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  /Title (trusts-law-cheat-sheet.pdf)
  /Creator (Cheatography)
  /Author (livjharrison)
  /Subject (Trusts Law Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Trusts Law Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{livjharrison} via \textcolor{DarkBackground}{\uline{cheatography.com/192137/cs/41954/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}livjharrison \\
  \uline{cheatography.com/livjharrison} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 8th January, 2024.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Trusts: Key Facts}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{17.67cm}}{A trust is an {\bf{equitable duty}} relating to property.} \tn 
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% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{There is {\bf{no single definition}} of a trust.} \tn 
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% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{17.67cm}}{A trust allows the {\bf{separation of the powers}} of the {\bf{legal owner}} (held by trustees) from the {\bf{benefits resulting}} from the exercise of those powers (enjoyed by beneficiaries).} \tn 
% Row Count 7 (+ 4)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{A trust can confer {\bf{different types of rights}} on {\bf{different beneficiaries}} at {\bf{different times}}.} \tn 
% Row Count 10 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Characteristics of Trusts}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Trust property}}: & There must be an {\bf{identifiable trust property}}. \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
 & The property is the {\bf{subject matter}} of the trust. \tn 
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% Row 2
\SetRowColor{LightBackground}
 & Almost every {\bf{asset or right}} can be held on trust. \tn 
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% Row 3
\SetRowColor{white}
 & A {\bf{chose in action}} is a right (intangible) - e.g. a debt / company share. \tn 
% Row Count 13 (+ 4)
% Row 4
\SetRowColor{LightBackground}
 & A {\bf{chattel}} is a tangible item (other than land) - e.g. cars, computers, jewellery. \tn 
% Row Count 18 (+ 5)
% Row 5
\SetRowColor{white}
 & A trust {\bf{ceases to exist}} if the trust property is {\bf{destroyed or consumed}} (without fault of the trustee). \tn 
% Row Count 24 (+ 6)
% Row 6
\SetRowColor{LightBackground}
 & Where the {\bf{trustee is at fault}} for loss of trust property, they will be liable to {\bf{restore}} the property or pay {\bf{compensation}} so the trust will {\bf{not}} cease to exist. \tn 
% Row Count 33 (+ 9)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Characteristics of Trusts (cont)}}  \tn
% Row 7
\SetRowColor{LightBackground}
{\bf{Trustees}}: & A trustee {\bf{owns}} the property and has all the {\bf{rights and powers of legal ownership}}. \tn 
% Row Count 5 (+ 5)
% Row 8
\SetRowColor{white}
 & The {\bf{functions and duties}} of trustees are {\bf{not unitary}}. \tn 
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% Row 9
\SetRowColor{LightBackground}
 & The {\bf{function and duty}} of any specific trustee is determined by the {\bf{nature of the trust}} they are administering. \tn 
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% Row 10
\SetRowColor{white}
 & Role of trustee is a {\bf{voluntary office}} and is typically {\bf{unpaid}} although professional trustees are entitled to remuneration. \tn 
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% Row 11
\SetRowColor{LightBackground}
 & A trustee can be one of the beneficiaries of a trust. \tn 
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% Row 12
\SetRowColor{white}
{\bf{Trustee duties}}: & Basic duty of a trustee is to {\bf{hold or apply}} trust property for the benefit of the beneficiary. \tn 
% Row Count 29 (+ 5)
% Row 13
\SetRowColor{LightBackground}
 & Trustees who are also beneficiaries still {\bf{owe duties to the other beneficiaries}} so cannot simply use the trust fund for their own benefit. \tn 
% Row Count 36 (+ 7)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Characteristics of Trusts (cont)}}  \tn
% Row 14
\SetRowColor{LightBackground}
{\bf{Objects}}: & A trust must have a {\bf{beneficiary}} or be for a {\bf{permitted purpose}}. \tn 
% Row Count 4 (+ 4)
% Row 15
\SetRowColor{white}
 & A purpose trust is a trust for the {\bf{promotion or realisation of a purpose}} (i.e. a trust without a beneficiary). \tn 
% Row Count 10 (+ 6)
% Row 16
\SetRowColor{LightBackground}
 & Most trusts will have a beneficiary or beneficiaries. \tn 
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% Row 17
\SetRowColor{white}
{\bf{Equitable proprietary interest}}: & A beneficiary's interest is {\bf{good against third parties}} into whose hands the property or its traceable proceeds may have come. \tn 
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% Row 18
\SetRowColor{LightBackground}
 & Unlike legal proprietary interests, it {\bf{cannot be enforced against everyone}}. \tn 
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% Row 19
