Trusts S1

Question 1

Knight v Knight

Answer 1

three certainties

• intention
• object
• subject matter

Question 2

requirements for valid trust?

Answer 2

Capacity

three certainties

Question 3

requirements for an enforceable trust?

Answer 3

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

Question 4

certainty of intention

Answer 4

one v ping

Question 5

Re Kayford and Paul v Constacne

Answer 5

Only use conduct when there are no words

Question 6

A v KV

Answer 6

Cannot be expressions of wishes

Question 7

certainty of subject matter

Answer 7

needs to be clearly identifiable

Question 8

strange v Bernard

Answer 8

property must be clearly identifiable

Question 9

palmer v simmonds

Answer 9

bulk does not qualify as clarity

Question 10

Goldcorp

Answer 10

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

Question 11

London Wine

Answer 11

all bottles where different no cert of subject matter

Question 12

morris v bishop of durham

Answer 12

beneficiary principle

making sure that someone who is alive can maintain the trust

Question 13

morris v bishop of durham

Answer 13

beneficiary principle

making sure that someone who is alive can maintain the trust

Question 14

Bare trust

Answer 14

sole beneficiary
all property
no resh

Question 15

fixed trust

Answer 15

sets out who and how much

Question 16

IRC v Broadway

Answer 16

Complete list test

Question 17

evidential certainty

Answer 17

identity documents or DNA

Question 18

Rowe v Pracne

Answer 18

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

Question 19

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

Answer 19

requires realty to be put on trust via signed written document

Question 20

Two way trust

Answer 20

trustee

Question 21

Two way trust

Answer 21

trusteed settlor are the same person

beneficiary is the only other person

Question 22

three way trust

Answer 22

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

Question 23

transfer of land

Answer 23

comply with formal requirements of trust (signed written doc)

transfer land by deed

Question 24

transfer of shares

Answer 24

declare a trust

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

Question 25

transfer of chattels

Answer 25

formal requirements deed of gift (Jaffa v Taylor) must be either phsysically or symbolically delivered

Question 26

symbolic delivery

Answer 26

RE Lillingston

Question 27

Re Cole

Answer 27

physical delivery

Question 28

speight v gaunt

Answer 28

ordinary prudent man of business duty of care

Question 29

Trustee Act 2001 s1

Answer 29

a trustee must exerscise care and skill as is reasonable includes special knowledge

Question 30

fiduciary duty

Answer 30

Bristol and West Building Society v Mothew [1998]

Question 31

leech v Sandford

Answer 31

strict enactment of fiduciary duty

Question 32

claim in personam

Answer 32

claim against the trustee personally

Question 33

claim in rem

Answer 33

claim to pursue the trust/asset properly

Question 34

Limitation Act

Answer 34

cannot claim after 6 years

Question 35

trustee act s61

Answer 35

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

Question 36

civil liability s2(1)

Answer 36

court apportions liability amongst trustees

Question 37

Indemnity by trustee

Answer 37

outgoing trustee indemnified by continuing trustees

Question 38

foskett v McKeown

Answer 38

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

Question 39

Mixing?

Answer 39

when a trustee misappropriates money and mixes it with their own

Question 40

Common law tracing

Answer 40

not possible to trace property if mixed with other property not possible for equitable owners

Question 41

tracing in equity

Answer 41

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