Class notes
Law notes: Lecture on Equity and Trusts
- Course
- Institution
Law notes: Lecture on Equity and Trusts
[Show more]
Seller
Follow
soumaiadjellak
Content preview
Revision notes: Lecture 2:Equity will not perfect an imperfect gift or will it?
Express trust This is where the legal owner of the property declare that they hold the
property on trust for specified beneficiaries.
The declaration sets out the proportion or ways in which they are to hold
the beneficial interest.
Express declaration This will override the principles of resulting or constructive trusts unless
the declaration was obtained by fraud or mistake.
Inter Vivos Trusts that are created while an individual is still alive in order to name the
beneficiaries of property and assets upon death while avoiding probate
(dealing with the estate of someone who has died.
Milroy v Lord 1862 Case:
Facts: Thomas Medley helf shares in the bank of Louisana (Bank)
The bank required that the shares be transferred according to
regulations in the company constitution.
Thomas wanted to give to his niece, Eleanor Milroy
He signed a deed with Samuel Lord, Lord would 50 shares on trust
for Eleanor
He also gave Lord a power of attorney to receive dividends on the
shares and to comply with the company constitutions
requirements. Lord did not do this.
No transfer of the shares into Lord’s name has been made.
Thomas lived for three years after signing the deed with Lord.
During these three years, Samuel Lord was receiving dividends and
passing them on.
When Thomas died the shares still remained in his name. Eleanor
claimed that the shares belonged to her. Lord claimed that the trust
was ineffective.
Issue:
Was Lord in breach of trust?
Held:
The transfer of trust property was not effective
No prefect trust had been created
Thomas did not properly transfer the shares
An ineffective outright transfer could not be regarded as an
effective declaration of trust
In order for a trust to be valid, the settlor needs to do everything
which is necessary to transfer the trust property and make the
settlement binding. Thomas had not properly transferred the
shares.
Principle: this case was based on held trusts should not be used to save
gifts from being defeated. It purported to follow one of the maxims of
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller soumaiadjellak. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.45. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
57727 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now