Equitable Interests and Trust Capacity

Vocabulary flashcards covering the legal requirements for trusts, equitable interest transfers, and the capacity of settlors under Nigerian Law and relevant Acts.

Transfer of equitable interest

To be valid, it must be evidenced in writing and signed by the person transferring it.

Trust intended to take effect on death

A trust that must be made via a duly executed Will by the creator.

Disposition of an equitable interest or trust subsidy

Statutory requirement stating this must be in writing signed by the person disposing of the same.

Settlor

The creator of the trust who is legally required to own the trust property.

nemo dat quod non habet

The legal principle that one cannot give what they do not have, requiring the creator of a trust to own the subject matter property.

Capacity to create a trust

The same legal capacity required for any person to own land and dispose of his interest in property as he desires.

Legal capacity of women

The ability of women to own property and create trusts by virtue of the 1999 Nigerian Constitution and the Married Women's Act 1882.

Minor (Infant)

A person who lacks the legal capacity to create a trust.

Section 9 English Property Act 1925

A specific legal statute cited regarding the requirements for the disposition of equitable interests.

S 43 of CFRN

A section of the Constitution of the Federal Republic of Nigeria related to property rights and capacity.