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Chapter 1 - Historical outlines of equity

By Stanley Flores,2014-07-09 20:30
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Chapter 1 - Historical outlines of equity ...

Unlocking Trusts

    Contents

Preface

    Acknowledgements

    List Of Figures

    Table Of Cases

    Table Of Statutes And Other Instruments

    Chapter 1 - Historical outlines of equity 1.1

    1.1.1 Introduction to equity

     1.1.2 Terminology

     1.1.3 Petitions to the Lord Chancellor

     1.1.4 Procedure in Chancery

     1.1.5 The Trust a product of Equity

     1.1.6 The Chancellor’s intervention

     1.1.7 Duality of ownership

     1.1.8 Statute of Uses 1535

     1.1.9 Use upon a use

     1.1.10 Struggle over injunctions

    1.2 Contributions of Equity

     1.2.1 Court of Appeal in Chancery

    1.3 Nineteenth-century Reforms

    1.4 Maxims of Equity

Chapter 2 - Introduction to trusts

2.1 Introduction

    2.2 Trust Concept

     2.2.1 Underhill’s definition

     2.2.2 Recognition of Trusts Act 1987

     2.2.3 Lord Browne-Wilkinson’s essential characteristics

    2.3 Characteristics of a trust

     2.3.1 Trusts property

     2.3.2 Separation of Legal and Equitable Interests

     2.3.3 Sub-Trusts

     2.3.4 Obligatory

     2.3.5 `Inter Vivos' or on Death

     2.3.6 The Settlor's Position

     2.3.7 The Trustees' Position

     2.3.8 The Beneficiary's Position

     2.3.9 Equitable Proprietary Interests 2.4 Classification of Trusts

     2.4.1 Private/Public Trusts

     2.4.2 Fixed/Discretionary Trusts

     2.4.3 Resulting Trusts

     2.4.4 Constructive Trusts

     2.4.5 Statutory Trusts

    2.5 Reasons for the creation of express trusts

    Chapter 3 - The three certainties test

3.1 Introduction

    3.2 Certainty of intention

     3.2.1 Intention - a question of fact and degree

     3.2.2 Intention to benefit distinct from intention to create a trust

     3.2.3 Precatory words

     3.2.4 Effect of uncertainty of intention 3.3 Certainty of subject matter

     3.3.1 Certainty of trust property

     3.3.2 Beneficial interests

     3.3.3 Uncertainty of subject matter

    3.4 Certainty of objects

     3.4.1 Fixed trusts

     3.4.2 Discretionary trusts

     3.4.3 Powers of appointment

     3.4.4 Analysis of the ‘any given postulant’ test

     3.4.5 Distinct approaches to the given postulant test

Chapter 4 - Constitution of an express trust

4.1 Introduction

    4.2 The rule in Milroy v Lord

     4.2.1 Transfer and Declaration mode

     4.2.2 Transfer of shares in a private company

    4.3 Self-Declaration of trust

    4.4 No self-declaration following imperfect transfer

    4.5 The settlor may expressly adopt both modes of creation

    4.6 Multiple trustees including the settlor

    4.7 No trust of future property

    4.8 Trusts of choses in action

     4.8.1 Fletcher restricted to debts enforceable at law

    4.9 Consequences of a perfect trust

    4.10 Incompletely constituted trusts

     4.10.1 Agreements enforceable by non-volunteers

     4.10.2 Covenants to create trusts before the Contracts (Rights of Third Parties) Act 1999

    4.10.3 Effect of the Contracts (Rights of Third Parties) Act 1999

    Chapter 5 - Exceptions to the rule that equity will not assist a volunteer

5.1 Introduction

    5.2 The rule in Strong v Bird

     5.2.1 The nature of donor’s intention

    5.3 Donatio Mortis Causa

     5.3.1 Contemplation of death

     5.3.2 Conditional on death

     5.3.3 Parting with dominion

     5.3.4 The types of property

    5.4 Proprietary Estoppel

     5.4.1 Five probanda

     5.4.2 Unconscionability

     5.4.3 Nature of the interest acquired

Chapter 6 - Formalities for the Creation of Express Trusts

6.1 Introduction

    6.2 Declaration of a trust of land

     6.2.1 ‘Land or an interest in land’

    6.2.2 ‘Declarations of trusts’

     6.2.3 ‘Manifested and proved by some writing’

     6.2.4 ‘Writing’

