By Martin Dixon
The purpose of this ebook is to assist scholars penetrate a few of the mysteries of fairness and trusts by means of featuring sensible solutions to commonplace exam questions. furthermore, an try has been made to offer the topic as a complete in a based manner, with simple concerns and relocating directly to tougher strategies. during this manner, the booklet can be utilized as a educating instrument in addition to a revision relief. during this new version, the chance has been taken to include numerous very important and huge ranging adjustments within the legislations of fairness and trusts, with specific emphasis at the Trustee Act 2000 and up to date case legislation advancements.
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Extra resources for Q&A Equity and Trusts 3rd edn (Q&A Series)
Example text
As far as the payment of stamp duty is concerned, however, the later case of Pariny (Hatfield) Ltd v IRC (1997) suggests that, irrespective of whether writing is actually needed, any subsequent writing will still attract duty. Clearly, the dichotomy of Oughtred (writing not needed, but ad valorem duty still payable) has been maintained. Finally, we come to those cases where dealings with existing equitable interests under a trust clearly do not amount to a ‘disposition’ within s 53(1)(c) of the LPA and, therefore, do not require writing to be carried into effect.
Thus, in Re Rose (1952), a trust of shares in a private company was held to be perfectly constituted despite the fact that the legal title of the trustee had not been formally confirmed at the relevant time by entry in the share register of the company. This was because transfer of legal title was by registration in the company’s register but its directors had a discretion to refuse such registration and registration had not yet taken place. Given, then, that complete transfer of legal title was outside the settlor’s (and trustee’s) control, lack of compliance was 6 THE CREATION OF TRUSTS not destructive of the trust.
As Billy is the sole beneficiary under the Tulip Trust, we can assume that he is absolutely entitled to the shares and does, in fact, have power to dispose of his equitable interests in this way. However, dispositions of subsisting equitable interests may be made only if they are in writing, or else they will be void and the interest will remain with the original beneficiary (s 53(1)(c) of the LPA 1925). Moreover, it is clear from Grey v IRC (1960) that a direction to a trustee by the equitable owner to hold on trust for a third person (here Frederick) does, in principle, amount to a disposition within s 53(1)(c) and must be made in writing.