Soton Equity and Trusts - alastairhudson.com

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Summary The constitution of trusts and imperfect gifts Milroy v Lord Re Rose Pennington v Waine Kaye v Zeital Curtis v Pulbrook A trust will not perfect an imperfect gift Paul v Paul Re Brook’s ST Re Ralli’s WT Cannon v Hartley Re Cook Fletcher v Fletcher Dispositions under s.53(1)(c) LPA 1925 Grey v. IRC Vandervell v. IRC Re Lashmar and Grainge v Wilberforce Cohen and Moore v IRC Oughtred v IRC and Neville v Wilson (Jerome v Kelly) 36
Topic 5. THE DUTIES OF TRUSTEES & BREACH OF TRUST I. THE DUTIES OF TRUSTEES Reading: Hudson,Ch8&9; Martin,Ch18-19,23; Pettit,Ch16-17,23 (A) The trustees’ duties in outline. 1) The core trustees’ duties This chapter of the course considers a selection of the key duties of trustees. Hudson, 2005, chapter 8 considers 13 general duties, as well as the procedures for the appointment and removal of trustees: (1) The duties on acceptance of office relating to the need to familiarise oneself with the terms, conditions and history of the management of the trust. (2) The duty to obey the terms of the trust unless directed to do otherwise by the court. (3) The duty to safeguard the trust assets, including duties to maintain the trust property, as well as to ensure that it is applied in accordance with the directions set out in the trust instrument. (4) The duty to act even-handedly between beneficiaries, which means that the trustees are required to act impartially between beneficiaries and to avoid conflicts of interest. (5) The duty to act with reasonable care, meaning generally a duty to act as though a prudent person of business acting on behalf of someone for whom one feels morally bound to provide. (6) Duties in relation to trust expenses. (7) The duties of investment, requiring prudence and the acquisition of the highest possible rate of return in the context. (8) The duty to distribute the trust property correctly. (9) The duty to avoid conflicts of interest, not to earn unauthorised profits from the fiduciary office, not to deal on one’s own behalf with trust property on pain of such transactions being voidable, and the obligation to deal fairly with the trust property. (10) The duty to preserve the confidence of the beneficiaries, especially in relation to Chinese wall arrangements. (11) The duty to act gratuitously, without any right to payment not permitted by the trust instrument or by the general law. (12) The duty to account and to provide information. (13) The duty to take into account relevant considerations and to overlook irrelevant considerations, failure to do so may lead to the court setting aside an exercise of the trustees’ powers. There are other duties considered in Hudson, section 8.1 and in chapter 9 (relating specifically to investment of the trust property); and there are also general powers for trustees considered in Hudson, chapter 10. We will be focusing only on those duties with emboldened numbers. 2) Key concepts in the obligations of trustees i) The requirement of good conscience Reading: Hudson, para 8.2.4 Westdeutsche Landesbank v Islington [1996] AC 669. 37
Page 1 and 2: University of Southampton Law Schoo
Page 3 and 4: Lay-out of materials These “Lectu
Page 5 and 6: Formative assessment - (i.e. non-as
Page 7 and 8: How to study for this module 1. Uni
Page 9 and 10: Common law and equity were always d
Page 11 and 12: (E) The rudiments of express trusts
Page 13 and 14: Lord Browne-Wilkinson in Westdeutsc
Page 15 and 16: (2) Trusts as opposed to merely mor
Page 17 and 18: (3) after all valid claims in (2) h
Page 19 and 20: Topic 2. CERTAINTY OF OBJECTS Readi
Page 21 and 22: 10) Mechanisms for eluding the “a
Page 23 and 24: Topic 3. THE BENEFICIARY PRINCIPLE
Page 25 and 26: (C) Alternative interpretations of
Page 27 and 28: **Leahy v. Att.-Gen. for New South
Page 29 and 30: purpose of blocking the house up an
Page 31 and 32: Topic 4. THE CONSTITUTION OF TRUSTS
Page 33 and 34: Richards v. Delbridge (1874) L.R. 1
Page 35: *s. 53 (1) (b): "A declaration of t
Page 39 and 40: [Considered in detail in relation t
Page 41 and 42: (a) to any special knowledge or exp
Page 43 and 44: ule does not afford the right to th
Page 45 and 46: Burrell v Burrell [2005] EWHC 245,
Page 47 and 48: (F) Judicial control of trustees’
Page 49 and 50: 1) Specific Restitution Harris v Ke
Page 51 and 52: EQUITY & TRUSTS PART II TRUSTS IMPL
Page 53 and 54: Topic 6. RESULTING AND QUISTCLOSE T
Page 55 and 56: (b) (c) father and child Bennet v.
Page 57 and 58: II. QUISTCLOSE TRUSTS Reading: Huds
Page 59 and 60: e. … other commercial-contract la
Page 61 and 62: (c) The nature of the constructive
Page 63 and 64: (b) where the company is a public c
Page 65 and 66: 6) Profits from theft Reading: Huds
Page 67 and 68: Topic 8. TRUSTS OF HOMES General Re
Page 69 and 70: (5) Each case will turn on its own
Page 71 and 72: Ferguson, ‘Constructive trusts -
Page 73 and 74: *Pascoe v. Turner [1979] 2 All ER 9
Page 75 and 76: inging up the children is no doubt
Page 77 and 78: first sight this may seem surprisin
Page 79 and 80: (ii) Cases looking to the character
Page 81 and 82: *Niru Battery Manufacturing Co v Mi
Page 83 and 84: Hudson, 20.5.2. Hudson, Securities
Page 85 and 86: C. EQUITABLE TRACING Reading: Hudso
Page 87 and 88:
D. REMEDIES AFTER TRACING Reading:
Page 89 and 90:
e) Is change of position now equita
Page 91 and 92:
2) The four heads of charity in Pem
Page 93 and 94:
(c) (d) (e) Gifts for relief of dis
Page 95 and 96:
(D) Advancement of education. Readi
Page 97 and 98:
(H) Requirement of the exclusivity
Page 99 and 100:
THEORETICAL PERSPECTIVES ON EQUITY
Page 101 and 102:
Polly Peck International v Nadir (N
Page 103 and 104:
Concepts Contract Torts Property Fi
Page 105 and 106:
of what has been called unjust enri
Page 107 and 108:
actions, then the claimant should b
Page 109 and 110:
o Recovery of an enrichment will no
Page 111 and 112:
£200,000 on Static plc shares whic
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