Titles in the Complete series combine extracts from a wide range of primary materials with clear explanatory text to provide readers with a complete introductory resource. Variation means changing the terms of the trust. The trustees and beneficiaries are bound by the terms of the trust and to disregard these terms is a breach of trust. If the trust is drafted correctly then it should have enough flexibility to deal with future events. This chapter discusses the powers to vary a trust; when the court may consent for beneficiaries under the Variation of Trusts Act 1958; and also the meaning of benefit.
Chapter
13. Variation of trust
Chapter
25. Freehold covenants
Course-focused and comprehensive, the Textbook on Land Law provides an accessible overview of one key area on the law curriculum. This chapter discusses covenants affecting freehold land. It covers the enforceability of covenants, including enforcement against later acquirers of land; the problem of positive covenants; remedies; the discharge of covenants; and proposals for reform of the law. It illustrates the law by reference to 17 and 18 Trant Way, two freehold properties previously owned by Olive Orange and sold by her subject to a number of covenants, and by reference to 20 Trant Way, a property development comprising several freehold bungalows which were individually sold subject to certain covenants.
Chapter
4. Privity and third party rights
Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter discusses the doctrine of privity and third party rights. The doctrine of privity of contract provides that a person who is not a party to a contract (called a ‘third party’), cannot acquire rights under or enforce the provisions of that contract or rely on its protections even if the provisions were intended to benefit that third party. At common law there are complex, and sometimes artificial, ways to avoid this conclusion. More significant nowadays is the attempt to reform this principle by legislation in the Contracts (Rights of Third Parties) Act 1999, allowing some third party beneficiaries to enforce the provisions of contracts.
Chapter
20. Freehold Covenants
Titles in the Complete series combine extracts from a wide range of primary materials with clear explanatory text to provide readers with a complete introductory resource. This chapter discusses the difference between restrictive and positive covenants; the rules which govern the running of the burden of covenants; the rules regulating who initially has the right to enforce a covenant; the significance of s56 of the Law of Property Act 1925 and the impact of the Contracts (Rights of Third Parties) Act 1999; the rules regarding assignment of restrictive covenants; the concept ‘building scheme’; and whether a positive or restrictive covenant will pass to successors in title.
Chapter
4. Privity and third party rights
James Devenney and Adam Shaw-Mellors
Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter discusses the doctrine of privity and third party rights. The doctrine of privity of contract provides that a person who is not a party to a contract (called a ‘third party’), cannot acquire rights under or enforce the provisions of that contract or rely on its protections even if the provisions were intended to benefit that third party. At common law there are complex, and sometimes artificial, ways to avoid this conclusion. More significant nowadays is the attempt to reform this principle by legislation in the Contracts (Rights of Third Parties) Act 1999, allowing some third party beneficiaries to enforce the provisions of contracts.
Chapter
12. Administration of Trusts
The Concentrate Questions and Answers series offer the best preparation for tackling exam questions. Each book includes typical questions, bullet-pointed answer plans, suggested answers and author commentary. This book offers advice on what to expect in exams and how best to prepare. This chapter covers questions on administration of trusts.
Chapter
13. Maintenance and advancement
Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. Under the Trustee Act 1925, trustees have the power to make payments out of the trust income for the maintenance of infant beneficiaries, as well as the power to make payments out of trust capital for the advancement and benefit of both infant and adult beneficiaries. However, the express terms of the trust instrument can exclude or modify these provisions. This chapter deals with maintenance and advancement of trust beneficiaries. It examines the extent of the statutory powers of maintenance and advancement, how the statutory powers are excluded or modified by the express terms of the settlement and a valid exercise of the powers of maintenance and advancement. The chapter also considers maintenance with respect to gifts carrying intermediate income, class gifts, tax considerations, perpetuities, and maintenance out of capital money, along with the meaning of ‘benefit’, exercise of discretion to make an advancement and contrary intention in the trust instrument.
Chapter
5. Ineffective disposition of benefit: resulting trusts
If the beneficial owner of an asset transfers the asset to another who does not give or promise anything in return, and where there is no evidence of any intention on the former’s part to make a gift or trust of the property, it is impossible to determine to whom the benefit of the asset belongs. In this case, the beneficial ownership of the asset is assumed to be held by the beneficiary for the owner under a resulting trust. The resulting trust is therefore a type of trust that arises when there is no express intention to create it. This chapter examines the ineffective disposition of benefit, focusing on the resulting trusts. It also discusses the established factual categories of the resulting trust, the theory behind resulting trusts, rebutting the presumption of a resulting trust, resulting trusts of surplus benefits, the Quistclose trust, and pension fund surpluses.
