LAW OF TRUSTS. As implied from Keeton’s definition: Where a person (trustee) holds (whether by legal or equitable title) property (real or personal) for the benefit of another (called beneficiary) or some object permitted by law. A trust involves the notion of holding any property on behalf of someone else. Even in Yearworth and Others […]
CLASSIFICATION. Express, implied/resulting and constructive trust. Private and public trust: the former is for the benefit of an individual or class of beneficiaries while the latter is for the benefit of the public as a whole. Trust of Perfect and imperfect obligation: The former has human beneficiaries while the latter is not enforceable by human […]
CHARITABLE TRUSTS. Charities are immune to perpetuities and the requirement of specifically identified beneficiaries (i.e. certainty of object)-Morice V Bishop of Durham. in this case, charitable trust was defined as those within the spirit and intendment of the Elisabeth Act (Statute of Charitable Uses 1601). In the event of serious uncertainty, the Cy-pres doctrine comes […]
TRUSTEES. Appointment, retirement and removal here does not apply to resulting and constructive trustees as they come in by operation of the law. This Section is in relation to express trustees. The Trustee Act 1893, Trustee Law and Public Trustee Act shall be instructive to this effect. Any person of full age and capacity may […]
REMEDIES FOR THE BREACH OF TRUST A breach occurs where the trustee does what he ought not to do or fails to do what he ought to do with regard to the administration of the trust. E.g. making unauthorized profit, unauthorized investments, wrong distribution, and so on. Remedies include. Injunction: To restrain breach-Fox V Fox […]
PERPETUITIES AND ACCUMULATION. Although this topic is very annoying, academic and superfluous, if you can read the full cases, you may understand the underlining reasoning and may (most importantly) be fine. Moving on: No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at […]
