Formative problem Q plan

Question 1

Issue 1

Answer 1

Transfer of title of shares

Question 2

Rule of transfer of shares

Answer 2

• Intangible property
• Whether by sale, will or gift, the transfer of shares:
  ○ In a private company, must comply with the Stock Transfer Act 1963, Companies Act 2006 and the company’s constitution or articles
• Stock transfer form must be signed by the transferor and delivered to the company
  Directors can refuse if they have good reasoning

Question 3

Application of transfer of shares to Amy and Bernard

Answer 3

Amy had not yet sent the stock transfer form to the company and therefore the legal formalities were not complete

Question 4

Conclusion of transfer of shares

Answer 4

The legal formalities are not yet complete

Question 5

Issue 2

Answer 5

The grand piano / transfer of personal property

Question 6

Rule of transfer of tangible personal property

Answer 6

· Tangible property
· The formal method is by deed (complying with S.1 Law of Property Miscellaneous Provisions Act 1989), their signature is witnessed
· However the informal and usual way is by delivery, which requires:
→ Intention to give (Glaister-Carlisle v Glaister-Carlisle - threw the dog at partner in a rash action)
Legally recognised form of delivery

Question 7

Application of transfer of personal property to Amy and Bernard

Answer 7

Because Bernard is Amy’s nephew, it is assumed that informal transfer by delivery would occur
Amy clearly had the intention to give Benard the Piano, however despite Amy saying that he should treat the piano as his own, she died before delivery could happen

Question 8

Conclusion of transfer of personal property

Answer 8

The legal formalities have not yet been completed because the piano has not been delivered to Benard, therefore delivery of personal property is not yet complete despite handing over the insurance valuation and receipt

Question 9

Issue 3

Answer 9

The holiday cottage / transfer of real property (land)

Question 10

Rule of transfer of real property (land)

Answer 10

• Deed needs to be executed from the transferor to the transferee
• Deed must be registered with the land registry
• The creation or transfer of a legal estate or legal interest will be not be completed at law until registered at the Land Registry (s.27(1) Land Registration Act 2002).
  → Non-binding agreement (your offer is accepted)
  → Exchange of contracts – at this point the parties are bound, risk usually passes to the buyer and the discretionary remedy of specific performance becomes available
  → Transfer of legal title
  Registration of transfer

Question 11

Application of transfer of real property (land) to Amy and Bernard

Answer 11

All of the stages apart from the registration of transfer were completed before Amy’s death. Registering with the land registry is a required legal formality

Question 12

Conclusion of transfer of real property (land

Answer 12

The transfer of title to Bernard is incomplete because the registration with the land registry had not yet occurred

Question 13

Overall conclusion

Answer 13

Overall conclusion: while Amy had expressed her intentions to transfer the following Bernard, the full legal formalities and requirements had not yet been completed before her death.