File Name: equity and trusts notes .zip
MLL405 EQUITY & TRUSTS EXAM NOTES
Topic Notes. Past Papers. Several models of the resulting trust have been set out in different contexts but each of them has significant problems.
A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior. Critically analyse this statement.
Critically analyse whether any of the academic or judicial attempts to reconcile the Quistclose trust with trusts orthodoxy has been successful. Critically discuss whether the existence of a beneficiary or beneficiaries is essential to establishing a valid trust.
Ross was born in Penzance, Cornwall. Many of his ancestors had been involved in the tin mining industry and his father, who was past retirement age, had expected him to take over the small museum that he had managed all his life. Ross was determined to lead a more prosperous life, however. He had moved to Coventry 20 years ago and was doing very well for himself in business there.
Coming from Cornwall, he knew of the importance of good transport links and so led a campaign to relocate the capital from London to Coventry, a city close to the central point of England. Sadly, Ross died in April , after a long illness. In his will, he appointed Stefan and Tamara to be his executors and trustees and instructed them to hold and distribute his estate as follows:.
Max was the managing director of Cliffsports Ltd, a company that specialises in extreme sports events across the South West. He and his partner, Naomi, were keen members of the Tombstoning Club. Tombstoning involves jumping off cliffs without safety equipment. Members of their families are entitled to join as Associate Members for half the normal subscription. They cannot vote on Club matters but they are entitled to attend events for a small fee.
Naomi is the secretary to the Club and works tirelessly to attract new members, as the number of members has been dropping in recent years.
In March , Max died after jumping off a cliff at Polzeath and Naomi is keen to do something in his memory. Naomi asks for your advice as to how this might be achieved and what the consequences would be if the Tombstoning Club were to close. Tariq was the only trustee. He had no investment experience. On 1 September , Tariq met a financial advisor, Martin, while seeking investment advice for the trust. Martin and Tariq had been friends at university. Martin advised Tariq that FTSE companies were a poor investment at the time because the stock market was so volatile.
Therefore, Martin advised Tariq to consider investing in carefully selected private companies. Tariq gave Martin a copy of the Vizard family trust instrument. Martin was employed by Profit Bank Plc, a private bank which specialised in providing banking services for very wealthy families. The company had been created by Zoe to develop tablet apps. Zoe and Martin had been friends for many years. It was Zoe who offered Martin the commission. Shares in Squeaky Software Ltd have subsequently fallen in value after a number of their new products failed.
Tariq is now personally bankrupt. His view is that all customers must be prepared to take risks to make profits in financial investments. Arthur was the sole trustee of the Patel family trust. The trust fund contained three valuable sculptures: Faith , Hope and Charity. Arthur had problems with addiction.
He began to take property from the trust. He paid the sale proceeds into bank account No. That money was then used by Arthur to acquire shares in Dingle Plc. Bank account No. On 5th February, Arthur withdrew the remaining money and used it to buy Tromp Plc shares which have since halved in value. Claire has no experience of the art market. Arthur paid the sale proceeds into bank account No. He spent the remaining money on discharging the last amount owing under his mortgage. John is a solicitor and one of the trustees of a private family trust, of which Kavya is the beneficiary.
The trust fund is invested in shares on the London Stock Exchange and other financial instruments. John likes to gamble, and has an account with a local independent bookmaker, William Hall. When he logs on to the computer system, however, John realises that the firm has just had a new system installed, which requires two solicitors to approve a transfer.
Furthermore, John does not know how to operate the new system. Morris knows that there is a local independent bookmaker called William Hall and he is also aware of rumours that John has a gambling problem. He asks John why he is transferring the money.
Morris is not reassured by this, but he does not want to challenge a more senior colleague. He goes ahead and approves the transfer. John calls Hall to check that the money has been credited to his account.
Consider whether Morris or Hall are personally liable to Kavya. Do not consider any proprietary remedies or the liability of any other party. In a group of people formed a non-charitable unincorporated association with the aim of campaigning for a change in the law so as to prevent cruelty to foxes.
