Trusts

Question 1

Tracing Rules: Trustee plus Trust

Answer 1

Re Hallet: first in first out

Re Oatway; first choice

Question 2

Tracing Rules (Trust plus Trust)

Answer 2

1) Clayton: 2 or more innocents then first in, first out

2) Re Barlow: if Clayton does not do broad justice: ratable share in remaining non-dissipated assets

Question 3

Tracing Rules (Trustee plus Trust plus Trust)

Answer 3

1) Re Hallet and Oatway

2) Clayton and Barlow to remaining

Question 4

Knowing Receipt: Elements

Answer 4

1) Third party received trust property due to breach of trust or duty

2) Third party receives for their own benefit

3) While recipient of property third party has knowledge that would make it unconciousnable to deal with property as if it is their own

Question 5

Constructive Trust (Jointly Owned)

Answer 5

1) Common Intention

2) Detrimental Reliance (whole course of dealings)

Question 6

Constructive Trust (Soley Owned)

Answer 6

1) Common Intention

2) Detrimental Reliance

If express: can be non-monetary if substantial

If implied: direct contributions to purchase price or significant contributions to mortgage payments