Certainty of Words Subject Matter and Objects.
Held: This avoided the problem of certainty of subject matter because the trust took effect over the identified fund of 1.5 million shares, but there was no need to segregate out 222,000 shares under a separate trust if the trustees were to have a power to split off that number of shares from the valid trust fund: therefore, the claimant had an.
Certainty of Subject Matter Any property can form the subject matter of a trust; where there is uncertainty of subject matter the decision concerning certainty of intention can be affected. Lack of certainty of subject matter will occur if the property which is supposed to.
If a trust fund is not segregated then there will be no certainty of subject matter and the trust will fail. The problem is identifying the property that constitutes the trust fund. The property must be identifiable otherwise the courts would not know which property is to be distributed to the beneficiaries.
Walbank v Price Would no longer reside in house and forfeited any money connected to it, but daughters should get her half share in any disposal Precatory Words Although precatory language, Paul v Constance established such language could be sufficient. Trust. Re Adams and.
For an express trust to be valid there has to be three certainties. These are certainty of intention, certainty of subject matter, and certainty of objects. Without these certainties, an express trust will not be valid. The purpose of these certainties is to ensure the trust is properly controlled and enforced. Certainty of intention.
Certainty of subject matter basically means that the assets constituting the trust fund must be readily determinable. The subject matter could be anything from interest in land, chattels to money.The requirement is that the property, which is intended to constitute the trust fund, should be segregated from any other property mentioned so that its identity is distinguishable.
A trust will be perfectly constituted where the rights, which are to form the subject matter of the trust, are vested in the intended trustee. In Knight v Knight (1) Lord Langdale, a private express trust cannot be created unless three certainties are present; these are certainty of intention, certainty of subject matter and certainty of beneficiaries.
Certainty of intention: The settlor must have intended to create a trust of their property, as opposed to making a gift or lending it. Certainty of subject matter: The subject matter (property) of the trust must be specified with reasonable certainty. Certainty of object: The objects (beneficiaries) of the trust must be sufficiently identifiable.
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Mark must find out whether the transaction between himself and Dave is to be regarded as a pure loan or a Quistclose trust. (1) If it is the former, the beneficial interest in the funds passes to Inchester Football Club and Dave has his remedy against the Club in debt, as would the Club’s other ordinary creditors. If, however the transaction is to be regarded as a Quistclose trust.
Over the years, the scope under each of these three criteria has broadened, particularly certainty of subject matter. However, it has been argued that one case in particular, Hunter v Moss has caused a large amount of uncertainty in regards to this principle. In this essay I will explore the effect of Hunter v Moss on certainty of subject matter.
Equity and trusts problem question answers. 1660 words (7 pages) Essay in Law.. certainty of intention, of subject matter, and of object. Also of relevance here is the equitable maxim that “equity look to intent, not form”.. If you are the original writer of this essay and no longer wish to have the essay published on the UK Essays.
How do I set a reading intention. To set a reading intention, click through to any list item, and look for the panel on the left hand side.
Held: it was a trust before it was specifically named a trust as the 'three certainties' of a trust were present. The subject-matter to be held on trust was clear; as were the beneficial interests and the beneficiaries. It did NOT matter that there were no formalities in the creation of the trust, as the property is personal property.
Therefore, the trustees need to be able to identify who the beneficiaries should be, certainty of objects. In Knight v Knight Lord Langdale, 123a private express trust cannot be created unless three certainties are present, these are certainty of intention, certainty of subject matter and certainty of beneficiaries.
Certainty as to the property (subject matter) to constitute the trust; The intended property of the trust must also be clear and unambiguous: it must be described with sufficient clarity and defined in such a way that the assets can be ascertained with certainty.
Subject Matter Essay 2336 Words 10 Pages The case of Hunter v Moss (1994)(1) is deemed as being controversial and confusing(2) because of the inconsistency with the key case law regarding certainty of subject matter and also due to the lack of prior judgement on the matter of intangible property.