     6.2.5 Signature

    6.3 Exclusion

    6.4 Dispositions under S53(1)(c) of the Law of Property Act 1925

     6.4.1 Direction to trustees

     6.4.2 Transfer of both the legal and equitable titles to a third party

     6.4.3 S 53(2) of the Law of Property Act 1925

     6.4.4 Overlap between SS53(1)(b) and (c) of the Law of Property Act 1925

     6.4.5 Estoppel

     6.4.6 Self-declaration of trust of part of an equitable interest

     6.4.7 Disclaimers

    6.4.8 Pension scheme nominations

Chapter 7 - Discretionary Trusts

7.1 Introduction

    7.2 Exhaustive/non-exhaustive discretionary trusts

    7.3 Period of accumulation

    7.4 Reasons for creating discretionary trusts

    7.4.1 Flexibility

     7.4.2 Protection of Objects from Creditors

    7.5 Administrative Discretion

    7.6 Mere Powers and Trust Powers

    7.7 Trust Powers

    7.8 Duties imposed on fiduciaries

    7.9 Status of objects under discretionary trusts

     7.9.1 Individual Interest

     7.9.2 Group Interest

    7.10 Protective trusts under s 33 of the Trustee Act 1925

     7.10.1 Determining events (forfeiture)

     7.10.2 Other examples of forfeiting events

Chapter 8 Resulting Trusts

8.1 Introduction

    8.2 Automatic and presumed resulting trusts

    8.3 Automatic resulting trusts

     8.3.1 Quistclose analysis

     8.3.2 Surplus of trust funds

     8.3.3 Dissolution of unincorporated associations:

    8.4 Presumed resulting trusts:

     8.4.1 Purchase in the name of another

     8.4.2 Voluntary transfer in the name of another

     8.4.3 Presumption of Advancement

     8.4.4 Rebuttal of the presumptions

    8.4.5 Intended unlawful activity and rebuttal evidence

Chapter 9 Constructive Trusts

9.1 Introduction

    9.2 Constructive trusts / Duty to account

    9.3 Institutional and remedial constructive trusts

    9.4 Recognised categories of Constructive Trusts

     9.4.1 Trustee or fiduciary making unauthorised profit

     9.4.2 Fiduciary relationship

     9.4.3 Unauthorised remuneration or financial benefit received by trustee or fiduciary

     9.4.4 Bribes or secret profits received by fiduciaries

     9.4.5 Trustee/director’s remuneration

     9.4.6 Occasions when a trustee may receive remuneration

     9.4.7 Purchases of trust property (rule against self dealing) 9.5 Contracts for the sale of land

    9.6 Equity will not allow a Statute to be used as an engine for fraud 9.7 Proprietary rights in the family home

     9.7.1 Legal title in the joint names of the parties

     9.7.2 Legal title in the name of the party only

     9.7.3 Resulting Trust

     9.7.4 Common intention

     9.7.5 Indirect contributions

     9.7.6 The principle in Pettitt and Gissing

     9.7.7 Scope of the Rosset principles

     9.7.8 The ‘Cooke’ approach

     9.7.9 Section 37 of the Matrimonial Proceedings and Property Act 1970

     9.7.10 Date and method of valuation

     9.7.11 Order of Sale

    9.8 Strangers as constructive trustees

     9.8.1 Introduction

     9.8.2 Trustees de son tort

     9.8.3 Knowingly receiving or dealing with trust property for his own use

     9.8.4 Alternative rationale of liability

     9.8.5 Dishonest Assistance or Accessory Liability

     9.8.6 Royal Brunei v Tan analysis

    9.8.7 Dishonesty

    Chapter 10 - Secret trusts and mutual wills

10.1 Introduction

    10.2 Two types of secret trusts

    10.3 Basis for enforcing secret trusts

    10.4 Requirements for the creation of fully secret trusts

     10.4.1 No agreement for transferee to hold as trustee

     10.4.2 Terms of trust not communicated

     10.4.3 Two or more legatees

    10.5 Requirements for the creation of half secret trusts 10.6 Unresolved issues connected with secret trusts

     10.6.1 Standard of proof

     10.6.2 Death of a secret beneficiary

     10.6.3 Death of a secret trustee

     10.6.4 Classification of secret trusts

    10.7 Mutual Wills

     10.7.1 The agreement

     10.7.2 The effect of the agreement

     10.7.3 The scope of the agreement

Chapter 11 - Private purpose trusts