\SetRowColor{white}
 & Equitable proprietary interests {\bf{cannot}} be enforced against a purchaser of a legal interest who {\bf{does not have notice of the trust}}. \tn 
% Row Count 31 (+ 7)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Characteristics of Trusts (cont)}}  \tn
% Row 20
\SetRowColor{LightBackground}
 & As an equitable proprietary interest in trust property, the property does {\bf{not}} form part of the trustee's estate for the purposes of the bankruptcy and insolvency regimes: {\bf{cannot}} be distributed to trustee's creditors. \tn 
% Row Count 11 (+ 11)
% Row 21
\SetRowColor{white}
 & Thus, a beneficiary enjoys {\bf{'priority' over the unsecured creditors of the trustee}} in the event of the latter's bankruptcy or insolvency. \tn 
% Row Count 18 (+ 7)
% Row 22
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{\{\{ac\}\}............{\bf{Categorisations}}...........} \tn 
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% Row 23
\SetRowColor{white}
{\bf{Express}}: & A trust which is {\bf{deliberately created}}. \tn 
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 & The person who creates the trust is known as the {\bf{'settlor'}}. \tn 
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\SetRowColor{white}
{\bf{Resulting}} or {\bf{Constructive}}: & Trusts which arise by {\bf{operation of law}}. \tn 
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% Row 26
\SetRowColor{LightBackground}
 & They are imposed {\bf{by the courts}}. \tn 
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\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Characteristics of Trusts (cont)}}  \tn
% Row 27
\SetRowColor{LightBackground}
 & {\bf{"Implied trusts"}}. \tn 
% Row Count 1 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Comparisons \& Distinctions}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Trusts vs Contracts}}: & It is possible to {\bf{contract to create a trust}} - this happens regularly. \tn 
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% Row 1
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 & But, a contract is a creation of {\bf{common law}} where a trust in the creation of {\bf{equity}}. \tn 
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 & In a trust, •	There is {\bf{no requirement for an agreement}} between any of the parties. \tn 
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% Row 3
\SetRowColor{white}
{\bf{Trusts vs Debts}}: & Unlike a trust, a debt does {\bf{not}} relate to {\bf{specific assets or funds}}. \tn 
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% Row 4
\SetRowColor{LightBackground}
 & A creditor has a {\bf{personal}} right to payment but a beneficiary has an {\bf{equitable proprietary interest}} in the trust property. \tn 
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% Row 5
\SetRowColor{white}
{\bf{Trusts vs Charges}}: & Both a beneficiary and a chargee have a {\bf{proprietary interest}} in (respectively) the trust property and the charged property. \tn 
% Row Count 32 (+ 7)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Comparisons \& Distinctions (cont)}}  \tn
% Row 6
\SetRowColor{LightBackground}
 & But, a chargor {\bf{can}} use charged property for their {\bf{own benefit}}. \tn 
% Row Count 4 (+ 4)
% Row 7
\SetRowColor{white}
 & A characteristic of a charge (but not a trust) is a {\bf{right of redemption}}. \tn 
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% Row 8
\SetRowColor{LightBackground}
{\bf{Trusts vs Agency}}: & Both are subject to {\bf{fiduciary duties}}. \tn 
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% Row 9
\SetRowColor{white}
 & Unlike an agent, a trustee {\bf{cannot}} commit a beneficiary to a contract with a third party. \tn 
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% Row 10
\SetRowColor{LightBackground}
{\bf{Trusts vs Bailment}}: & Bailment is the {\bf{transfer of possession of chattels}} from one person to another. \tn 
% Row Count 19 (+ 4)
% Row 11
\SetRowColor{white}
 & {\bf{Only tangible}} property can form the subject matter of a bailment. \tn 
% Row Count 23 (+ 4)
% Row 12
\SetRowColor{LightBackground}
 & Bailment involves transfer of possession but does not impact the bailor's legal title to the property. \tn 
% Row Count 28 (+ 5)
% Row 13
\SetRowColor{white}
{\bf{Trusts vs Companies}}: & A trust does {\bf{not}} have a legal personality. \tn 
% Row Count 31 (+ 3)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Comparisons \& Distinctions (cont)}}  \tn
% Row 14
\SetRowColor{LightBackground}
 & A trust {\bf{cannot}} bring or defend a legal action in its own name. \tn 
% Row Count 4 (+ 4)
% Row 15
\SetRowColor{white}
 & Company shareholders do {\bf{not}} have a proprietary interest in the company's assets, but in the company. \tn 
% Row Count 10 (+ 6)
% Row 16
\SetRowColor{LightBackground}
 & Company directors' obligations are {\bf{owed to the company}}, {\bf{not}} to the shareholders. \tn 
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% Row 17
\SetRowColor{white}
{\bf{Trusts vs Estate Administration}}: & The function of a personal representative is to {\bf{administer and distribute}} the deceased's estate ASAP. \tn 
