5 rights / powers of trustees
- All the rights of an absolute owner (S6(1)) 2. Only Ts can give a valid receipt 3. Power to convey to the Bs (S6(2)). 4. Power to divide the land (S7(1)). 5. Power to delegate to the Bs S9 (1))
4 duties of Trustees
- Hold the land subject to the express terms of the trust. 2. Have regard to the rights of the Bs (S6(5)). 3. Get the consent of the Bs where required (S8(“)). Strong duty to consult but not necc to carry out wishes S11(1)(b) “so far as is consistent with the general interest of the trust”
Rights of the beneficiaries
- Occupation (S12). 2. Right to exclude 1 or more Bs but NOT ALL (S13)
Who can apply for a S14 order
B or T can apply either for a judgement re the exercise of Ts powers OR the extent of a Bs interest (like Stack)
Where are the matters which a court may take into account
S15 a) intention of trust b) Purpose of trust c) welfare of minors d) interests of creditors / beneficiaries
A case where a S15 order was to split the property in half
Rodway v Landy
A case where it was held that the interests of creditors is only one factor, which was outweighed by otther factors
Mortgage Corp v Shaire
A case where, on balance, the needs of creditors outweighed other considerations
Bank of Ireland v Bell
A case where the whole course of dealings was considered in quantifying shares
Stack v Dowden
Case where co-owner being in education was a relevant factor for consideration
Chun v Ho
Case where the continuity of business was a relevant factor (the business being the purpose of the trust)
Bedson v Bedson
A case where the misconduct of the party seeking sale was taken into consideration
Halifax v Muirhead (solicitors had fucked up)
What factors are considered for S14 where there is an insolvency
Insolvency act 1996 BUT if it’s been more than a year, the creditors needs prevail unless EXCEPTIONAL
What are exceptional circs for the purposes f bankruptcy
Harrington v Bennett: “outside the usual melancholy consequences of debt or improvidence”
3 ways that implied trusts arise
- Constructive (Stack - bargain element, implied by court) 2. Resulting (get out what you put in Dyer v Dyer). 3. Estoppel (promise, reliance, unconscionability - Thorner v Major)
