10 FLK2 Flashcards
What kind of trust is established when you do something illegal?
Constructive trust
Resulting trust = failed trust
What do you need for conspiracy?
Agreement to commit the crime
It doesn’t matter if committing the crime is impossible/ they did not do anything more than just agree
It needs 2 or more persons (not spouses)
Intestacy rules vs statuatory trust - who gets the benefits?
Intestacy rules - spouse/ civil partner + child
statutory trust - children & grandchildren (no s/o)
How do you decide where an either way case will be tried?
Presumption is summarily
Unless, Mag sentencing powers are clearly inadequate/ matter is unusually complex (nothing to do w aggravating factors)
For a short term lease to be considered a legal lease, what do you need?
Min. oral agreement
Term under 3 years
Takes effect (occupancy) immediately
Rent w/o premium (market rent)
If it fails the above, it becomes an equitable lease
How is SDLT calculated for an assignee?
Assessed on any premium paid for their assignment
Meaning of the following sections when trying to admit evidence:
- important explanatory evidence
- relevant issue between P and D
- to explain something about who the D is or their background (Eg P can identify D cus D supplies P with drugs even tho the present charge is not related to drugs)
- should be relevant to the core issues between P and D concerning the present charge itself
What does “a solicitor cannot be his own client” mean?
it means that if a solicitor is instructing his own firm for a matter, then money paid to the firm is called “firm money” not “client money”
thus the entries are recorded in a partnership ledger or business ledger
Do you pay IHT on a transfer to a alive spouse?
No
It is an exempt estate
Who makes a trust?
Who makes a will?
Settlor
Testator
When a person makes a trust, who can obtain immediate income from the trust?
Assumptions:
- Bs have a contingent interest
- Vesting condition for gift is 25 years
- Settlor is the grandparent of B1 and B2
- B1 is 15, lives in a different country
- B2 is 20, lives w settlor
Generally - when there is a contingent interest, B is only entitled to IMMEDIATE INCOME it once the contingency is met and thus the interest is vested
Exception - If the trust is created by a parent or loco parentis (ie someone acting like a parent) , then B can claim immediate income BEFORE meeting that contingency
B1 has to wait until they turn 25 as settlor is not a loco parentis (general rule applies)
But, since B2 lives with settlor, settlor can be considered a loco parentis and B2 will be entitled to immediate income before they turn 25 (exception applies)
Unreg land
Does the lender of an unregistered mortgage (ie charge not registered) have the power of sale?
Yes, as long as the mortgage is made by deed (no court order required)
Unregistered mortgage = equitable mortgage
Non-defendants incl. victim
When can you (D) admit their bad character evidence and do you need the permission of the court?
Only if it has substantive probative value in the context of the case
Yes you need the court’s permission
Note: if all parties agree, then court permission is not required
How can a B disclaim the gifts they have been given under a will?
Orally or in writing to PR
B can disclaim 1 or more gifts at the outset only. They cannot disclaim once they start receiving any benefits of their gift/ accept part or whole of the estate.
Wills
What happens when a gift lapses because there are no Bs?
Goes to settlor’s residuary estate, then it is passed acc to a will and/or intestacy
Crown Court
When should you give a defence statement?
28 days from receiving initial disclosure from P
Else, court MAY draw an adverse inference
LL cov
What does derogation from grant mean? Is it an implied or express cov?
What does cov of quiet enjoyment mean?
Its an implied cov
It is when LL does something that interferes with T’s use and enjoyment of the property (eg LL starting construction in adjoining prop which results in dust and noise disturbance to T)
Physical interference to T’s prop or direct obstruction of access to T’s prop -
How to calculate CGT?
Value of house @ death - sale price = gain
gain - any exemptions (6K for B and PR & 3K for trustees) = CGT amt that is taxable
CGT tax =
If lower rate - 10%
Higher rate - 20%
MR intention for Murder
direct intention to kill or oblique intention
Based on Woollin, Oblique intention = Death or serious injury is a virtually certain consequence and D FORESEES the consequences (as above) of his actions
Are trustees obligated to act in good faith? what does that include?
yes
they should not act capriciously (ie should not discriminate)
If they do, B has a valid claim against T for any loss suffered
If you are acting for the principal in a house transaction and he gives you a deposit, how is the money held? How is the mortgage advance from the seller held?
Principal’s deposit = firm money
Seller’s advance = client money