11.1 Introduction

    11.2 Reasons for failure of a private purpose trust

     11.2.1 Lack of beneficiaries

     11.2.2 Uncertainty

     11.2.3 Perpetuity rule

    11.3 Exceptions to the `astor' principle

     11.3.1 Trusts for the maintenance of animals

     11.3.2 Monument cases

     11.3.3 Saying of masses

    11.4 The denley approach

    11.5 Gifts to unincorporated associations

Chapter 12 Charitable Trusts

12.1 Certainty of objects

    12.2 Perpetuity

    12.3 Cy-Pres doctrine

    12.4 Fiscal advantages

    12.5 Charitable Purposes

    12.6 Public element

     12.6.1 Public Benefit

     12.6.2 Poverty exception

     12.6.3 Classification of Charitable Purposes 12.7 Charitable activities outside the united kingdom

12.8 Cy-pres doctrine

     12.8.1 Impossibility

     12.8.2 General charitable intention

     12.8.3 Section 14 of the charities act 1993

    12.9 Charity commissioners

    12.10 The attorney general

    12.11 Litigation by charities

    12.12 Reform of charities

    Chapter 13 - Appointment, retirement and removal of trustees

13.1 Appointment

     13.1.1 Creation of a new trust

     13.1.2 Continuance of the trust

    13.2 Retirement

     13.2.1 Retirement procedure under s39

     13.2.2 Retirement under a court order

    13.3 Removal

    13.3.1 Court order

Chapter 14 Duties and Powers of Trustees

14.1 Duties of Trustees

     14.1.1 The duty and standard of care at common law

     14.1.2 Duty and standard of care under the Trustee Act 2000 14.2 Duty to act Unanimously

    14.3 Duty to act personally

     14.3.1 Power to appoint nominees

     14.3.2 Power to appoint custodians

     14.3.3 Persons who may be appointed as nominees or custodians

     14.3.4 Review of acts of agents, nominees and custodians

     14.3.5 Liability for the acts of agents, nominees and custodians 14.4 Other Statutory Provisions permitting Delegation of Discretions

     14.4.1 Delegation under the Trusts of Land and Appointment of Trustees Act 1996

    14.5 Exclusion clauses

    14.6 Duty to provide Accounts and Information

    14.7 Duty to distribute to the correct beneficiaries 14.8 Duty not to make profits from the trust

    14.9 Powers of Investment

     14.9.1 Express power

     14.9.2 Statutory power under the Trustee Act 2000

     14.9.3 Enlargement of investment powers

    14.10 The right of beneficiaries to occupy land

    14.11 Powers of Maintenance and Advancement

     14.11.1 Power of maintenance

     14.11.2 Power of advancement

    14.12 Power of trustees to give receipts

    14.13 Power to partition land under a trust of land

Chapter 15 Variation of Trusts

15.1 The rule in Saunders v Vautier

    15.2 Inherent Jurisdiction of the Court

    15.3 Section 57 of the Trustee Act 1925

    15.4 Section 53 of the Trustee Act 1925

    15.5 Section 64 of the Settled Land Act 1925

    15.6 Sections 23 and 24 of the Matrimonial Causes Act 1973 15.7 Section 96 of the Mental Health Act 1983

    15.8 Compromise (inherent jurisdiction)

15.9 The Variation of Trusts Act 1958

     15.9.1 Section 1(1)(b) of the Act

     15.9.2 Variation or Resettlement?

     15.9.3 Settlor's intention

     15.9.4 Benefit (proviso to s 1(1)

     15.9.5 Effect of variation

Chapter 16 Breach of Trust

16.1 Measure of Liability

     16.1.1 Interest

    16.2 Contribution and Indemnity Between Trustees

     16.2.1 Fraudulent Benefit from breach of trust

     16.2.2 Breach committed on advice of a solicitor trustee

     16.2.3 The rule in Chillingworth v Chambers [1896] 1 Ch. 385.

    16.3 Defences to an action for Breach of Trust

     16.3.1 Knowledge and Consent of the Beneficiaries

     16.3.2 Impounding the Interest of a Beneficiary

     16.3.3 Relief Under s 61 of the Trustee Act 1925

     16.3.4 Limitation and Laches

    16.4 Proprietary Remedies (Tracing or the Claim in rem )

     16.4.1 Advantages of the Proprietary Remedy over Personal Remedies

    16.4.2 Tracing at common law

    16.4.3 Tracing in Equity

Index

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