3 CERTAINTIES

costafortune
Mind Map by , created over 6 years ago

Degree Equity and Trusts Mind Map on 3 CERTAINTIES, created by costafortune on 05/02/2013.

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costafortune
Created by costafortune over 6 years ago
Express Trusts
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Certainty of Objects
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3 CERTAINTIES
1 Certainty of Intention Clear expression of an intention to create a trust
1.1 RE KAYFORD - do not need to use the word trust
1.1.1 Precatory words, hope wish, desire, unlikely to create a trust
1.1.1.1 LAMB v EAMES
1.1.1.1.1 RE HAMILTON - Court will not allow a precatory trust to be raised without evidence of intention
1.1.1.1.1.1 Showing intention
1.1.1.1.1.1.1 PAUL v CONSTANCE - Money is as much yours as mine
1.1.1.1.1.1.1.1 JONES v LOCK - I give this to baby for himself
2 CERTAINTY OF SUBJECT MATTER
2.1 The property and beneficiaries interest in it must be certain
2.1.1 Fixed trusts Trustees under an obligation to distribute - Uncertainty of subject matter renders the trust void
2.1.1.1 Court and trustees must be able to identify land
2.1.1.1.1 SPRANGE v BARNARD - remaining part that husband did not want - unknown what would be left, trust failed
2.1.1.1.1.1 LONDON WINES CO - ID of specific property out of a larger amount, buyers paid for wine (tangible goods) stored in warehouse.
2.1.1.1.1.1.1 Co went bust, wine not separated from general stock, no trust.as the wine formed part of the bulk no way to know what had been paid for
2.1.1.1.1.1.1.1 C/F HUNTER v MOSS - Settlor owned 950 shares (intangible goods), orally declared trust for 50, but which 50. AC held a trust here
2.1.1.1.1.1.1.1.1 As long as shares of same class in same company, no need to segregate, decision was widely criticised
3 Discretionary trusts
3.1 Settlor leaves property to trustees, for whoever in such shares as they see fit
3.1.1 Can affect the rules of certainty
3.2 RE GOLAYS WILL TRUST
3.2.1 Lady to enjoy flat for lifetime and receive a reasonable income from other properties
3.2.1.1 Trust was valid, executors could choose the flat and court, if required, could quantify a reasonable income
3.2.1.1.1 RE KNAPTON - Testatrix didn't specify who would get which house or how to choose. Valid trust, top of list had first choice.
3.2.1.1.1.1 As nieces & nephews were a class, lots were drawn on who got to choose first
3.2.1.1.1.1.1 If not clear who gets what, trust fails and results back to residue
4 Certainty of Object/Beneficiaries
4.1 Must be for ascertainable beneficiaries, humans or corporations, as long as have this, trust of perfect obligation
4.1.1 If trust for a purpose, trust of imperfect obligation, if doesn't fall within exceptions is void

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