Flashcards
The History of Equity and Nature of Trusts
Cards in this deck (19)
- 1CC v AB Conscience within discretionary equitable remediesJudge has discretion as to the remedy within equity. "One must guard against allowing legal judgements to be coloured by personal attitudes"
- 2Attorney General v Blake Account of ProfitsBlake was a double agent whom wrote a book concerning the British Government when he was in contract with them. Held, the British Government could be awarded an account of profits made by Blake.
- 3The Judicature Acts 1873 - 75Passed to abolish the confusion and inconvenience which a dual legal system caused (Common Law Courts and Chancery Courts). One high court to ear both common and equitable cases was established.
- 4Tinsley v Milligan FusionPartners bought house together but put it under one name to fraudulently claim benefits. Common law allows illegality as evidence, in equity illegality extinguishes the claim. A fusion approach was adopted.
- 5Eves v Eves FusionLord Denning claimed equity could still bear new rights and rules although Bengall J disputed this and rendering equity as unsure and unsettled.
- 6Re Polly Peck FusionLord Neuberger claimed that although there is a power in equity to form new rights, it should not be done without due care.
- 7Paul v Constance Certainty of Intention (Express Trusts)Constance had bank account which he claimed to his mistress was "as much yours as mine". This showed an intention to share money ∴ an express trust was formed. Express trusts require clear intention in words or actions.
- 8Westdeutsche Certainty of Subject Matter"In order for a trust to exist there must be a certainty of subject matter"
- 9Mills v Sportsdirect.com Certainty of ObjectsMills went into administration before they could pay for the sale and repurchase shares agreed upon. Beneficial ownership passed to Sports Direct despite the fact Mills had failed to pay, there was a certainty of objects.
- 10Re Astor The Beneficiary PrincipleEquitable obligations are enforced upon a trustee as long as there is someone [a beneficiary] to enforce an equitable right ∴ non-charitable trusts must be for a beneficiary.
- 11Re Endacott The Beneficiary PrincipleOutside of trusts for animals, graves and saying of private masses, no trusts can be made for purposes that are non-charitable. Non- charitable trusts need ascertainable beneficiaries.
- 12Saunders v Vautier The Beneficiary PrincipleBeneficiaries may end the trust before the designated time if they are sui juris (over the age limit and has mental capacity). The Doctrine of Acceleration: beneficiaries must give up their interest in the trust and unanimously vote for the property to be transferred to one beneficiary.
- 13S.53 Law of Property Act 1925Formality requirements for a trust.
- 14Jones v Lock Formalities and ConstitutionFather wrote a gift cheque for baby son. Although there was an intention to benefit there was no intention to create a trust, only an outright transfer. Equity will not perfect and imperfect gift.
- 15Re Combe Powers of AppointmentSon of testator was given powers of appointment which was confined to relations only. He had complete discretion as to whether he could use this power or not.
- 16Shell v Total Beneficiary's InterestExplosion by Total's negligence caused damage to property held on trust for Shell. If the beneficial owner can join the legal owner in proceedings, the beneficiary can claim for damages even though the property is not theirs
- 17IRC v Duke of Westminister Tax AvoidanceTrusts can be legally used to avoid tax. "Every man is entitled to order his affairs so the tax is less than it should be."
- 18Ashby v Tollhurst BailmentsParking attendant whom was under a bailment, allowed stranger to take owners car. Unlike in a trusts, the legal title remains with the owner and so [the attendant] cannot be liable under a bailment.
- 19Commissioner of Stamp Duties v LivingstonUntil an estate is completely administered, one cannot gain any right to the property unlike in equity where the beneficiary holds a constant beneficial interest in the property.
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- LLB Trusts and Equity (1. History of Equity and Nature of Trusts) Flashcards on The History of Equity and Nature of Trusts, created by cadhla_corrigan on 07/04/2014.
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