Resulting trusts cases

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23 Terms

1
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Westdeutsche Landesbank

Interest rate swap contract became void. Held no RT, no intention to create a trust and no separation of legal and beneficial title. No unjust enrichment as no knowledge or unconscionability.

2
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Foskett

Knowledge-based wrongdoing is needed for RT.

3
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Prest v Petrodel Resources Ltd

Corporate veil couldn't be pierced under s24(1) MCA but the properties were held on RT for Mr Prest. Despite s60(3), presumption applied due to Mr Prest's lack of disclosure and control over companies. s60(3) doesn't bar RT where necessary to prevent unconscionable outcomes.

4
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Fowkes v Pascoe


Wealthy woman purchased annuities in her and younger man's name. Looked at evidence to determine it was a gift.

5
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Bennett v Bennett


Fathers are presumed to be making a gift when transferring property to their children.

6
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Re Eykyn's Trusts


Transfer to wife is presumed to be a gift.

7
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Re Vinogradoff


Grandmother transferred stock jointly with granddaughter. No gift intended, held on RT.

8
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Warren v Gurney

Father transferred property to daughter but kept title deeds. No gift intended.

9
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Antoni v Antoni

'Parent intends to make a gift to the child.'

10
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Adaowa v Close Invoice Finance Ltd

'It is equally likely that she will intend to confer such a benefit as a father is.'

11
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Re Ames Settlement

Marriage settlement failed when marriage annulled due to lack of consummation. RT for settlor.

12
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Vandervell v IRC

Exercise of option to purchase operated as a failed express trust due to uncertainty of objects. Found a RT

13
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Air Jamaica

Surplus funds of pension scheme (invalid, failure to comply wth perpetuity rules) resulted back to contributors.

14
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Re Gillingham Bus Disaster Fund

Trust fund set up for Vs for funeral and their debts and 'such worthy cause'. No certainty of objects. Not charitable to be a public trust. Surplus funds resulted back to donors.

15
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Re West Sussex Constabulary's Trusts

Police benevolent fund dissolved, remaining funds resulted back to the identifiable donors.

16
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Davis v Richards

Surplus pension funds (£3m) resulted back to employer contributors rather than being divided amongst employee contributors

17
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Re Vandervell's Trusts (No 2)

V executed deed successfully divesting beneficial interest and extinguishing RT. Estate not liable for tax.

18
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Barclays Bank v Quistclose

Q lent money to Rolls Razor Ltd. Funds placed in separate Barclays account, but before payments made, went into liquidation. Money was held on trust for Q. Loan had a purpose, this failed and was held in a separate account (not part of general assets, intent to create trust).

19
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Twinsectra Ltd

Lord Millett characterised 'Quistclose' trusts as a species of RT. Lender retains beneficial interest ab initio until the purpose is fulfilled.

20
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Carreras Rothmans Ltd

'Since the moneys had been placed in a special account for a specific purpose, equity required that the money were used only for the purpose.'

21
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Wilberforce in Quistclose

Sui generis trust with 2 stages: express then ART.

22
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Re EVTR

Money used for specific purpose but objective not achieved. Money was replayable.

23
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Re Kayford Ltd

Placing money in separate bank account created a trust.