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Exam (elaborations)

Equity and Trusts - Family Property (Exam Plan)

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  • Course
  • GDL
  • Institution
  • University Of Law (ULaw)

I scored 87% in Equity and Trusts and received a Distinction (74%) overall in the GDL at the University of Law using these notes. These notes are written in the form of step-by-step exam plans. Compared to standard notes, this will save you lots of time. Most people will make notes during worksh...

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Document information

  • July 11, 2023
  • 12
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

Subjects

  • law
  • equity
  • trusts
  • postgraduate
  • property

Written for

  • University of Law (ULaw)
  • Unknown
  • GDL
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Equity & Trusts - Family Property

[EXPLANATION OF IMPLIED TRUSTS]

Formalities of implied trusts:

- Implied trusts are an exception to s.53(1)(b) LPA 1925 which states declarations
of trust must be in signed writing - s.53(2) LPA 1925
- I.e. resulting and constructive trusts do not require signed writing to be
created

Types of Implied Trusts:

Resulting Trusts: implied where X transfers property or money to Y in circumstances
where it is unclear who owns the beneficial interest. Here, the presumption is that the
transferee holds the property or money on a resulting trust for the transferor.

1) Voluntary transfer / purchase money resulting trusts

- Voluntary transfer cases:
- Occur where X transfers property, which they own, to Y for no
consideration. It can be presumed that X intended Y to hold property on
resulting trust for X.




- Purchase money cases:
- Occur where X buys new property, then arranges for the seller to convey
the property straight to Y. It can be presumed that X intended Y to hold on
a resulting trust for X, the person who provided the purchase money
(Stage 3 below).

, 2) Incomplete disposal of trust’s equitable interest

- Resulting trusts of this type arise where:
- The settlor transfers property to trustees on trust; BUT
- Does not dispose of all or part of their equitable interest, because the
attempted trust:
- Lacks certainty of objects
- Does not define beneficial interests with sufficient certainty
- Offends the rules against perpetuity
- Offends the beneficiary principle
- The trust does not name a beneficiary who attains a vested interest
as there is a gap in the beneficial ownership

[STEP 1] Context / Is there an express trust?

[IF UNMARRIED COUPLE SPLIT UP] X and Y were not married, so X cannot rely on
legislation to help establish a proprietary interest in [INSERT PROPERTY].

Express trust?

[INSERT C] would be able to claim a proprietary interest in [INSERT PROPERTY] if
they were a beneficiary under a valid express trust. For a valid express trust where land
is the trust property, declaration must be in writing and signed by the transferor (s.53(1)
(b) LPA 1925). [INSERT TRANSFEROR / D] does not sign a declaration, so [INSERT
C] cannot claim a proprietary interest as a beneficiary under an express trust.

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