not imply sole beneficial interest.</p> Signup and view all the answers

    More Like This

    Equity and the Law of Trust Chapter 6 § 1
    19 questions

    Equity and the Law of Trust Chapter 6 § 1

    ComprehensiveWildflowerMeadow avatar
    ComprehensiveWildflowerMeadow
    Constitution of a Trust
    8 questions

    Constitution of a Trust

    ComprehensiveWildflowerMeadow avatar
    ComprehensiveWildflowerMeadow
    Business Law: Trusts and ADR Overview
    37 questions
    Use Quizgecko on...
    Browser
    Browser