Topic 12 slides - Resulting trusts.pptx - Equity Trusts 70517 Topic 12 Resulting Trusts Equity Trusts 70517 Topic 1 History and Nature of Equity Topic 2

Topic 12 slides - Resulting trusts.pptx - Equity Trusts...

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Equity & Trusts 70517 Topic 12: Resulting Trusts
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Equity & Trusts 70517 Topic 1 - History and Nature of Equity Topic 2 - Unconscionable Dealing and Undue Influence Topic 3 - Introduction to Estoppel/ Proprietary Estoppel Topic 4 - Promissory Estoppel Topic 5 - Equitable Interests/ Equit’l Assignment of Property Topic 6 - Equitable Assignment of Property Topic 7 - Fiduciary Obligations Topic 8 - Accessorial Liability for Breach of Fiduciary Duty or Trust Topic 9 - Tracing/ Account of Profits Topic 10 - Equitable Compensation Topic 11 - Constructive Trusts Topic 12 - Resulting Trusts Topic 13 - Express Trusts Topic 14 - Duties, Powers, Rights and Liabilities of Trustees; Rights of Beneficiaries
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Topic 12 – Resulting Trusts Equity & Trusts 70517 RESULTING TRUSTS LECTURE SUMMARY: A. Introduction to Resulting Trusts B. Automatic Resulting Trusts C. Presumed Resulting Trusts D. Quistclose Trusts E. UK Developments F. Illegality
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Topic 12 – Resulting Trusts Equity & Trusts 70517 A: INTRODUCTION Classification of trusts Express trusts – creator has expressed intention to create trust either in writing or inferred from circumstances. Resulting trusts – where property disposed of in circumstances in which a provider of property does not intend to benefit recipient: automatic RTs & presumed RTs. Constructive trusts – imposed by operation of law regardless of intention of parties where ‘unconscionable’ for t/ee to claim beneficial ownership: institutional CTs & remedial CTs.
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Topic 12 – Resulting Trusts Equity & Trusts 70517 A: INTRODUCTION •. Resulting Trusts are trusts imposed by law in two particular circumstances: 1. “Automatic” resulting trusts –when there is a surplus of trust property for the intended purpose, or a failure of that purpose – in other words, incomplete disposition of property. 2. “Presumed” resulting trusts –where contributions have been made to the purchase of property in the name of someone other than the payer, or into joint names but where the payer has contributed more than the share of legal title proportionate to that contribution.
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Topic 12 – Resulting Trusts Equity & Trusts 70517 A: INTRODUCTION Westdeutsche Landesbank v Islington LBC [1996] AC 669 per Browne-Wilkinson LJ (A) where A makes a voluntary payment to B or pays (wholly or in part) for the purchase of property which is vested either in B alone or in the joint names of A and B, there is a presumption that A did not intend to make a gift to B: the money or property is held on trust for A (if he is the sole provider of the money) or in the case of a joint purchase by A and B in shares proportionate to their contributions. (B) where A transfers property to B on express trusts, but the trusts declared do not exhaust the whole beneficial interest.
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Topic 12 – Resulting Trusts Equity & Trusts 70517 A: INTRODUCTION •.
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