Summary COMPLETE Equity & Trusts First Class Revision Guide!
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Course
Equity & Trusts (LAW5003)
Institution
Queen Mary, University Of London (QMUL)
Using this revision guide, I got a First Class in my equity & trusts exam. It includes lecture notes, further reading notes, case law and theories. Topics are broken down.
Topics are Express Trusts, three certainties, beneficiary principle, unincorporated associations, secret trusts, formalities,...
24-hour online examination.
Answer two questions from a total of six questions.
The combined maximum word limit for both answers taken together will be set at 3,000
words.
Entire syllabus is examinable except for the topics of Charities, Fiduciary Duties 2, and
Third-Party Liability.
Examinable Topics:
1. Express Trusts
a. Three certainties in the creation of trusts PROBLEM [ties in with beneficiary principle]
b. The beneficiary principle and unincorporated associations PROBLEM [certainties]/ ESSAY
c. Secret trusts PROBLEM/ESSAY
d. Formalities and the constitution of trusts
2. Non-express Trusts
a. Resulting trusts ESSAY/PROBLEM
b. Constructive trusts ESSAY
c. Trusts of the family home
3. Breach of Trust
a. Fiduciary Duties 1 ESSAY
b. Tracing PROBLEM
, Three certainties in the creation of trusts
Certainties Requirements
Knight v Knight [1840] Lord Langdale: every trust needs three things:
1. Certainty of Intention – was a trust intended
2. Certainty of Subject Matter – what is the property that is subject to the trust
3. Certainty of Objects (beneficiaries) – trustee must know who benefits from the trust
Cannot have an express trust unless all three certainties are present.
Trusts create legal obligations on person/s known as a trustee.
The trustee has to carry out those duties connected to a trust, if they don’t, they can be
personally liable for breach of trust. They have an onerous responsibility, to act selflessly.
In order for the obligation to be imposed, we have to be certain that that is what the founder
meant when he created a trust. [certainty of intention]
In order to carry out the duties, the trustee must know what property they have to deal with in
order to satisfy the duties. [certainty of subject matter]
If there is a trust, there must be beneficiaries/objects. The beneficiaries must know what
rights they have in the trust. The beneficiaries can enforce the trust against the trustees.
[certainty of objects]
Testamentary trusts –
when you’ve died [will]
[testator & legatee]
Inter vivos trusts – alive
[settlor & beneficiary] Settlor passes legal ownership to trustee. Beneficiary gets the
legal title.
Gift – donor & donee. Transfer WHOLE interest across. Absolute interests.
PQ: What kind of property is it? Who is arguing? i.e. next of kin [important as residuary
(whatever is left) legatee of the will]
1. Certainty of Intention
Expressed orally or in writing: Moore v Williamson [2011]
Unless land, which needs to be in writing: S52(1)(b) LPA 1925
Wills MUST always be written down
Intention to do what?
Intention to place a mandatory obligation on the transferee.
“I trust that” does not necessarily create a mandatory obligation. It might create a precatory
obligation [moral – cannot go to court with this obligation]
“You must hold….” – mandatory
“I hope that….” – precatory
“In absolute confidence that you will…” – BOTH
Context is important!
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