settlors genuine intention as construed by the courts. D now claimed that Because of the issue of disentangling which customers had paid on which date that the trust failed, Court said if a person receives money and bound to keep it in a separate bank account then he is a trustee of that money, if he is not bound to keep the money separate then he is not a trustee of the money, but merely a debtor, If we were to apply the rule in Re Goldcorp to these facts, there would have been no valid trust over the shares because it would be impossible to know which 50 shares out of the total holding of 950 shares were to be held on trust, In essence, the Court of Appeal appeared to hold that it was not necessary to segregate the property comprising the trust fund if the property was intangible property, like ordinary shares, with each unit being indistinguishable from another unit, His Lordship explained that on the testators death, the executor is required to distribute the property between the legatees, even if the testator had not indicated which beneficiary was required to acquire interests in which property; rather, it was argued that the executor is required to divide the general fund of property between the legatees, This line of argument has faced strong criticism one objection is that an executor occupies a very different position from an inter vivos trustee, Therefore, a trust over intangible property in the form of money in a bank account would require segregation before it could be made subject to a trust. FOOL-PROOF methods of obtaining top grades, SECRETS your professors won't tell you and your peers don't know, INSIDER TIPS and tricks so you can spend less time studying and land the perfect job. Any opinions, findings, conclusions, or recommendations expressed in this material are those of the authors and do not reflect the views of LawTeacher.net. These are extremely ambiguous expressions used in wills, such as expressions of hope, trusts with the effect that there were a multitude of charitable trusts created by each donor. For myself, I think he was right so to find. Scarman LJ. Re Golay's Will Trusts. wording of the will and surrounding circumstances. She specifically bequeathed some. for the purpose specified by the donor, because those were the terms on which the Holder of the power is not subject to a fiduciary duty, Cannot be invalidated on the basis of uncertainty of objects. bank account to be called Customer Trust Deposit Account into which future sums of Re Golay's Will Trusts - WikiVisually Under the terms of a construction contract periodic payments were to be made to a sub-contractor. Where the property is expressed in vague or uncertain terms, the trust will generally be held to be invalid. Infinite suggestions of high quality videos and topics If there is ambiguity, the courts would rather allow a trust to fail than take the chance of permitting the inappropriate use of the supposed settlors property. Maria died before her mother without making a choice as to which house she wanted, Held: The court held that the bequest to Charlotte failed since there could be no certainty as to which house should be held on trust for her both properties were therefore held on resulting trust for the testators heirs, his grandson.
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