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Contemporary Trust Law - Assignment Example

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In the paper “Contemporary Trust Law” the author focuses on the "human beneficiary" principle, which is of long-standing. The general principle relics that a trust must have beneficiaries who are competent in owning the trust property and enforcing the obligations and duties of the trustee…
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Contemporary Trust Law
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Extract of sample "Contemporary Trust Law"

Download file to see previous pages Conversely, the beneficiaries have a correlative right to render the trustee answerable for his actions and, if necessary, compel the performance of his obligations by court order. If there are no beneficiaries with equitable interests in the trust assets, there is, in theory, no one "in whose favor the court can decree specific performance": Morice v Bishop of Durham (1804) 9 Ves.399.
The complexity, of course, with this approach is that it frustrates the requirements of a settlor or testator, who may want to profit a legitimate public object or useful social experiment which does not fall stringently within the definition of charity. A trust, for example, for the promotion of a particular sport (such as angling or yacht racing) is not charitable unless linked to education: Re Nottage [1895] 2 Ch. 649 and Re Clifford [1912] 1 Ch. 29. Similarly, a trust to be relevant income for the purposes of research into a proposed new alphabet also falls outside the description of charity: Re Shaw [1957] 1 W.L.R. 729. To what extent, however, is it legitimate to use the mechanism of trust for the haulage out of mere purposes where there are no beneficiaries vested with equitable ownership in the trust property?
The law that a valid trust "must be for the benefit of individuals" (Bowman v Secular Society Ltd [1917] A.C. 406, 441, per Lord Parker) is not complete. A trust for charitable purposes is valid even with the absence of an equitable beneficial owner to put into effect the trust. Here, of course, it is the Crown (acting through the Attorney-General or the Charity Commissioners) who takes on the role of parents on behalf of the public at large. Apart from this, there are several well-known "inconsistent" exceptions, classified by Lord Evershed M.R. in Re Endacott [1960] Ch. 232, where the trustee may perform the terms of the trust if he so wishes, but the court will not compel him to do so.  ...Download file to see next pagesRead More
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