Flashcards
Three Certanties
Flashcards do conjunto (7)
- 1What are the three certantiesCertainty of intention
certainty of subject matter
certainty of object
Trust invalid without them
Knight v Knight - 2Certainty of intentionSufficient intention to put assets into trust
Re Keyford
Technical words not required
- use of word trust not concrete evidence it is a trust
- must be genuine and not a sham
- Midland Bank plc v Wyatt
Just because has precatory words doesnt make it not binding - 3Certainty of intention - precatory wordsComiskey v Bowing - Hanbury
- precatory words and direct instructions - legally binding
Re Adams and the Kensington Vestry 1884
- 'full confidence' - precatory words - not binding
Lamb v Eames
- 'in a way she may think best' precatory - not binding
Re Steeles' will trust
- copied wording from case Shelley v Shelley - precatory words were binding in original case so are in modern case
Now only moral obligation - not legally binding
- to be legally binding needs more than precatory words - 4Certainty of subject matterAssets - must be specified with reasonable certainty
Palmer v Simmons
- Bulk of my estate - cant say for certain what was - not in trust
Re London Wine co
- Assets need to be separated if each person gets certain bottle of wine in collection
Strange v Barnard
- Must be certain who gets what - 'remaining part of what is left' after primary donee dies, not sufficient
Hunter v Moss
- Trust 5% of company - couldnt say which 5 % doesnt matter - intangible
Beneficial interest of each beneficiary must be certain - Boyce v Boyce
Re Golay's will trust
- 'reasonable income' could be calculated with knowledge of property - 5Certainty of objectBeneficiaries - Re Vandervells trust
two tests - fixed trusts + discretionary trusts
If can't find Beneficiary
- doesn't change trust
- their share set aside
- Benjamins orders
- Can have court order declaration of presumed dead after years with no contact - share split with other B's
- Must try all cna do to contact B - 6Certainty of object - fixed trustStates in trust who gets what
must can draw complete list of beneficiaries
IRC v Broadway cottage trust 1955
definition of beneficiary must be
- conceptually certain
- evidentially certain who is within the class - 7Discretionary trustTrustees have discretion regarding distribution of assets
till 1970s was same as fixed trust (Broadway cottage trust test)
- deemed too strict for discretionary trusts
McPhail v Doulton 1971
- Beneficiaries must fall into specified class
- Done as not all beneficiaries are likely to come claim assets
Problems
- Class could be unreasonably wide
Informações
- Descrição
- Law (Three certainties ) FlashCards sobre Three Certanties , criado por Ruth Christian em 10-01-2017.
- Criado por
- Ruth Christian
- Visualizações
- 1
- Avaliação
Mais sobre The Three Certainties