Stamp LJ Relatives can be treated as next of kin and is conceptually certain. 11. body.responsive #page-wrapper { The property will be held on RESULTING TRUST. padding: 0 !important; Capriciousness. Therefore, reversing the decree appealed from, that the disposition of the shares failed, as being an imperfect voluntary gift. Facts: In Re Astors Settlement Trusts [1952] Ch. If the disposition is devoid of any sensible purpose, then it will be avoided as capricious. Evil Greed Gorilla Biscuits, font-weight: bold; .main-navigation { } [CDATA[ */ Only full case reports are accepted in court. See also, IM Hardcastle, "Administrative Unworkability: A Reassessment of an Abiding Problem" [1990] Conv 24, at 33. contingent trust: vesting will occur within perpetuity period, trust immediately constituted as no transfer of property ownership required, oral declaration trust valid: personalty (shares), chattels or money, written declaration for trust required for land, settlor cannot change mind: once trust effectively declared, lifetime settlor transfers property to T to hold on trust: valid declaration of trust & transfer property to T (constitution), declaration: must comply with usual rules including three certainties, constituting the trust: correct method for transferring type of property must be completed, incompletely constituted trust not saved by switching trust creation methods & making settlor trustee (by analogy with imperfect gifts not construed as declaration of trust, effective transfer: } TRUSTS EXAM NOTES | Exercises Law | Docsity The words relied upon must be so used that on the whole they ought to be construed as imperative. Employer ran a company and created a discretionary trust for employees of company, former employees, their relatives and dependents. font-size: 0; border-bottom: 1px solid #ededed; In re Manistys Settlement: ChD 1974. Expert nominated to clear up uncertainty. This site uses cookies to improve your experience. width: 1em !important; margin: 0 .07em !important; intention satisfied: from C's words & conduct, intention to give someone beneficial (equitable) interest equated to declaration of trust, express trust exists: if trust constituted by title to trust property being vested in T, trust constituted by: declaration of settlor as T or transfer of property to T, if settlor declares himself T no issue constitution property title but may be issue whether been declaration of trust (intention to create trust not gift), declaration & transfer cannot be combined, court will not construe failed gift as declaration by donor that he is holding item on trust for donee, must be clear definition of: trust property & beneficiaries, certainty of property essential for trusts & valid gifts, trust property must be identified in declaration of trust, settlor's attempts to create trusts over an unquantified part of property will fail, issue arise if settlor quantifies part but does not segregate it from the rest, Ps paid for wine but left it stored with D, Ps argued that D held wine on trust (to claim trust property ahead of other creditors), no trust as subject matter uncertain: individual Ps wine had not been separated from entire wine stock certainty, if settlor does not segregate money, declared to be held on trust, the trust fails due to uncertainty of subject matter, M purported to declare himself T of 50 of the shares for H, M did not indicate which 50 shares (by numbers or segregation), H claimed proportion of proceeds based on trust, Court of Appeal: there was certainty of subject matter & valid trust, by analogy with wills: valid legacy if states, if trust property uncertain: purported trust fails & as settlor not disposed of property remains in his beneficial ownership, general rule: settlor must define extent of each beneficiary's share, discretionary trust exception: settlor leaves to Ts, beneficiaries' shares regarded as certain if to be determined by Ts, court will intervene if Ts do not act, group of beneficiaries exception: if trust or gift made to group & settlor not specify proportion, equal share assumed, nature of beneficiaries interest must be clear: life or absolute or conditional, certain beneficial interests: equal shares, capable of determination by settlor's objective formula or under discretionary trust, uncertain beneficial interests: often leads to resulting trust for settlor, trustees (Ts) are under an enforceable duty to deal with trust property as directed by the settlor, beneficiary principle requires certainty of who is beneficiaries, charitable trusts are main exception to rule & are enforced by Attorney General, settlor must identify beneficiaries (objects) clearly when declaring the trust: degree of certainty varies depending on nature of trust, if objects are uncertain: attempted trust uncertain, Ts hold trust property on resulting trust for settlor, if settlor died resulting trust for beneficiaries entitled to residuary estate under will (next of kin on intestacy), normally named objects are sufficiently certain, she had three nephews called Arthur Murphy. /* That was a case where the trustee took advantage of an opportunity to acquire property with which the trust was associated.