Formalities Flashcards
What are the formalities for a self- declaration of trust?
This is where the full legal owner transfers equitable rights to the beneficiary- no formalities needed for the legal transfer, but it is needed for the creation of a new equitable interest
What are the formalities for declaring a trust?
for land- declaration must comply with s53 (1) (b) LPA- non compliance renders trust unenforceable.
Has to be signed and written for the trust to be valid
What are the formalities for constituting a trust?
Gift: legal title must be transferred from donor to donee
Transfer on trust: legal title must be transferred from settlor to trustee
Self-declaration of trust: automatically constituted
Transfer on trust to multiple trustees, of which the settlor is one: Automatically constituted
What is the rule in Milroy v Lord?
This is the rule that equity will not perfect an imperfect gift. This means it will not:
1) treat an intended gift as a self declaration of trust
2) treat a failure to constitute a trust as a self-declaration of trust
What are the exceptions to Milroy v Lord?
1) Re rose- did they do everything in their power to effect the transfer? If so, equity will impose a constructive trust
2) Strong v Bird- 1) The donor must have intended to make an inter vivos gift.
2) Such donative intention must have persisted until the donor’s death.
3) The donee is appointed the donor’s executor (or administrator, Re James [1935] 1 Ch 449)
4) The subject matter of the intended gift must have been capable of enduring the death of the donor.
Donatio Mortis Causa- intention must be a conditional upon their death- in contemplation of death. Has to be actual or constructive delivery.