Equity nd Trusts unit 1

• Saunders v vautier - beneficiaries as long as they are 18 plus and of sound mind (mental capacity act) can require trusteee to vest legal title of property in them. beneficial ownership can be transferred into legal ownership
• Express trust

  intended. can come in many forms look at all the words used
• Unconscionability

  Provides a useful mechanism for affording equitable reflows against strict instance on legal rights or unfair and oppressive conduct
• transfer of land

  deed, signed and witnessed by two people
• Disposition of equitable interest formality

  Signed in writing by person disposing of. this is giving someone else the equitable title
• Disposition of equitable interest case

  Grey v IRC-grandfather oral disposition of equitable interest
• Hudson v Hathaway

  Email sign off sufficient as a signature
• vanderwell v irc

  Writing big needed. Transferred orally but transferred both legal and equitable title to the charity so the trust was done with
• Grey v IRC

  Disposition of equitable interest or trust must be in writing by the person disposing of- complying with s.53. it was effective when it was made in writing (grandad case)
• formalities for a will

  In writing and signed by the testator and in the two witnesses at the same time
• Paul v Constance 1977

  Treated money in mr Constance’s bank account as if they both owned it. mr constance said it is as much ur money as mine. He died in testate and didn’t divorce wife- next of kin. CoA said there had been a declartion of trust and he held the money on trust for him and Mrs Paul
• Declaration of trust if land

  Must be evidenced by signed writing doesn’t need to be in a deed. s.53
• Re bowden 


  Can’t change your mind to recover property
• MilRoy v Lord 1862 


  Theee ways of transferring ownership away for yourself
• LJ turner 


  Not possible to mix and match
• Starting position for problem question milroy v lord and analyse which of the three dispositions the settler was trying to go down
• Outright gift 


  Valid transfer of property to recipient.
• Declare yourself trustee of asset 


  Being the trustee for chosen beneficiaries. it remains in their name but are holding on trust for someone else. e.g. Children and may not trust someone else to act as trustee
• Formality for declaring self as trustee 


  Declaration of trust- signed written evidence if it is land. If it is not land it can be informal e.g. Orally like in Paul v Constance
• Transfer to trustees for them to hold on trust 


  Two formalities- transfer assets to said person and declaration of trust - both needed for a successful trust
• LJ turner ~ hasn’t successfully done formalities 


  Void not outright gift or transfer of property etc
• Milroy v lord

  
• Lord Browne Wilkinson -T. Choithram international v pagarani 2001


  Equity[…] will not strive officiously to defeat a gift. [...] it would be unconscionable and contrary to principles of equity to allow such a donor to resolve from his gift.
• Re rose 


  Every effort test. settlor did everything properly for the recipient however hasn’t officially been transferred over yet.
• Pennington v Waine 


  unconscionability- unconscionable for aunt to change her mind, even though she failed the every effort test
• Justice Briggs interpretation 


  Unconcionability- the recipient needs to have done something to their detriment relying on the assumption that the shares had been transferred
• Transfer of legal title 


  land must be transferred by deed - LPA

  Shares must be transferred with stock transfer form- stock transfer act
• Are there formalities for declaration of a trust 


  It depends on the nature of the property:

  if not land- paul v Constance doesnt have to be written down can be done orally

  if it is land- must be evidenced by signed writing s53 LPA. Doesn’t need to be done by deed