Constitution of Trusts Flashcards
What is the general rule on the constitution of a trust?
Milroy v Lord, equity will not perfect an imperfect gift. To perfect a gift, the transferor must do everything necessary according to the nature of the property
How does proprietary estoppel effect an imperfect gift?
Dillwyn v Llewelyn, a voluntary agreement will not be completed by a Court of Equity, however if there is a reliance on the thing then proprietary estoppel will step in
What is the rule in Re Rose?
If the transferor did everything necessary to be done by him, then the gift will be perfected. In this case it was the company’s fault that the shares had not been transferred
What is the rule in Pennington v Waine?
The donor does not need to do everything in their power for equity to perfect an imperfect gift if to recall the gift would be unconscionable, i.e. the person had relied on it or had certain things told to them
What is the rule in Strong v Bird?
An imperfect gift will be perfected when the intended donee is appointed as the executor of the donors will, as long as the donor has the immediate intention to gift at the time of death
What is meant by donatio mortis causa?
‘Deathbed gift’
King v Durbey, where a gift is made in the contemplation of impending death and is conditional and only effective upon death
