Constitution Flashcards
What is the correct method of transfer of legal title for registered land?
Transfer must be by deed as per s 52(1) LPA and registered with Land Registry, which is when legal title passes.
(Note - self-declaration of trust of land needs to be in signed writing)
What is the correct method of transfer of legal title for shares in a private company?
Transferor must sign a stock transfer form and send it to the company’s registrar. Transfer complete when the register of members is updated.
What is the correct method of transfer of legal title for a chose in action?
Notice in writing must be sent to the debtor or the bank. Legal title passes once it has been received.
What is the correct method of transfer of legal title for chattels?
May be transferred either by deed or gift or by delivery of chattel with evidence of the transferor’s intention to transfer it.
What is the correct method of transfer of legal title for cheques?
The transferor can endorse the cheque by signing their name on the back.
What is the rule from Milroy v Lord?
Equity will not perfect an imperfect gift or treat a failed gift as a self-declaration of trust.
What are the three exceptions to the rule equity will not perfect an imperfect gift?
- Where the owner has done everything within their power to transfer legal title.
- Fortuitous vesting.
- DMC
What constitutes a legal owner doing ‘everything in their power’ to transfer legal title?
Transfer documents must either have been sent for registration or delivered to the donee.
What must be satisfied for fortuitous vesting to occur?
- There must be an intention to make an immediate gift.
- The intention must continue until the donor’s death.
- The intended donee becomes an executor of the donor’s estate.
What are the three conditions for a valid DMC?
- Gifts made in contemplation of death that donor believes to be imminent.
- Gift is conditional on death.
- There is ‘delivery’ of the property/donor parts with control of it.
