involving Trust laws - Case Study Example

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involving Trust laws

Although the law is dealing with the Property Act it also extends to other aspects of equitable interest. Under the Section 5 (1) of the Wills Act, 1988, “ it is seen that every person may dispose by will, executed in accordance with this Act, of all real estate and all personal estate owned by him at the time of his death” (Wills Act 1988. 2005). In this case it is seen that a trust has been created in favour of Ben and he has nominated Richard to hold the 2000 shares in trust on his behalf. Through his written will, he has directed that 950 of the above shares may be bequeathed to his Accountant, Tom, to be held on behalf of his nephew, Andrew, the legal beneficiary of the gifted shares. In the decided case of Goldcorpe RE 1995, 1 AC 74, claims for non allocated bullion could not be enforced. Ordinary members of the public were inveigled into investing in non-existent bullion, on the strength of allotment letters given to them for staking their claim on future bullion. When Company subsequently went into liquidation, they claimed beneficial interest on future bullion on the basis of this allotment letter. The Courts held that the bullions were not earmarked and could not be enforced.In another decided case of Saunders v. Vantier(1841) 4 Beav.115, a trust was created that upon the death of the uncle, certain shares would be bequeathed to the nephew, along with its incomes, till he reached the age of 25. The nephew laid claim to the gift upon reaching the age of majority, i.e., 21 years. ...Show more


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