Intervivos- Lifetime formalities for transfers of assets Flashcards
To transfer land what is the statute? What do you need?
s.52(1) LPA 1925, all conveyances of land for any inteterest are void unless made by deed.
What are the steps for creating a deed? What statute?
s. 1 of Law of Property (Miscellaneous Provisions) Act 1989. the deed is to be signed and delivered in the presence of witnesses
After you have done the formalities for a deed what needs to happen next?
Registration. s.4 LRA 2002, registration of the transferee as the new proprietor of the land is required in all cases.
To transfer company shares what statute and what must you do?
s. Stock Transfer Act 1963- delivery of the share certificate including a signed stock transfer form is required.
The formalities of transferring bank notes and chattels what is required?
Delivery and intention.
What happened in Thomas v Times Book Co Ltd?
A manuscript handed to a friend was noted as effective ownership transfer
What happened in Jaffa v Taylor Gallery Ltd?
Where physical delivery is not possible, a deed is effective in transferring ownership but a deed is not necessary if delivery is possible.
Formalities for transferring existing equitable interests?
s.53(1)(c) LPA 1925- disposition of an equitable interest or trust must be in writing and signed by the person disposing it or by his agent, lawfully authorised to do so in writing or by a will. A transfer is void unless it is in writing.
What is the meaning of the word disposition in Grey v IRC?
A Grandfather wanted to give his grandchildren money but did not want to pay stamp duty that applies to written documents during a transfer of shares. He orally told his trustees to transfer funds to his grandchildren, however this was written down and stamp duty was charged. Grandfather argued that the documents were not dispositions and were acknowledgements.
HELD: transfer of existing equitable shares requires a signed and written document s.53 (1)(c) LPA 1925 oral dispositions void.
Does a disclaimer require writing? case?
No. writing is not needed.
Re Paradise Motor Co Ltd- step-father transferred shares to his step-son. Step-son had said he did not want them, but later changed his mind. s.53(1)(c) LPA 1925 did not apply, as it was only a disclaimer.
Does an equitable interest need to be in existence during the time of the disposition? case..? old men
Yes.
Re Danish Bacon Ltd- one form not signed, nominate who could receive their pension they they died early, not in the scope of s.53(1)(c) LPA 1925.
What happened in the case of Vandervell v IRC? regarding the transfer of legal and equitable interests together?
HL HELD: s.53(1)(c) LPA 1925 does not apply where a beneficial owner who was solely entitled tells his trustees to transfer both legal and equitable interest. But V still had to pay tax because the shares were sill his as he had put on an option to buy it back from the College. He didn’t say who the option was for, thus HELD the option was resulting trust for himself.
What’s the difference between Grey IRC v Vandervell IRC? (the fast niggas)
Grey- writing required under s.53(1)(c) LPA 1925- as he was transferring the equitable ownership.
Vandervell- writing not required under s.53(1)(c) LPA 1925- as he was the sole entitled beneficial owner transferring legal and equitable shares.
What are the formalities under a will? state statute and steps.
s.9 Wills Act 1937 as amended by s.17 Administration of Justice Act 1982 a will is not valid unless:
1. its in writing
2. signed by the testator or someone in his presence at his discretion
3. In the presence of two or more witnesses present at the same time
All of this needs to be complied with to have a valid non contested will at probate.
