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12 Cards in this Set
- Front
- Back
What are the 3 main focuses of a 'property law approach' to trusts?
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1) cold evidential facts and financial contribution;
2) legal title is conclusive; 3) sole legal owner presupposes sole beneficial ownership. |
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What are the 3 main focuses of a 'family law approach' to trusts?
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1) emphasises the 'family home';
2) would give recognition to domestic partnership between parties; 3) would assess non-financial contributions. |
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What is the main focus of a 'contract law' approach?
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1) party autonomy and intention of the parties.
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What are the 3 typical contributions to the family home?
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1) direct financial contribution (always valued by law)- to purchase price or mortgage repayment;
2) Indirect financial contribution (partially valued by law)- e.g. one pays mortgage and another pays bills; 3) Non-financial contribution (rarely valued by law)- domestic responsibilities. |
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What is a 'sole-ownership' case?
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Where the claimant has no legal title and the defendant has sole legal title.
The claimant must show they have an equitable interest in order to gain anything. |
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What are the 2 stages of a sole-ownership case that a claimant must fulfil?
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1) Acquisition stage- the claimant must acquire an equitable interest by satisfying the trust requirements;
2)Quantification stage- the claimant must quantify the equitable interest. |
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What is a 'joint-ownership' case?
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Where the claimant and the defendant both have legal title and therefore SOME beneficial interest.
As a result there is no need for the acquisition stage. |
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What step is required to claim in a joint-ownership case?
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1) Quantification stage- the claimant must quantify their equitable interest.
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When will an express trusts arise?
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When the parties expressly state how the beneficial ownership in property is to be held.
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What is the formal requirement of an express trusts and what provision is it stated under in the LPA 1925?
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Section 53(1)(b)- a declaration of trust regarding land must be written and signed in writing.
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Which 2 cases state that an express trust is conclusive as to where the beneficial interest lies?
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Goodman v Gallant [1986]
Jones v Kernott [2010] |
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What is the acquisition stage and what is the quantification stage of an express trust?
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acquisition stage- written formalities
quantification stage- follows the express shares specified in writing. |