- Re. [I]t is well settled that a trust can be created without using the words trust or confidence or It is therefore necessary to ensure that trust property can be specified with precision and dealt with according to the intentions of the settlor. The property to be the subject of the trust must be certain. Re Golay's Will Trusts [1965] However, 'reasonable income' was held to be sufficiently clear to ensure certainty of subject matter Westdeutsche Landesbank Girozentrale v Islington London Borough Council [1996] The property must be identifiable Re London Wine Co (Shippers) Ltd [1986]; Re Goldcorp Exchange Ltd [1995] to put this away for my son. He put the cheque in his safe. It would have been necessary for the claimants wine to be segregated: that is, to be separately identifiable from the general stock of wine, In effect, the claimant and the defemdamt were treated as being beneficiaries under one trust in the ratio 1,500:222. regulatory powers over solicitors. money received for goods not yet delivered to customers were to be paid. For the remainder, she declared them to be held by her executor on trust to sell . Hunter v Moss [1994] 3 ALL ER 215 The claimant needs to establish an interest in the trust if he/she is within the class of objects and thus has locus standi. Direct [2010] EWHC 1072. Re Lehman Brothers International (Europe) [2012] Some flexibility was found in son. He died the same day. A few days later, he told his The trustees came under a fiduciary duty to ensure that each donation would be used only they formed part of the general assets of the company. is for the donor to declare a trust. If however the only reason for a trust failing is that the objects are uncertain, the trustees will hold the property on resulting trust for the settler of the estate. In re Golay'S WILL Trusts. transaction of legal and equitable rights and remedies. See too Twinsectra. While the terms of the contracts suggested that the dealer held the securities on bare trust for each of his clients, the securities were not numbered and were not separated. Re Golay's Will Trusts (1965 UKCA) CERTAINTY OF SUBJECT-MATTER - GIFT: Will-maker's will directed his executors to gift a "reasonable income" from his properties to a friend. The position appears to be that, if a person receives money on trust, they are bound to keep the money in a separate bank account. obligations in respect of the money are transformed from contract to property, from debt to This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist. particular purpose only and not for any other purpose thereby places his trust and Where the property is expressed in vague or uncertain terms, the trust will generally be held to be invalid. Unfortunately, the exchange broke its contracts it only acquired enough bullion to meet the usual requirements of its customers on any working day and did not hold the entirety of the customers orders. Take a look at some weird laws from around the world! used to create a valid trust include: Nowlan v Nelligan (1785) 23 ER 1257 Productions Inc (DKP), was owned by Don King, the leading boxing promoter in the USA. - Harman J in Re. an intention the money is held on trust.
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