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Introduction Notes

GDL Law Notes > GDL Equity and Trusts Notes

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Revision: Equity

[INTRODUCTION]
Three specific areas:

1. Express Private Trusts

2. Express Charitable Trusts

3. Implied Trust - arising by operation of law: not expressly created (exempt from formalities)ResultingConstructiveStatutory E.g. under Administration of Estates Act 1925

"Bare" trusts:

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Where a beneficiary (or beneficiaries) is of full age and capacity (sui juris) - they are absolutely entitled to the trust propertyIF their interest is vested, they may call for the trust property to be transferred to them or their nomine

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This is the rule Saunders v VautierAssimilates equitable and legal ownershipEquity sees the beneficiary as the 'true owner'Saunders v Vautier extended in Curtis v Luken to apply to situations where there are multiple beneficiaries, so long as they are all in agreement

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Does it apply to discretionary trusts?Re Smith (1928)if all the discretionary beneficiaries, who btw them are absolutely beneficially entitled to the whole equitable interest, are of full capacity and of one mind - then they can do as they please with the equitable interest - legal titled is transferred to them in agreed proportionsBut - in Gartside v IRC and Sainsbury v IRC: potential beneficiaries of a discretionary trust have no proprietary interest in the trust property until selected by the trustees - merely a hope that they shall be chosen 1

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