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Moffetts Concept of Trust - Research Paper Example

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The paper "Moffetts Concept of Trust" describes that strict compliance with Statutory formalities is justified in so far as it aids in establishing the testator’s intent in executing the trust or will, and in preventing misappropriation by interested third parties…
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Moffetts Concept of Trust
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Download file to see previous pages Several formalities have been associated with the development of the trust, most of which have been formulated with the intent to prevent fraud and misappropriation in the transfer of property, especially from the point of view of payment of taxes, stamp duties and such related fees for the capital wealth. While trust law is said to be administered based on principles of equity, the reality has been quite different and the results of adjudication in trust disputes have been primarily ad hoc, conditioned from a financial perspective rather than to establish any distinct equitable principles. In fact, the law of formalities has created inflexibility in some cases and there have been instances where the interests of beneficiaries have been compromised. For example, in the case of Re Diplock*3 that concerned the disposition of a trust, the general principle that was laid down was clarified by Pettitt who states that whenever there is an initial fiduciary relationship, the beneficial owner of an equitable proprietary interest in a property can trace it into the hands of anyone holding the property except a bonafide purchaser for value without notice.*4 Therefore, in such an instance, when the proceeds of the trust cannot be recovered, the interests of the beneficiary to those proceeds are sacrificed, simply because they are not recoverable and the beneficiary will have no further recourse in law. In the case of Re Brockbank*5 for example, one of the trustees wanted to retire and wanted to appoint Lloyds Bank to replace him as a trustee. Although the beneficiaries also agreed to this, the Court refused to allow for the appointment of another trustee, since the Court held that the principle laid out in Saunders v Vautier*6 was not relevant and applicable, because although the beneficiaries were unanimous in their decision, they were not the only persons entitled to the trust property. ...Download file to see next pagesRead More
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