the prejudice of the proprietor in possession of the registered interest except in very limited circumstances Short’s Trustee v The Keeper and others 1996 SLT (HL) 166 Indemnity – s 12 1979 Act Mr S transferred some flats to Mr Chung at undervalue. Owners who are unable to pay their creditors – unjust for them to do so. Soon after the transfer Mr S was sequestrated. Trustee set about trying to recover the properties. By then there was a further transfer from Mr C to Mrs C for no value. The disposition
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A secret trust or half secret may take effect on the death of the testator without the need to specify terms of the trust in a will or reveal its existence. Secret trusts operate to prevent unconscionable behaviour on the part of the intended trustee‚ must be with good conscience. Fully secret trusts McMormick v Grogan (1986) X leaves property Y apparently beneficially X communicates to Y his intention that Y is to hold the property on certain trusts or subject to a certain condition
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Bankruptcy and Debtor-Creditor Relations Bankruptcy often conjures up images of the Great Depression‚ boarded up store fronts‚ and social disgrace. Today‚ however‚ bankruptcy has evolved into a procedure in which a person or business may preserve their remaining assets‚ reorganize and continue on or obtain a fresh-start in life. Bankruptcy can be defined simply as “the legal process by which the assets of a debtor are sold to pay off creditors so that the debtors can make a fresh start financially”
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Liquidation under Chapter 7 of the Bankruptcy Code is generally the most familiar type of bankruptcy proceeding and is often referred to as an ordinary or straight bankruptcy. A debtor in a liquidation bankruptcy turns all assets over to a trustee; the trustee sells the nonexempt assets and distributes the proceeds to creditors. With certain exceptions‚ the remaining debts are then discharged (extinguished)‚ and the debtor is relieved of the obligation to pay. * Intro * A “person” may
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property to hold the property for the benefit of some other person or group of persons (which group may include the legal owner himself.) 2) Cestuis que trust=beneficiaries 3) Settlor and trustee can be the same person. 4) Settlor and beneficiary can be the same person. (Settlor can convey property to a trustee on trust for himself.) 5) Express trust as the creation of settlor. 6) An express trust is created when a settlor effectively exercises his powers of ownership to do so. 7) A ‘power’ is
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The first important term of the Will is the first line. This sentence is called the exordium clause. This clause revokes all prior Wills‚ which means that this is your final Will. Because of this‚ you should discard any Wills that have been drafted prior to this Will. Additionally‚ this clause also states that you live in Illinois. Therefore‚ this clause informs the executor that Illinois law has jurisdiction over your Will. The next important term is Article 1. This Article identifies your marital
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the property must transfer to the trustees. The reason for a conveyance of property to the hands of trustee is explained in Milroy v Lord (1862) by Turner L.J. is that a valid and effectual voluntary settlement will exist‚ when the settlor have done everything which was necessary according to the nature of property comprised in the settlement‚ which is to transfer that particular property to the trustee. This requirement of constitution of trust is clear and straightforward‚ the law require the trust
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rights: trustee person for whom those rights are held: beneficiary Lord Coke’s Definition "a confidence reposed in some other‚ not issuing out of land but as a thing collateral thereto‚ annexed in privity to the estate of the land‚ and to the person touching the land‚ for which cestui sue trust has no remedy but by subpoena in the Chancery." Sir Arthur Underhill’s Definition (in Underhill and Hayton‚ Law of Trusts and Trustees) "an equitable obligation binding a person (called a trustee) to
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Assignement 1 contracts Sayres v. Wheatland Group‚ L.L.C.‚ 79 Va. Cir. 504 (Va. Cir. Ct. 2009) CASE SUMMARYPROCEDURAL POSTURE: Plaintiff filed suit against defendants alleging that the contract for the construction and sale of a home that was at issue in this case was void‚ invalid‚ and unenforceable. Plaintiff also alleged that he was entitled to rescission and cancellation of the same contract. Defendants filed a counterclaim for specific performance of the contract of sale. Plaintiff moved
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is used. Discuss. Secret Trust raises whenever the testator intends to create a trust‚ the terms of which are not expresses in the will itself. The will is used as an instrument to vest the legal interest of the trust property in the done or the trustee depending on the case at hand‚ who earlier agreed to carry out the wishes of the testator. The imposition of Secret Trust prima facie goes against the policy of the Wills Act 1837. Under the Act‚ as long as the will is in writing and attested by two
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