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Quistclose
(sub nom ''Quistclose Investments Ltd v Rolls Razor Ltd'') is a leading property, unjust enrichment and trusts case, which invented a new species of proprietary interest in English law. A " Quistclose trust" arises when an asset is given to somebody for a specific purpose and if, for whatever reason, the purpose for the transfer fails, the transferor may take back the asset. If a debtor undertakes to use the loan in a particular way and segregates the creditor's money from his general assets, and the debtor becomes insolvent, the creditor's money is refundable and is not available to pay the debtor's other creditors. If the trust fails (because the purpose is not or cannot be fulfilled), the sums become subject to a resulting trust in favour of the person who originally advanced the credit and the person to whom the sums were advanced holds them as trustee. Facts Rolls Razor Ltd owed £484,000 to Barclays Bank Ltd. It still needed more money to pay a dividend, which it ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quistclose Trusts In English Law
A ''Quistclose'' trust is a trust created where a creditor has lent money to a debtor for a particular purpose. If the debtor uses the money for any other purpose, then it is held on trust for the creditor. Any inappropriately spent money can then be traced, and returned to the creditors. The name and trust comes from the House of Lords decision in '' Barclays Bank Ltd v Quistclose Investments Ltd'' (1970), although the underlying principles can be traced back further. There has been much academic debate over the classification of ''Quistclose'' trusts in existing trusts law: whether they are resulting trusts, express trusts, constructive trusts or, as Lord Millett said in ''Twinsectra Ltd v Yardley'', illusory trusts. At least one textbook has been written dedicated solely to exploring issues around the true nature and classification of ''Quistclose'' trusts. Lord Millett, writing extra-judicially, has called the ''Quistclose'' trust "probably ... the single most important ap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Twinsectra Ltd V Yardley
is a leading case in English trusts law. It provides authoritative rulings in the areas of ''Quistclose'' trusts and dishonest assistance. Facts Twinsectra Ltd sued an entrepreneur, Mr Yardley, and two solicitors, Mr Sims and Mr Paul Leach (of Godalming), for failing to repay a £1m loan. Twinsectra Ltd had given £1m to Mr Sims to pass onto Mr Yardley as a loan for buying real estate near Apperley Bridge, Bradford. Twinsectra Ltd had said it would only give the loan if someone guaranteed Mr Yardley's repayment. Mr Yardley's solicitor, Mr Leach, refused to give the guarantee, but Mr Sims accepted. Mr Sims had owed £1.5m to Mr Yardley from previous dealings. They agreed that if Mr Sims took the loan into his account first, the prior debts would be considered repaid. Mr Sims promised Twinsectra Ltd to not release the money unless the loan conditions were satisfied. The clause read as follows. However, Mr Sims then gave the money to Mr Yardley’s solicitor anyway (Mr Leach), w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Twinsectra V Yardley
is a leading case in English trusts law. It provides authoritative rulings in the areas of ''Quistclose'' trusts and dishonest assistance. Facts Twinsectra Ltd sued an entrepreneur, Mr Yardley, and two solicitors, Mr Sims and Mr Paul Leach (of Godalming), for failing to repay a £1m loan. Twinsectra Ltd had given £1m to Mr Sims to pass onto Mr Yardley as a loan for buying real estate near Apperley Bridge, Bradford. Twinsectra Ltd had said it would only give the loan if someone guaranteed Mr Yardley's repayment. Mr Yardley's solicitor, Mr Leach, refused to give the guarantee, but Mr Sims accepted. Mr Sims had owed £1.5m to Mr Yardley from previous dealings. They agreed that if Mr Sims took the loan into his account first, the prior debts would be considered repaid. Mr Sims promised Twinsectra Ltd to not release the money unless the loan conditions were satisfied. The clause read as follows. However, Mr Sims then gave the money to Mr Yardley’s solicitor anyway (Mr Leach) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and fun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rolls Razor Ltd
Rolls Razor Limited was a British company known first for its manufacture of a sophisticated safety- razor and later, under new ownership, an "affordable" twin-tub washing machine. Origins: razor The eponymous product was a sophisticated safety-razor which promoted with the slogan "The razor that is stropped and honed in its case". The case was a rigid rectangular frame enclosed by two detachable lids; one lid carried a stone and the other a leather. The lids could not be interchanged. With a lid removed, oscillating a handle drove a shaft along the frame. In both directions pinions on the shaft engaged with racks on the case to rotate the shaft to either push the blade forward against the stone or drag it against the strop. It was easy to use, fast and safe. Sharpening was noisy as each change of direction rotated the blade to slap against stone or leather. The blade was about the size of a conventional disposable blade but was solid, hollow ground and not disposable, and it i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resulting Trust
