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80 EXPRESS TRUSTS. The effect of the decision of the Court of Appeal in this case seems to be that there must be sufficient evidence to warrant a judge or jury in finding that the settlement was intended to delay, hinder, or defraud creditors. In the absence of any evidence at all, such an intent may be inferred from the fact that the necessary result of the settlement teas to defeat or delay the creditors. This inference is, however, one of fact only and not of law, and may be rebutted if the evidence as a whole shows that no such intention existed. (See Hunt, Fraudulent Conveyances, 2nd ed. 54, 55.) Illustrations. 1. A., who is solvent at the time, but has contracted a considerable debt, which will fall due in the course of a few weeks, makes a voluntary settlement, by which he withdraws a large portion of his property from payment of his debts. He then collects the rest of his assets and spends them recklessly, and as a consequence the expectant creditor remains unpaid. The settlement is void. Spirett v. Willoics (1864), 3 De GK J. & S. 293. 2. A. has a life income of about 1,000?. a year, his only other property being a policy on his life for 1,000?., a copyhold cottage worth 50?., and some furniture. His creditors are pressing him, and in order to pay the most urgent he borrows from B. 350?., in consideration of which he conveys to B. the copyhold cottage and gives her a bill of sale on his furniture. The arrangement does not, however, enable him to discharge the whole of his indebtedness, and being still indebted, he executes a voluntary settlement of his life policy in favour of C., the result of which is to leave him insolvent. He then contracts a debt to D. The settlement is void as against D. Freeman v. Pope (1870), L. E. 5 Ch. App. 538. 3. A. is married on May 31, 1881. In August, 1881, an action for breach of promise is commenced against him, and the writ is served on October 8, 1881. About the same time A. learns that he has become entitled to a legacy under his stepfather's will, and on the 17th October, 1881, he executes a voluntary settlement of the legacy on his wife for life, with remainders over. A. is not influenced in doing this by the action, which he then thinks will come to nothing. On July 20, 1882, judgment is given against him in the action for 500?., and he becomes bankrupt. The settle-
INVALIDATING CAUSES. 81 ment is not void. Ex parte Mercer, In re Wise (1886), 17 Q. B. D. 290. Trusts void under the .Bankruptcy Acts.—By s. 47 of the Bankruptcy Act, 1883, it is provided that:— (1) Any settlement of property, not being a settlement made before and in consideration of marriage, or made in favour of a purchaser or incumbrancer in good faith and for valuable consideration, or a settlement made on or for the wife or children of the settlor of property which has accrued to the settlor after marriage in right of his wife, shall, if the settlor becomes bankrupt within two years after the date of the settlement, be void against the trustee in the bankruptcy, and shall, if the settlor becomes bankrupt at any subsequent time within ten years after the date of the settlement, be void against the trustee in the bankruptcy, unless the parties claiming under the settlement can prove that the settlor was, at the time of making the settlement, able to pay all his debts without the aid of the property comprised in the settlement, and that the interest of the settlor in such property has passed to the trustee on the execution thereof. (2) Any covenant or contract made in consideration of marriage for the future settlement on or for the settlor's wife or children of any money or property wherein he had not, at the date of his marriage, any estate or interest, whether vested or contingent in possession or remainder, and not being money or property of or in right of his wife, shall, on his becoming bankrupt before the property or money has been actually transferred or paid pursuant to the contract or covenant, be void against the trustee in bankruptcy. (3) "Settlement" shall, for the purposes of this section, include any conveyance or transfer of property. It has been held that the word " void " in the section should be read as " voidable," so that a purchaser of the property comprised in the settlement before the trustee's title has accrued cannot be disturbed. (In re Vansittart, (1893) 2 Q. B. 377; In re Carter and Kenderdine's Contract, (1897) 1 Oh. 776; In re Tankard, Ex parte the Official Receiver, (1899) 2 Q. B. 57.) Trusts in Fraud of Purchasers.—Trusts of land may be void against subsequent purchasers of the land under 27 Eliz. c. 4. S. 2 of this statute provides that "every conveyance, grant, H. G
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UNIVERSITY OF LONDON INSTITUTE OF A
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A THESIS UPON THE DEFINITION, CLASS
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TABLE OF CONTENTS. PAOK INTRODUCTOR
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INTRODUCTORY. THE term "trust" has
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Part L—TBUSTS IN GENEBAL. CHAPTEE
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DEFINITION OF A TRUST. 3 active or
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DEFINITION OF A TEUST. 5 owner. Thi
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DEFINITION OF A TEUST. 7 Mr. Justic
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DEFINITION OF A TRUST. 9 courts the
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DEFINITION OF A TRUST. 11 since the
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CLASSIFICATION OF TRUSTS. 13 constr
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CAPACITY OF PARTIES. 15 CHAPTEE III
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CAPACITY OF PARTIES. 17 The sanctio
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CAPACITY OF PARTIES. 19 party to it
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CAPACITY OF PARTIES. 21 Lunacy also
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THE TRUST PROPERTY. 23 CHAPTER IV.
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THE TRUST PROPERTY. 25 expectancy o
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CREATION OF EXPRESS TRUSTS OF LAND.
Page 41 and 42: CREATION OF OTHER EXPRESS TRUSTS. 2
Page 49 and 50: RULES DETERMINING INTENTION TO CREA
Page 65 and 66: ENFORCEABILITY OF EXPRESS TRUSTS. 5
Page 67 and 68: ENFOECEABILITY OF EXPRESS TRUSTS. 5
Page 73 and 74: DISCLAIMER OF EXPRESS TRUST, 61 CHA
Page 75 and 76: DISCLAIMER OF EXPRESS TRUST. 63 hav
Page 77 and 78: CONSTRUCTION OF EXPRESS TRUSTS. 65
Page 83 and 84: CONSTRUCTION OF EXPEESS TRUSTS. 71
Page 87 and 88: INVALIDATING CAUSES. 75 CHAPTER XI.
Page 89 and 90: INVALIDATING CAUSES. 77 Guardian an
Page 91: INVALIDATING CAUSES. 79 upon good (
Page 95 and 96: INVALIDATING CAUSES. 83 UNLAWFUL PU
Page 97 and 98: INVALIDATING CAUSES. 85 7. Testator
Page 99 and 100: INVALIDATING CAUSES. 87 Immoral Tru
Page 101 and 102: RESULTING TRUSTS. 89 Part IIL—IMP
Page 103 and 104: RESULTING TRUSTS. 91 to give the tr
Page 105 and 106: RESULTING TRUSTS. 93 satisfied with
Page 107 and 108: RESULTING TRUSTS. 95 tion of A.'s e
Page 109 and 110: RESULTING TRUSTS. 97 or successive,
Page 111 and 112: RESULTING TRUSTS. 99 4. Copyhold la
Page 113 and 114: RESULTING TRUSTS. 101 Lastly, if A.
Page 115 and 116: RESULTING TRUSTS. 103 It does not s
Page 117 and 118: RESULTING TRUSTS. 105 CHAPTER XV.
Page 119 and 120: CONSTRUCTIVE TRUSTS. 107 B.—Const
Page 121 and 122: CONSTRUCTIVE TRUSTS. 109 quences of
Page 123 and 124: CONSTRUCTIVE TRUSTS. Ill (1857), 8
Page 125 and 126: CONSTRUCTIVE TRUSTS. 113 40 Ch. D.
Page 127 and 128: CONSTRUCTIVE TRUSTS. 115 4. A. and
Page 129 and 130: CONSTRUCTIVE TRUSTS. 117 The follow
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