Introduction A Quistclose trust arises when money is paid to a recipient for a specific purpose, if that purpose fails the money is held on trust for the payer. It mostly arises in insolvency cases where the proprietary rights have to be established. However, this type of trust has been thought to be inconsistent with the traditional trust principle. Many have suggested the Quistclose trust must be treated as any other fully fledged security device taking into account the protection it offers the payer on insolvency and should therefore be registrable. This essay critically analyses the concept of Quistclose trust, whether it differs from the resulting trusts. Barclays Bank Limited v Quistclose Investments Limited In a bid to meet the dividend …show more content…
Though there is no need for either party to use the word trust, the courts must be able to construe some sort of positive intent that the equitable interest was not to reside in the transferee. However Lord Millett later in Twinsectra Ltd denounces the emphasis previously placed on the party’s intent. Twinsectra involved a borrower seeking short term finance for the purchase of land and Lord Millett in this case states that Quistclose trusts are resulting trusts which arise by operation of law. His conclusion is based on the theory that resulting trust emerges when there is a transfer of property in circumstances in which the transferor did not intend to benefit the recipient. Carnworth J, however contends that from Twinsectra it seems that the parties place no real significance to the purpose so even applying Lord Millett’s newly configured resulting trust analysis, there is no real intent on the lenders part to ensure that the recipient does not receive the money at his free disposal. Furthermore, a key aspect of any intent to create a trust always revolves around the funds being held separately and so by devaluing this factor Lord Millett is detracting from traditional trust law principles and in the process is making it much easier to find a Quistclose trust in situations where it was never
The national trust was founded in 1895. It protects over 350 historic houses, gardens and ancient monuments. This organisation is a charity which does not rely funds from government but depends on membership fees and donations from members.
Moreover the class of the original covenantees can be extended to people who were not in the original deed under s.56(1) Law Of Property Act 19252. The Contracts (Rights of Third Parties) Act 1999 enables the benefit of a contract to be given to those who are not parties to it.3
The interviewer in the video EBS Trust (1998) did and excellent job of setting the scene for a proper interview. The interviewer arranged the interview in a proper interview room with a desk and chairs for himself and the victim he was interviewing (EBS Trust, 1997). The one thing that I think could have been better about the room was the bulletin board behind the interviewer. The board had several posters on it which could be distracting to someone if they are in their line of sight. The interview was conducted in a great manner as the interviewer followed an appropriate interview sequence. The interviewer touched on all aspects of the 7 stages of interviewing sequence which are an introduction, establishing rapport, broaching the subject
The United States government and all of its lesser conglomerates have a tough job to do when it comes to protecting its citizen’s rights. The fact of the matter is that the government doesn’t always get it right and citizen’s rights are often infringed upon, the court system aims to resolve these issues. One such instance comes to us from the Supreme Court case Bennett v. Spear in 1997. Here’s a brief summary of the case; in the area of question, the Klamath River in Oregon, it was discovered that two types of sucker fish were in peril due to falling lake levels caused by the Klamath Reservoir project. Irrigation regions and farmers downriver benefitted financially from the abundant water from the river. Their irrigation systems and therefore
Palgo Holdings Pty Ltd carried on a business of making small secured loans. Each borrower would sign a two-part document. The first part of the document, titled “Secured Loan Agreement”, recorded the amount of the loan and the date on which the principal and interest was due. The second part of the document, titled “Bill of Sale/Goods Mortgage”, was made as a deed between the borrower as mortgagor and the lender as mortgagee. It also recorded that the terms of the bill of sale were set out in the schedule of terms attached.
Throughout our class discussion on Leif Wenar’s argument on the topic of property rights, the Clean Hands Trust that he proposes stood out to me. Although his proposal may seem ideal when written on paper, I had several questions regarding the execution of this Trust, should we ever attempt to realize it.
trust responsibilities or the lack thereof in Navajo Nation v. United States, 129 S. Ct. 1547 (2009). Nebraska Law Review, 89538.
...trust and confidence, which implores for a doctrine of good faith. Hence, although the future of a general principle of good faith in English contract law may not be certain, a judicial movement is slowly gaining momentum to increase the steps towards its realization.
It has been generally acknowledged that the doctrine of proprietary estoppel has much in common with common intention constructive trusts, i.e. those that concern the acquisition of an equitable interest in another person’s land. In effect, the general aim is the recognition of real property rights informally created. The similarity between the two doctrines become clear in a variety of cases where the court rely on either of the two doctrines. To show the distinction between the doctrines, this essay will analyse the principles, roots and rationale of both doctrines. With reference to the relevant case law it will be possible to highlight the subtle differences between the doctrines in the cases where there seems to be some overlap. Three key cases where this issue surfaced were the following: Lloyds Bank Plc v. Rosset (1991), Yaxley v. Gotts (1999) and Stack v. Dowden (2007). This essay will describe the relevant judgements in these cases in order to show the differences between the two doctrines.
Many times, when you think of a “trust,” you think only of ultra wealthy children dipping into their trust fund from their parents. This isn’t at all what a living trust is; however. It is instead a legal document that outlines your wishes with regard to your assets and the like. Read below to learn more:
Trust plays a vital role in the lives of humans as it is the pathway to founding and maintaining a good, morally mature society. Whether it is trusting another in team sports, friendship, or just for help and guidance, trust is able to increase the strength of the bond between any amount of people. Although we rely on our trust for another to see through to a desirable result, we are in fact risking what we are entrusting to another, and it is probable that our trust is taken advantage of and lead to betrayal. Why this is the cause and what action should be taken to minimise betrayal has been explored by many philosophers such as Plato, Thomas Hobbes and David Hume.
As I read through the power point presentations for the week, it easily me reminds of the
trust – where the trust is administered in Mauritius and a majority of the trustees are resident of Mauritius or where the settler of the trust was resident in Mauritius at the time the instrument creating the trust was executed
This system helps all of these banks provide financial secrecy which is that only you and your banker would legally be allowed to know the financial activity within your account. The financial secrecy, completely different from financial privacy, includes many regulations to maintain this asset of secrecy. For example, many banks would n...
[7] Cavendish Lawcards Series (2002) Company Law (3rd edn), p.15 [8] [1976] 3 All ER 462, CA. [9] Griffin, S. (1996) Company Law Fundamental Principles (2nd edn), p.19 [10] [1990] Ch 433. [11] Lecture notes [12] Lecture notes [13] [1939] 4 All ER 116.