A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to have held the property for benefit of another person. The trust property is said to "result" or jump back to the transferor (implied settlor). In this instance, the word 'result' means "in the result, remains with", or something similar to "revert" except that in the result the beneficial interest is held on trust for the settlor. Not all trusts whose beneficiary is also the settlor can be called resulting trusts. In common law systems, the resulting trust refers to a subset of trusts which have such outcome; express trusts which stipulate that the settlor is to be the beneficiary are not normally considered resulting trusts. Another understanding of resulting trusts could be an equitable instrument used to rectify and reverse unjust enrichment. The beneficial interest results in the settlor, or if the settlor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resulting Trusts In English Law
Resulting trusts in English law are trusts created where property is not properly disposed of. It comes from the Latin ''resultare'', meaning to spring back, and was defined by Megarry VC as "essentially a property concept; any property that a man does not effectually dispose of remains his own". These trusts come in two forms: automatic resulting trusts, and presumed resulting trusts. Automatic resulting trusts arise from a "gap" in the equitable title of property. The equitable maxim "equity abhors a vacuum" is followed: it is against principle for a piece of property to have no owner. As such, the courts assign the property to somebody in a resulting trust to avoid this becoming an issue. They occur in one of four situations: where there is no declaration of trust, where an express trust fails, where there is surplus property, or upon the dissolution of an unincorporated association. Rules differ depending on the situation and the type of original trust under dispute; faile ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Set-off (law)
In law, set-off or netting are legal techniques applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. The net claim is known as a net position. In other words, a set-off is the right of a debtor to balance mutual debts with a creditor. Any balance remaining due either of the parties is still owed, but the mutual debts have been set off. The power of net positions lies in reducing credit exposure, and also offers regulatory capital requirement and settlement advantages, which contribute to market stability. Difference between set-off and netting Whilst netting and set-off are often used interchangeably, a legal distinction is made between ''netting'', which describes the procedure for and outcome of implementin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul V Constance
/ 9771 W.L.R. 527 is an English trust law case. It sets out what will be sufficient to establish that someone has intended to create a trust, the first of the "three certainties". It is necessary that a settlor's "words and actions ... show a clear intention to dispose of property ... so that someone else acquires a beneficial interest." Facts Mr Constance's marriage broke down, and he moved in with Ms Paul. After a workplace accident he received £950 in damages, and following discussions with a bank manager, paid it into a new joint account. They were unmarried, so the account was just put in Mr Constance's sole name. He said repeatedly, ‘the money is as much yours as mine’. They paid in joint bingo winnings too, and they made a £150 withdrawal, which they split. But 13 months later, Mr Constance died without a will. Ms Paul claimed the account was hers. Mrs Constance reappeared and claimed the money was hers. Judgment The Court of Appeal held that the parties' words an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Wilberforce, Baron Wilberforce
Richard Orme Wilberforce, Baron Wilberforce, (11 March 1907 – 15 February 2003) was a British judge. He was a Lord of Appeal in Ordinary from 1964 to 1982. Early life and career Born in Jalandhar, India, Richard Wilberforce was the son of Samuel Wilberforce, ICS, later a judge of the Lahore High Court, and of Katherine Wilberforce, the daughter of John Sheepshanks, Bishop of Norwich. His grandfather was Reginald Wilberforce, who helped restore British order in Delhi, after the Indian Rebellion of 1857. His great-grandfather was Samuel Wilberforce, Bishop of Winchester, and his great-great-grandfather was the abolitionist William Wilberforce, a connection which had much influence upon him. Wilberforce spent the first seven years of his life in India, before being sent to England in 1914 on the outbreak of the First World War. He attended five preparatory schools, the last being Sandroyd School. From Sandroyd he went to Winchester College in 1920 where Monty Rendall, the he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Segregated Account
Segregation may refer to: Separation of people * Geographical segregation, rates of two or more populations which are not homogenous throughout a defined space * School segregation * Housing segregation * Racial segregation, separation of humans into racial groups in daily life ** Racial segregation in the United States, a specific period in U.S. history * Religious segregation, the separation of people according to their religion * Residential segregation, the physical separation of two or more groups into different neighbourhoods * Sex segregation, the physical, legal, and cultural separation of people according to their biological sex * Occupational segregation, the distribution of people based upon demographic characteristics, most often gender, both across and within occupations and jobs * Age segregation, separation of people based on their age and may be observed in many aspects of some societies * Health segregation. Segregation by health condition. Separation of objects ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
