Trusts 40% Test at Auckland University Of Technology | Flashcards & Summaries

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TESTE DEIN WISSEN

A settlor includes the following provision in a lifetime trust:

'I settle 20 percent of my ordinary class A shares in Boogle Ltd upon trust for Margie."

This provision is invalid and fails for uncertainty of subject matter. It would be impossible for the trustees to know exactly which of the settlor's ordinary class A shares in Boogle Ltd are trust property. True or False?

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TESTE DEIN WISSEN

False

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TESTE DEIN WISSEN

Which of the following statements is true in relation to the creation of a trust?


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TESTE DEIN WISSEN

Express private trusts must be created by deed and the deed must comply with requirements in the Property Law Act 2007

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TESTE DEIN WISSEN

Which of the following statements correctly describes features of a discretionary beneficiary's rights or interests under a discretionary trust?


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TESTE DEIN WISSEN

Discretionary beneficiaries hold equitable interests specified by the settlor in the trust instrument and have a right to receive their entitlements

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TESTE DEIN WISSEN

Which of the following statements are false?

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TESTE DEIN WISSEN

Beneficiaries have a high degree of security by virtue of their equitable ownership because equitable title is stronger than legal title

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TESTE DEIN WISSEN

Why did the court in Pennington v Waine decide that the attempted gift of shares to Harold was complete in equity?


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TESTE DEIN WISSEN

Because Aunt Ada said she wanted to give the shares to Harold

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TESTE DEIN WISSEN

John drafts his own will which contains the following provision:

'I leave $1 million to Harry and Iona with confidence that they will fulfil my wishes and distribute some of it between my friends'.

Which of the following statements about the effect of this provision is true?

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TESTE DEIN WISSEN

This is a valid will trust. Harry, Iona and John's friends can all share the $1 million

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TESTE DEIN WISSEN

Which of the following statements most accurately describes a proprietary claim made by a beneficiary of a trust?


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TESTE DEIN WISSEN

A third party who wrongly takes trust property can choose to pay equitable compensation for the value of the trust property and keep the property without the beneficiary's agreement

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TESTE DEIN WISSEN

A bare or simple trust is a trust where, subject to its terms, the trustee's duty is limited to holding the trust assets and dealing with them according to the beneficiary's instructions. True or False?


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TESTE DEIN WISSEN

True

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TESTE DEIN WISSEN

What does the 'any given postulant test' from McPhail v Doulton require for certainty of objects (beneficiaries)?

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TESTE DEIN WISSEN

It requires conceptual certainty

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TESTE DEIN WISSEN

A fixed trust is an express private trust under which the trustee has no discretion regarding who is entitled to receive benefits under the trust. True or False?


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TESTE DEIN WISSEN

True

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TESTE DEIN WISSEN

The common law and equity both recognise that trustees hold legal title only and that beneficiaries hold beneficial or equitable title. True or False?


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TESTE DEIN WISSEN

False

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TESTE DEIN WISSEN

The rights of beneficiaries under fixed trusts and discretionary beneficiaries under discretionary trusts are the same. True or False?

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TESTE DEIN WISSEN

False.

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Q:

A settlor includes the following provision in a lifetime trust:

'I settle 20 percent of my ordinary class A shares in Boogle Ltd upon trust for Margie."

This provision is invalid and fails for uncertainty of subject matter. It would be impossible for the trustees to know exactly which of the settlor's ordinary class A shares in Boogle Ltd are trust property. True or False?

A:

False

Q:

Which of the following statements is true in relation to the creation of a trust?


A:

Express private trusts must be created by deed and the deed must comply with requirements in the Property Law Act 2007

Q:

Which of the following statements correctly describes features of a discretionary beneficiary's rights or interests under a discretionary trust?


A:

Discretionary beneficiaries hold equitable interests specified by the settlor in the trust instrument and have a right to receive their entitlements

Q:

Which of the following statements are false?

A:

Beneficiaries have a high degree of security by virtue of their equitable ownership because equitable title is stronger than legal title

Q:

Why did the court in Pennington v Waine decide that the attempted gift of shares to Harold was complete in equity?


A:

Because Aunt Ada said she wanted to give the shares to Harold

Mehr Karteikarten anzeigen
Q:

John drafts his own will which contains the following provision:

'I leave $1 million to Harry and Iona with confidence that they will fulfil my wishes and distribute some of it between my friends'.

Which of the following statements about the effect of this provision is true?

A:

This is a valid will trust. Harry, Iona and John's friends can all share the $1 million

Q:

Which of the following statements most accurately describes a proprietary claim made by a beneficiary of a trust?


A:

A third party who wrongly takes trust property can choose to pay equitable compensation for the value of the trust property and keep the property without the beneficiary's agreement

Q:

A bare or simple trust is a trust where, subject to its terms, the trustee's duty is limited to holding the trust assets and dealing with them according to the beneficiary's instructions. True or False?


A:

True

Q:

What does the 'any given postulant test' from McPhail v Doulton require for certainty of objects (beneficiaries)?

A:

It requires conceptual certainty

Q:

A fixed trust is an express private trust under which the trustee has no discretion regarding who is entitled to receive benefits under the trust. True or False?


A:

True

Q:

The common law and equity both recognise that trustees hold legal title only and that beneficiaries hold beneficial or equitable title. True or False?


A:

False

Q:

The rights of beneficiaries under fixed trusts and discretionary beneficiaries under discretionary trusts are the same. True or False?

A:

False.

Trusts 40% Test

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