Essay about trust - Excellent Essay Writing Services.
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The so-called Quistclose trust probably represents the single most important application of equitable principles in commercial life. (Lord Millett in the foreword to this book). The decision of the House of Lords in Twinsectra v Yardley has refocused attention on the Quistclose trust. Although accepted by insolvency lawyers as a convenient tool for corporate rescue, the precise basis of the.
Quistclose trust a number of complex legal questions arise.1 First, it will be important to identify precisely what sort of “security interest” the lender acquires. Secondly, it will be important to know whether the lender “retains” a right in the original loan moneys throughout the life of the loan contract, or whether that right only comes into existence for the first time when the.
Quistclose trustsby Practical Law Private ClientRelated ContentThis note explains that a Quistclose trust is a form of resulting trust that may arise when funds are transferred for specific and exclusive purposes, as explained in Twinsectra Ltd v Yardley and others (2002) UKHL 12. It gives examples from case law of loans and other situations, and summarises factors to consider when advising.
In Re Northern Development Holdings, Megarry V-C regarded the primary Quistclose trust as an express trust, but avoided this conclusion by classifying it as a purpose trust. Whereas, in Carreras Rothmans v Freeman Matthews Treasure, Peter Gibsson J. stated that the primary Quistclose trust as a constructive trust. Professor Chambers, who defends the result in Quistclose, took the view that.
THE ENIGMA OF THE QUISTCLOSE TRUST Brandon Dominic Chan Abstract - The Quistclose trust is an invaluable commercial device for lenders in view of its unique quasi-security element. It is the product of equity's flexibility in navigating the strict rigours of the common law. Unfortunately, since its inception and recent resurgence in Twinsectra v Yardley, it has been an eternally baffling.
Quistclose trust purpose must be verifiable when funds applied (High Court)by PLC Private ClientRelated ContentFor a Quistclose trust to arise, it must be objectively verifiable whether funds transferred for an exclusive purpose have been applied for that purpose at the time of application, the High Court has held when analysing a film tax relief scheme (Bieber and others v Teathers Ltd (2012.