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Law Y2 > Trusts S1 > Flashcards

Trusts S1 Flashcards

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1
Q

Knight v Knight

A

three certainties

  • intention
  • object
  • subject matter
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2
Q

requirements for valid trust?

A

Capacity

three certainties

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3
Q

requirements for an enforceable trust?

A 
beneficiary principle
mode of settlement
two stage process 
-declare trust
-transfer property
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4
Q

certainty of intention

A

one v ping

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5
Q

Re Kayford and Paul v Constacne

A

Only use conduct when there are no words

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6
Q

A v KV

A

Cannot be expressions of wishes

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7
Q

certainty of subject matter

A

needs to be clearly identifiable

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8
Q

strange v Bernard

A

property must be clearly identifiable

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9
Q

palmer v simmonds

A

bulk does not qualify as clarity

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10
Q

Goldcorp

A

bars of gold needed to be separated, as they were all together and slightly different it is impossible to tell who’s was who’s

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11
Q

London Wine

A

all bottles where different no cert of subject matter

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12
Q

morris v bishop of durham

A

beneficiary principle

making sure that someone who is alive can maintain the trust

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13
Q

morris v bishop of durham

A

beneficiary principle

making sure that someone who is alive can maintain the trust

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14
Q

Bare trust

A

sole beneficiary
all property
no resh

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15
Q

fixed trust

A

sets out who and how much

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16
Q

IRC v Broadway

A

Complete list test

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17
Q

evidential certainty

A

identity documents or DNA

18
Q

Rowe v Pracne

A

No need for a specific way to declare trust or personalty, oral declaration is sufficient

19
Q

law of Property Act 1925 s53(1)(b)

A

requires realty to be put on trust via signed written document

20
Q

Two way trust

A

trustee

21
Q

Two way trust

A

trusteed settlor are the same person

beneficiary is the only other person

22
Q

three way trust

A

settlor send property to trustee who then hold s it on trust for the 3rd part beneficary

23
Q

transfer of land

A

comply with formal requirements of trust (signed written doc)

transfer land by deed

24
Q

transfer of shares

A

declare a trust

transfer title under proper instrument of transfer the companies act 2006 s770

25
Q

transfer of chattels

A

formal requirements

deed of gift (Jaffa v Taylor)

must be either phsysically or symbolically delivered

26
Q

symbolic delivery

A

RE Lillingston

27
Q

Re Cole

A

physical delivery

28
Q

speight v gaunt

A

ordinary prudent man of business

duty of care

29
Q

Trustee Act 2001 s1

A

a trustee must exerscise care and skill as is reasonable

includes special knowledge

30
Q

fiduciary duty

A

Bristol and West Building Society v Mothew [1998]

31
Q

leech v Sandford

A

strict enactment of fiduciary duty

32
Q

claim in personam

A

claim against the trustee personally

33
Q

claim in rem

A

claim to pursue the trust/asset properly

34
Q

Limitation Act

A

cannot claim after 6 years

35
Q

trustee act s61

A

trustee can escape liability if they can prove they acted honestly, reasonably and ought to be fairly relieved

36
Q

civil liability s2(1)

A

court apportions liability amongst trustees

37
Q

Indemnity by trustee

A

outgoing trustee indemnified by continuing trustees

38
Q

foskett v McKeown

A

definition of tracing, a claimant demonstrates what has happened to his property

39
Q

Mixing?

A

when a trustee misappropriates money and mixes it with their own

40
Q

Common law tracing

A

not possible to trace property if mixed with other property

not possible for equitable owners

41
Q

tracing in equity

A

the right to trace property even when it has been ,fixed with third party funds

Law Y2 (5 decks)

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