67585
Description
Mind Map by costafortune, updated more than 1 year ago
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Created by costafortune
almost 11 years ago
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3 CERTAINTIES
- Certainty of Intention
Clear expression of an
intention to create a trust
- RE KAYFORD - do not need to use the word trust
- Precatory words, hope wish,
desire, unlikely to create a trust
- LAMB v EAMES
- RE HAMILTON - Court will not allow a precatory
trust to be raised without evidence of intention
- Showing intention
- PAUL v CONSTANCE -
Money is as much yours as
mine
- JONES v LOCK -
I give this to baby
for himself
- JONES v LOCK -
I give this to baby
for himself
- PAUL v CONSTANCE -
Money is as much yours as
mine
- Showing intention
- RE HAMILTON - Court will not allow a precatory
trust to be raised without evidence of intention
- LAMB v EAMES
- Precatory words, hope wish,
desire, unlikely to create a trust
- RE KAYFORD - do not need to use the word trust
- CERTAINTY OF SUBJECT MATTER
- The property and beneficiaries
interest in it must be certain
- Fixed trusts Trustees under an obligation to
distribute - Uncertainty of subject matter
renders the trust void
- Court and trustees must be
able to identify land
- SPRANGE v BARNARD - remaining part
that husband did not want - unknown what
would be left, trust failed
- LONDON WINES CO - ID
of specific property out of
a larger amount, buyers
paid for wine (tangible goods) stored in
warehouse.
- 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
- C/F HUNTER v MOSS - Settlor owned 950
shares (intangible goods), orally declared trust for
50, but which 50. AC held a trust here
- As long as shares of same class
in same company, no need to
segregate, decision was widely
criticised
- As long as shares of same class
in same company, no need to
segregate, decision was widely
criticised
- C/F HUNTER v MOSS - Settlor owned 950
shares (intangible goods), orally declared trust for
50, but which 50. AC held a trust here
- 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
- LONDON WINES CO - ID
of specific property out of
a larger amount, buyers
paid for wine (tangible goods) stored in
warehouse.
- SPRANGE v BARNARD - remaining part
that husband did not want - unknown what
would be left, trust failed
- Court and trustees must be
able to identify land
- Fixed trusts Trustees under an obligation to
distribute - Uncertainty of subject matter
renders the trust void
- The property and beneficiaries
interest in it must be certain
- Discretionary trusts
- Settlor leaves property to trustees,
for whoever in such shares as they
see fit
- Can affect the rules of certainty
- Can affect the rules of certainty
- RE GOLAYS WILL TRUST
- Lady to enjoy flat for lifetime and receive a
reasonable income from other properties
- Trust was valid, executors could
choose the flat and court, if required,
could quantify a reasonable income
- RE KNAPTON - Testatrix didn't specify who
would get which house or how to choose.
Valid trust, top of list had first choice.
- As nieces & nephews were a class, lots were
drawn on who got to choose first
- If not clear who gets what, trust fails and
results back to residue
- If not clear who gets what, trust fails and
results back to residue
- As nieces & nephews were a class, lots were
drawn on who got to choose first
- RE KNAPTON - Testatrix didn't specify who
would get which house or how to choose.
Valid trust, top of list had first choice.
- Trust was valid, executors could
choose the flat and court, if required,
could quantify a reasonable income
- Lady to enjoy flat for lifetime and receive a
reasonable income from other properties
- Settlor leaves property to trustees,
for whoever in such shares as they
see fit
- Certainty of Object/Beneficiaries
- Must be for ascertainable beneficiaries,
humans or corporations, as long as have
this, trust of perfect obligation
- If trust for a purpose, trust of imperfect
obligation, if doesn't fall within exceptions is void
- If trust for a purpose, trust of imperfect
obligation, if doesn't fall within exceptions is void
- Must be for ascertainable beneficiaries,
humans or corporations, as long as have
this, trust of perfect obligation
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