BPP GDL Study Notes Ch 5: Constitution Flashcards
What is the leading case on constitution? What issues developed from it?
- Milroy v Lord
1) settlor must follow the methods appropriate to transferring the property
2) settlor must appropriately confer the benefit of his property to another
3) judge must be aware that equity will not perfect an imperfect gift
How is legal estate in land transferred?
- by deed: s52(10 LPA 1925
What constitutes a deed? Where is a deed defined?
- s1 LP(MP)A 1989. Must be:
- written
- signed
- witnessed by at least one independent witness
- describe itself as a deed
- be delivered
What else could a deed be called?
- if the land is unregistered freehold the deed is a conveyance
- if the land is registered at HM Land Registry the deed is called a transfer.
- if the land is a leasehold the lease is called an assignment
How are shares in a UK incorporated company transferred?
Stock Transfer Form and registration
- Stock Transfer Act 1963:
- shares must be transferred by the transferor signing a stock transfer form in favour of the transferee
- transfer must be registered in the company’s share register
- title passes on registration
Can a company refuse to register a share transfer?
- public limited companies generally cannot refuse to register
- private limited companies often restrict share transfers and directors may restrict transfers based on this,.
How are chattels transferred?
- deed of gift, or
- actual delivery
- plus intention to transfer by transferor
How can bills of exchange be transferred? Give an example of a bill of exchange?
- eg a cheque
- for a BoE in the name of the transferor:
- endorse the cheque (sign the back)
- Bills of Exchange Act 1882
How is money transferred?
- only by actual delivery. Cheques etc don’t transfer until they are cleared.
How are choses in action transferred?
- in writing given to the debtor
- s136 LPA 1925
How are equitable interests transferred?
- signed writing
- s53(1)(c) LPA 1925
How are debts transferred?
- debts are choses in action
- therefore in writing given to the debtor
How can a settlor DURING HIS LIFETIME confer the benefits of property on another?
1) absolute gift to B
2) transfer to trustees to hold on trust for B (settlement by transfer)
3) declares himself a trustee for B (declaration of trust)
How can equitable interests be disposed of? According to what case?
Timpson’s Executors v Yerbury
1) assign directly to 3rd party
2) direct trustees to hold on trust for 3rd party
3) contract for valuable consideration to assign equitable interest to 3rd party (sell)
4) can declare himself to be a trustee for 3rd party
What is the equitable principle in regards to ineffectual transfers?
- equity will not assist a volunteer
- if S attempts to use one method to confer a benefit on B and fails to do so effectively, equity will not save the gift.