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47509
Express Trusts
Descripción
(Equity and Trusts) Mapa Mental sobre Express Trusts, creado por scott.james.smit el 16/04/2013.
Sin etiquetas
equity and trusts
equity and trusts
Mapa Mental por
scott.james.smit
, actualizado hace más de 1 año
Más
Menos
Creado por
scott.james.smit
hace más de 11 años
223
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Resumen del Recurso
Express Trusts
Declaring an express trust
Settlor transfers legal title to trustee and equitable interest to a beneficiarry
settlor must have absolute title
trustee acquires all common law rights to the property
land: in name of trustee, Bank account: account in name of trustee
beneficiary acquires equitable interest in property
ultimate interest according to law
rights of beneficiaries
multiple beneficiaries rights dependant upon terms of trust
one person rights for life, then passes to next beneficiary upon death
discretionary trusts
power to trustee to appoint trust property to beneficiaries according to trust document
power of appointment
not obliged to transfer funds, but can if certain circumstances arise
difference between discretion and POA is whether trustee compelled or merely enabled to act
Saunders v Vautier
Gives beneficiaries the right to instruct the trustee to transfer the property to them absolutely.
B can only exercise power if they hold the entirety of EI and are all legally competent to act
demonstrates that B under a trust have proprietary interest in trust fund and not merely personal rights against trustees
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