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Quistclose Trust
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 Peter Millett, Baron Millett, 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. Peter Millett, Baron Millett, Lord Millett, writing extra-judicially, has called the ''Q ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Briggs (judge)
Michael Townley Featherstone Briggs, Lord Briggs of Westbourne, (born 23 December 1954) is a Justice of the Supreme Court of the United Kingdom. He served earlier as a judge of the Court of Appeal of England and Wales. By Royal Warrant, he bears the courtesy title of Lord Briggs of Westbourne. Education He was educated at Charterhouse School and Magdalen College, Oxford. Legal career Michael Briggs was called to the bar at Lincoln's Inn in 1978 and was the Junior Counsel to Crown Chancery from 1990-94. He became a Queen's Counsel in 1994. He was made a Bencher of Lincoln's Inn in 2001, and was appointed Attorney General of the Duchy of Lancaster on 24 July of that year. He held the post until shortly after his appointment to the High Court. On 3 July 2006, he was appointed as a Justice of the High Court, receiving the customary knighthood and being assigned to the Chancery Division. From 2012 to 2013, Mr Justice Briggs was Vice-Chancellor of the County Palatine of Lancaster ... [...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] |
Swiss Bank Corporation V Lloyds Bank Ltd
Swiss may refer to: * the adjectival form of Switzerland *Swiss people Places *Swiss, Missouri * Swiss, North Carolina *Swiss, West Virginia *Swiss, Wisconsin Other uses *Swiss-system tournament, in various games and sports *Swiss International Air Lines **Swiss Global Air Lines, a subsidiary *Swissair, former national air line of Switzerland *.swiss alternative TLD for Switzerland See also *Swiss made, label for Swiss products *Swiss cheese (other) *Switzerland (other) *Languages of Switzerland, none of which are called "Swiss" *International Typographic Style, also known as Swiss Style, in graphic design *Schweizer (other), meaning Swiss in German *Schweitzer, a family name meaning Swiss in German *Swisse Swisse is a vitamin, supplement, and skincare brand. Founded in Australia in 1969 and globally headquartered in Melbourne, and was sold to Health & Happiness, a Chinese company based in Hong Kong previously known as Biostime International, in a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Exeter
The University of Exeter is a public university , public research university in Exeter, Devon, England, United Kingdom. Its predecessor institutions, St Luke's College, Exeter School of Science, Exeter School of Art, and the Camborne School of Mines were established in 1838, 1855, 1863, and 1888 respectively. These institutions later formed the University of Exeter after receiving its royal charter in 1955. In Post-nominal letters, post-nominals, the University of Exeter is abbreviated as ''Exon.'' (from the Latin ''Exoniensis''), and is the suffix given to Honorary Degree, honorary and academic degrees from the university. The university has four campuses: Streatham Campus, Streatham and St. Luke's Campus, St Luke's (both of which are in Exeter); and Truro and Penryn Campus, Penryn (both of which are in Cornwall). The university is primarily located in the city of Exeter, Devon, where it is the principal higher education institution. Streatham is the largest campus containing many ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alastair Hudson
Alastair Hudson (born 6 November 1968), FHEA, FRSA, is an English barrister and academic. He is, in 2017/18, employed at the University of Strathclyde, Glasgow and is also visiting professor of law at the University of Portsmouth. He has worked on the University of London International Programmes LLM programme since 2004. He was formerly professor of equity and finance law at the University of Exeter, having previously been professor of equity and finance law at the University of Southampton and, prior to that, professor of equity and law at Queen Mary, University of London. He was appointed a National Teaching Fellow in 2008, a Fellow of the Higher Education Academy, and a Fellow of the Royal Society of Arts. He was voted UK Law Teacher of the Year in 2008. He was awarded the Excellence in Teaching Award 2014 by the University of Southampton Students' Union for "Overall Outstanding Lecturer". He has published educational online materials for Law students and for legal practiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Interest
An equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". The equitable interest is a right in equity that may be protected by an equitable remedy. This concept exists only in systems influenced by the common law (as opposed to civil law) tradition, such as New Zealand, England, Canada, Australia, and the United States. Equity Equity is a concept of rights distinct from legal (that is, common law) rights; it is (or, at least, it originated as) "the body of principles constituting what is fair and right (natural law)".Black's Law Dictionary. Second Pocket Edition. p. 241. 2001 West Group. Bryan A. Garner (editor in chief) It was "the system of law or body of principles originating in the English Court of Chancery and superseding the common and statute law (t ... [...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] |
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] |
Peter Millett, Baron Millett
Peter Julian Millett, Baron Millett, , (23 June 1932 – 27 May 2021) was a British barrister and judge. He was a Lord of Appeal in Ordinary from 1998 to 2004. Biography Early life The son of Denis and Adele Millett, he was educated at Harrow School, London, and at Trinity Hall, Cambridge, where he received a Master of Arts in Classics and Law in 1954, graduating with a Double First. From 1955 to 1957 he served as a Flying Officer in the Royal Air Force. He was awarded an honorary fellowship by Queen Mary, University of London in 2012. Legal career Millett was called to the bar at Middle Temple in 1955. In 1959, he joined Lincoln's Inn, where he was appointed a bencher in 1980. From 1958 to 1986 he practised at the Chancery Bar and was examiner and lecturer in practical conveyancing at the Council of Legal Education from 1962 to 1976. Between 1967 and 1973, Millett was junior counsel at the Department of Trade and Industry in chancery matters, and between 1971 and 1975 ... [...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] |
Constructive Trusts In English Law
Constructive trusts in English law are a form of trust created by the English law courts primarily where the defendant has dealt with property in an "unconscionable manner"—but also in other circumstances. The property is held in "constructive trust" for the harmed party, obliging the defendant to look after it. The main factors that lead to a constructive trust are unconscionable dealings with property, profits from unlawful acts, and unauthorised profits by a fiduciary. Where the owner of a property deals with it in a way that denies or impedes the rights of some other person over that property, the courts may order that owner to hold it in constructive trust. Where someone profits from unlawful acts, such as murder, fraud, or bribery, these profits may also be held in constructive trust. The most common of these is bribery, which requires that the person be in a fiduciary office. Certain offices, such as those of trustee and company director, are always fiduciary offices. Cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creation Of Express Trusts In English Law
The creation of express trusts in English law must involve four elements for the trust to be valid: capacity, certainty, constitution and formality. Capacity refers to the settlor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust. There are exceptions for statutory bodies and corporations, and minors who usually cannot hold property can, in some circumstances, create trusts. Certainty refers to the three certainties required for a trust to be valid. The trust instrument must show certainty of intention to create a trust, certainty of what the subject matter of the trust is, and certainty of who the beneficiaries (or objects) are. Where there is uncertainty for whatever reason, the trust will fail, although the courts have developed ways around this. Constitution means that for the trust to be valid, the property must have been transferred from the settlor to the trustees. If property has not been transferred ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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