Money was raised by subscriptions of members, raffles and competitions, and street collections. At its peak, in , the society had a membership of That year, the Hunting Act was passed, making traditional fox-hunting illegal.
Thereafter most members lost interest and drifted away, though a few of them still continued to campaign against the treatment of foxes in ways which they considered cruel and which were not covered by the Act. In this group had fifty members, and today it has only one. Digestible Notes was created with a simple objective: to make learning simple and accessible. We believe that human potential is limitless if you're willing to put in the work. Trusts Law Notes, cases, and materials on trusts law.
Introduction to trusts The trust Constitution and formalities Rule against perpetuities. The Three Certainties. Certainty of intention Certainty of subject matter Certainty of objects. Trustees' Duties Appointment and removal Trustee powers Variation of trusts.
Breach and Liability. Breach, remedies, and defences Strangers to a trust Tracing. Charitable Trusts. Beneficiary Principle. Unincorporated Associations. Other Trusts. Constructive trusts Resulting trusts.
The trust Constitution and formalities Rule against perpetuities. Trustees' duties Appointment and removal Trustee powers Variation of trusts. General cases. General Cases. Constructive trusts Resulting trusts Quistclose trusts.
Essay Questions. Problem Question 1. Problem Question 2. Advise Naomi. Problem Question 3. Problem Question 4. Arthur is now personally bankrupt.
Advise the beneficiaries of the Patel family trust. Problem Question 5. Daniel, a retired watchmaker, makes a will with the following provisions: I leave my house to my beloved wife, Charleen. On her death, my nephew George shall take whichever one of the two he shall choose and the remaining clock shall be given to my niece Ophelia. I leave a sufficient sum of money to provide a decent standard of living to my sister during her lifetime.
On her death, any remaining money that she shall not have used shall be given to the people of Oxbrah. I leave any remaining money to my trustees to be used for the maintenance and care of my horse, Eric.
Download Equity & Trusts Law Notes
Topic Notes. Past Papers. Several models of the resulting trust have been set out in different contexts but each of them has significant problems. A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior. Critically analyse this statement. Critically analyse whether any of the academic or judicial attempts to reconcile the Quistclose trust with trusts orthodoxy has been successful.
Equity & Trusts law notes
The history of equity and trusts concerns the development of the body of rules known as equity , English trust law and its spread into a modern body of trust law around Commonwealth and the United States. The law of trusts was constructed as part of " equity ", a body of principles made by the Courts of Chancery , which sought to correct the strictness of the common law. The trust was an addition to the law of property , in the situation where one person held legal title to property, but the courts decided it was fair, just or "equitable" that this person be compelled to use it for the benefit of another. This recognised a split between legal and beneficial ownership: the legal owner was referred to as a "trustee" because he was "entrusted" with property and the beneficial owner was the "beneficiary". Roman law had a well-developed concept of the trust fideicommissum created by wills.
Equity essentially means fairness.
Introduction To Equity And Trusts Notes
The origins of Equity Equity is a system of law historically developed in the Court of Chancery correcting unconsciousble conduct on the part of a defendant. It was developed by the Court of Chancery to solve deficiencies of the common law and correct unconsciousble conduct. The Chancellor recognized the inability of the common law to deal with social and economic changes taking place in society. It administered equitable relief by asking the defendant to personally appear before him personam. It is a system of principle and precedent rather than a system of ad hoc justice.
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Сиди себе в заднем салоне и докуривай окурки. Хорошенькая картинка. Беккер застонал и провел рукой по волосам. - Когда он вылетает. - В два часа ночи по воскресеньям.
Сьюзан смутилась. - Хорошо, а что, если… кошка. - Жила! - не задумываясь выпалил Беккер.
Камера последовала за Халохотом, двинувшимся в направлении жертвы. Внезапно откуда-то появился пожилой человек, подбежал к Танкадо и опустился возле него на колени. Халохот замедлил шаги. Мгновение спустя появились еще двое - тучный мужчина и рыжеволосая женщина. Они также подошли к Танкадо.
Никакого вируса. Выслушай меня внимательно, - попросил Стратмор.