constitution
- Created by: leahjayne97
- Created on: 03-05-19 14:11
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- Constitution
- key facts
- three ways to benefit someone; gift/hold on trust/ 3rd party holds on trust
- legal rules for a valid transfer of interest
- when legal rule fails equity developed methods to prevent intention of donor from being defeated
- Introduction
- no enforceable legal rights if not properly vesting title to volunteer
- equity will not perfect an imperfect title
- equity will not assist a volunteer
- if a person to whom the transfer is intended does not give consideration they are said to be a volunteer
- equity looks at what ought to be done
- deals with gifts and trusts
- when person transfers legal title it is said to vest in the other person
- unless the property is transferred by the correct legal rules it will fail and is said to bre imperfect
- no enforceable legal rights if not properly vesting title to volunteer
- benefiting another with property
- milroy v lord identified 3 ways in which an absolute owner can benefit another
- gift/transfer legal title to 3rd party to hold on trust
- declaring absolute owner hold it on trust
- Need to know
- do not confuse the intention
- explain how legal rules fail and how equity steps in
- different legal rules for different interests
- key facts
- land
- must be by deed
- transfer set out in s52 of the law of property act 1925
- transfer is completed by land registration
- stocks and shares which regulate ownership of companies
- plc= compliance with electronic crest system then correct instructions will be adequate
- private ltd co= memorandum of transfer registration of shares stock transfer act 1963 companies act 1985
- intention
- initiated from release of debts but extended to chattels and intention to transfer legal title as trustee
- clear intention to give immediately and there has only been some practical barrier to the transfer
- money merely requires delivery
- chose in action compliance with lpa 1925 includes cheques
- chattels by deed delivery re cole case intention of transfer actual or constructive delivery includes jewellery and painting
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