Re Golay's Will Trusts 4:09 Equity Short: Re Golay, Morris v. Bridgewater and Others 6:57 [Case Law Equity &Trusts] Re Golay and others [1965] 2 All ER 660 HC 9:11 Equity & Trusts - Three Certainties: Subject Matter 9:28 Certainty of Subject Matter (Part 1) | The Three Certainties | Equity & Trusts 13:51 their gold were actually separately identifiable in this different account and so their Re Golays Will Trusts [1965] 1 WLR 969 is an English trusts law case, concerning the requirement of subject matter to be sufficiently certain. intention that the letter should take effect forthwith: see the words as from today. Re Kolb's Will Trust [1962] Ch 531 The trustees were directed to invest certain monies in blue chip all the expert evidence disagreed as to what amounted to a blue chisecurities. The beneficiaries suffered a common misfortune for which A power in the nature of a trust arises where an instrument is drafted to give a person a power of selection among a class, but if the power is not exercised or fails to deal with all the property, there must be an equal division amongst the class. In conclusion, according to case law that have been reported over the years, all trusts must satisfy the three certainties except for charitable trusts which do not need to satisfy that of objects. - Re. Accordingly Mr Dinesh Shah must be taken in law This has made it less important to distinguish discretionary trusts from powers. The importance of these matters was recognised by Lord Langdale MR in Knight v Knight where he put forward the principle that a trust cannot exist without the 'three certainties'. The certainties must at least be respected so as to define the basic parameters of the trust. believed that the solution allowing the executor to take the property beneficially was Facts: Golay left a property for Mrs Bridgewater and to receive a reasonable income from his other properties. Ottaway v Norman [1972] Ch 689, Re London Wine Co [1986] 1 WLUK 731 be distributed on a pro rata basis. We can not find "Re Golay's Will Trusts" now, but you can visit here to see more. defendants were Mr Warrens business associates. containing non-assignment provisions from becoming trustee of the benefit of being the Holder of the power is not subject to a fiduciary duty, Cannot be invalidated on the basis of uncertainty of objects. Because of the issue of disentangling which customers had paid on which date that the trust failed, Court said if a person receives money and bound to keep it in a separate bank account then he is a trustee of that money, if he is not bound to keep the money separate then he is not a trustee of the money, but merely a debtor, If we were to apply the rule in Re Goldcorp to these facts, there would have been no valid trust over the shares because it would be impossible to know which 50 shares out of the total holding of 950 shares were to be held on trust, In essence, the Court of Appeal appeared to hold that it was not necessary to segregate the property comprising the trust fund if the property was intangible property, like ordinary shares, with each unit being indistinguishable from another unit, His Lordship explained that on the testators death, the executor is required to distribute the property between the legatees, even if the testator had not indicated which beneficiary was required to acquire interests in which property; rather, it was argued that the executor is required to divide the general fund of property between the legatees, This line of argument has faced strong criticism one objection is that an executor occupies a very different position from an inter vivos trustee, Therefore, a trust over intangible property in the form of money in a bank account would require segregation before it could be made subject to a trust. A trust has to be for ascertainable beneficiaries as the trust needs to be enforced in their favour by the courts, if necessary.
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