Compensatory Liability of Trustees for Breaching their Duty

Compensatory Liability of Trustees for Breaching their Duty

  Millett: equity’s place in the law of commerce  It is tempting but wrong to assume that a trustee is under a primary obligation to perform the trust and a secondary obligation to pay equitable compensation if he doesn’t. Equity says under the terms of…

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Trustee Duties

Trustee Duties

Duty to act solely in accordance with the terms of their authority as defined in the trust deed, including a duty to invest the trust property e. the trustees must do as they are instructed in the trust deed. Can’t give property to someone who…

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The Beneficiary Principle

The Beneficiary Principle

A. THE BENEFICIARY PRINCIPLE General rule- a trust generally needs human beneficiaries unless it’s a Charitable Trust or a trust for purposes. Nothing do with certainty of object which is conceptual Companies count as human beneficiaries Someone needs the locus standi to enforce the trust…

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Constitution of Trusts

Constitution of Trusts

B. THE CONSTITUTION OF TRUSTS I.e. the making of a trust Milroy v Lord Turner LJ, there are three ways you can give property away: Outright gift Transfer property to trust You can make yourself trustee for the benefit of beneficiary Constitution= refers to the…

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Formalities

Formalities

A. FORMALITIES General rule- equity looks to intent not form 1. Purposes of Formalities J D Feltham [1987] Conv 246. Four functions of formalities Ritual or cautionary function Because the settlor drops out of the picture once he has transferred, this is a step to…

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Three Certainties Flow Chart

Three Certainties Flow Chart

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Three Certainties Simplified

Three Certainties Simplified

It all started with Knight v Knight 1840: In order for there to be an express trust there must be: Certainty of Intention Certainty of Subject Matter Certainty of Objects Certainty of Intention The key intention is a unilateral intention; we only look at the…

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