Does the rule in Saunders v Vautier have any significance today?
The rule has been repeatedly affirmed in common law jurisdictions, and is commonly referred to as “the rule in Saunders v Vautier” for shorthand….
| Saunders v Vautier | |
|---|---|
| Citation(s) | (1841) Cr & Ph 240, (1841) 4 Beav 115; 41 ER 482 |
| Court membership | |
| Judge(s) sitting | Lord Cottenham LC |
| Keywords |
What are the 5 requirements to create a valid trust?
The UTC provides that a trust must meet the following requirements (UTC 402): 1) the settlor must have the capacity to create the trust; 2) the settlor must have the intent to create the trust 3) there must be at least one definite beneficiary; 4) there must be duties for the trustee to perform; and 5) the sole trustee …
What is the rule in Milroy v Lord?
Milroy v Lord [1862] EWHC J78 is an English trusts law case that held trusts should not be used to save gifts from being defeated. It purported to follow one of the maxims of equity that “Equity will not assist a volunteer”.
How is a settlor’s intention determined in an express trust?
⇒ There are three certainties required for the creation of a valid express trust: 1) The settlor must demonstrate a clear intention to create a trust as opposed to creating something else. 2) The trust property must be sufficiently segregated from other property so that the trust fund is certain.
What is the Saunders v Vautier principle?
Quick Reference. A rule under which the beneficiaries of a trust, if of full age (18), sound mind, between them wholly entitled to the trust property, and in agreement, may direct the trustees to end the trust and transfer the trust property to themselves as beneficiaries absolutely.
What does the rule in the case of Saunders v Vautier apply to?
The case laid down the rule of equity,subsequently referred to as “the rule in Saunders v Vautier”, which provides that if all of the beneficiaries are of adult age with full legal competence, they may force the trustee to transfer the legal estate to them and thereby terminate the trust.
Does a trust have to be recorded?
Trusts do not have to be recorded. The settler or trustee of the trust must visit the county clerk’s office in the county where the property is located and provide the county clerk with a certified copy of the trust deed.
What are the four essential elements of a trust?
Every private trust consists of four distinct elements: an intention of the settlor to create the trust, a res or subject matter, a trustee, and a beneficiary. Unless these elements are present, a court cannot enforce an arrangement as a trust.
What is the rule in Strong v Bird?
The rule in Strong v Bird (1874) is that where a donor intends to make a gift during his lifetime but fails to vest the legal estate in the donee, the gift may still be perfected if legal title vests in the donee because he becomes personal representative to the donor (now deceased), provided 1.
Why will equity not assist a volunteer?
Equity will not make its remedies available to a volunteer. But if in a proceeding in Chancery the Court is only required to give effect to legal rights, and such rights accrue under a voluntary deed, the absence of consideration is no reason why it sllould not enforce those rights.
What are the three certainties that must be present to create a valid trust?
For an express trust to be valid there has to be three certainties. These are certainty of intention, certainty of subject matter, and certainty of objects. Without these certainties, an express trust will not be valid. The purpose of these certainties is to ensure the trust is properly controlled and enforced.
What are precatory words in trust law?
Words that express a wish or a desire rather than a clear command. Words in at trust document (such as a will) that appear to express a wish or a desire rather than a clear command direction to the trustee.
What was the case of Sprange v Barnard?
Sprange v Barnard (1789) 2 Bro CC 585 is an English trusts law case, concerning the certainty of subject matter to create a trust. It is an example of a court concluding that the words of a testament being interpreted to mean, in essence, that a gift was intended rather than a trust .
What was the result of the testatrix v Barnard case?
The testatrix left £300 worth of annuities to her husband ‘for his sole use; and at his death, the remaining part of what is left, that he does not want for his own wants and use to be divided between’ a number of beneficiaries. Sir Richard Arden, Master of the Rolls held that no trust arose, and the husband took all the property beneficially.
Why did Comiskey V Bowring-Hanbury impose a trust?
In Comiskey v Bowring-Hanbury the same words were held to impose a trust since the context of the will as a whole indicates that this was the testator’s intention. There are circumstances where there is no document creating a trust.