CHECK THESE SAMPLES OF Purpose Trusts and Quistclose Trusts
Case-Barclays Bank v quistclose (1970) AC 567 1.... quistclose case, as it is generally called, represents the concept of commercial form of trust.... hellip; The principle established in this case is the equity requiring that the person receiving a property from another person for a specific purpose cannot treat it as his or her own and should use it only for that specific purpose; also, the transferee cannot keep that property if that specific purpose cannot be fulfilled, as interpreted by Peter Gibson J 1 Thus, this landmark decision has led to the concept of quistclose trust, which has become a form of trust as a way of protection to the lender 2....
7 Pages
(1750 words)
Essay
0 Alternatively, the trust could treated as a quistclose trust, which occurs when a creditor lends money to a debtor for a particular purpose.... 3 This would mean, of course, that the trustees would not be able to use the money for other purposes – as with a quistclose trust, the money in the trust fund was to be used for a very specific purpose, which is to be pay for medical care and rest and recuperation care for any employee or the family of an employee who suffers injury or a medical condition arising from their work....
4 Pages
(1000 words)
Essay
These so-called "trusts of imperfect obligation" comprise (1) trusts for the creation of monuments and graves; (2) trusts for the saying of masses; and (3) trusts for the maintenance of particular animals.... They will be valid (though unenforceable) provided they do not offend the rule against continuous trusts....
11 Pages
(2750 words)
Assignment
Nevertheless, the law has recognised non-charitable purpose trusts.... Specifically, these assets consist of: (1) funds raised from members'… s; (2) donations from well-wishers; and (3) the £10,000 raised in a dinner where guests subscribed to a fund for the maintenance of three elderly widows.
In the law of trusts, the general rule requires that (1) unless it is for one of the charitable purposes, a gift on trust st have a cestui que trust and should be for the benefit of individuals; (2) it must have a definite object, and (3) the court can enforce it favour of someone....
9 Pages
(2250 words)
Essay
nbsp; In Broadman v Phipps [1967] 2 AC 46 the court imposed a constructive trust in a situation where an attorney in the course of representing a trust happened to come across some confidential information which he used for the purpose of acquiring company shares that were partly owned by the trustees....
12 Pages
(3000 words)
Literature review
In the paper “Equity and Trust: Barclays Bank v quistclose” the author provides quistclose case.... hellip; The author explains that quistclose lent money to a company Rolls Razor ltd for a specific purpose of payment of dividends to its shareholders at a time when the company was having overdrawn facilities from Barclays Bank.... nbsp; Eventually, quistclose went into liquidation when quistclose sought to recover the money it lent....
8 Pages
(2000 words)
Essay
This question is directly related to the question of the purpose of the loan which the problem also withholds.... he given facts of the case seem to suggest that the loan was made for the purpose of transfusion of liquid capital into the bloodstream of the defendant BBC....
11 Pages
(2750 words)
Assignment
he difficulty with defining quistclose trusts in terms of the foregoing is that quistclose trusts are created by operation of law, arising out of any situation involving a loan where the creditor insists that the borrower use the money only for a stated purpose.... This report "quistclose Trust and the Requirements for Its Creation" focuses on means by which a lender of money can retain a 'security interest' in loan money only for specified purposes....
7 Pages
(1750 words)
Report