% Row Count 20 (+ 5)
% Row 18
\SetRowColor{LightBackground}
 & Express trusts are created to {\bf{endure for many years}} so trustees have ongoing asset management functions. \tn 
% Row Count 26 (+ 6)
% Row 19
\SetRowColor{white}
 & A person interested in a deceased person's estate does {\bf{not have an equitable proprietary interest}} in any of the estate assets. \tn 
% Row Count 33 (+ 7)
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{8.1169 cm} x{9.1531 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Comparisons \& Distinctions (cont)}}  \tn
% Row 20
\SetRowColor{LightBackground}
 & Beneficiaries of a trust {\bf{do have an equitable proprietary interest}}. \tn 
% Row Count 4 (+ 4)
% Row 21
\SetRowColor{white}
{\bf{Trusts vs Gifts}}: & A {\bf{"gift on trust"}} is a gratuitous transfer on trust. \tn 
% Row Count 7 (+ 3)
% Row 22
\SetRowColor{LightBackground}
 & An outright gift =\{\{nl\}\}- the absolute {\bf{transfer of full legal ownership}}\{\{nl\}\}- donor is {\bf{full legal owner}}\{\{nl\}\}- donee becomes {\bf{full legal owner}} upon transfer\{\{nl\}\}- {\bf{no separate equitable interest}} in the property at any stage \tn 
% Row Count 19 (+ 12)
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\SetRowColor{white}
 & With a trust, the settlor creates a new {\bf{equitable interest}} for the beneficiary. \tn 
% Row Count 23 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Private Express Trusts: Requirements}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{\{\{ac\}\}............{\bf{Trust Duration}}...........} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{Trusts are {\bf{not intended to be permanent}} arrangements.} \tn 
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% Row 2
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\mymulticolumn{2}{x{17.67cm}}{In a {\bf{discretionary trust}}, trustees are obliged to exercise their discretion {\bf{within a reasonable timeframe}}, limiting the duration of the trust.} \tn 
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% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{Often a {\bf{trust instrument}} will contain {\bf{rules dealing with how and when the trust is brought to an end}} - Trust Period.} \tn 
% Row Count 9 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{Where there is {\bf{no mechanism}} to limit the trust, the {\bf{law limits the duration}} by means of rules known as the {\bf{perpetuity rules}}.} \tn 
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% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{\{\{ac\}\}............{\bf{Perpetuity Rules}}...........} \tn 
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% Row 6
\SetRowColor{LightBackground}
{\bf{1. The rule against remoteness of vesting}}: & Statutory rule which requires that a person (or charity) must obtain a vested interest in the trust property within a recognised 'perpetuity period'. \tn 
% Row Count 21 (+ 8)
% Row 7
\SetRowColor{white}
 & This period is {\bf{125 years}}. \tn 
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% Row 8
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 & It is possible for a {\bf{trust instrument}} to {\bf{limit}} the duration of the trust to a {\bf{shorter period}}. \tn 
% Row Count 29 (+ 6)
% Row 9
\SetRowColor{white}
 & Trust interests which {\bf{do not}} vest within the statutory perpetuity period is {\bf{void}}. \tn 
% Row Count 34 (+ 5)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Private Express Trusts: Requirements (cont)}}  \tn
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{\bf{1a.}} Wait and see rule: & The trust can exist until it becomes apparent that the interest {\bf{cannot}} vest within the perpetuity period. \tn 
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 & Anything done {\bf{before this time}} will remain valid. \tn 
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{\bf{1b.}} Class closing rule: & Objects can be {\bf{excluded}} from the trust who might otherwise cause the trust to {\bf{fail}} because their interest would vest {\bf{outside the perpetuity clause}}. \tn 
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% Row 13
\SetRowColor{white}
{\bf{2. The rule against inalienability}}: & Assets {\bf{cannot}} be tied up on trust for {\bf{longer than the common law perpetuity period of a specified life in being plus 21 years}} \tn 
% Row Count 24 (+ 7)
% Row 14
\SetRowColor{LightBackground}
 & This rule {\bf{no longer applies}} to most trusts but is relevant for {\bf{non-charitable purpose trusts}}. \tn 
% Row Count 30 (+ 6)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{8.635 cm} x{8.635 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Private Express Trusts: Requirements (cont)}}  \tn
% Row 15
\SetRowColor{LightBackground}
 & There is {\bf{no}} wait and see rule: it {\bf{must}} be clear from the outset that the trust will end within the {\bf{prescribed perpetuity period}}. \tn 
% Row Count 7 (+ 7)
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 & Hence, the trust instrument for these trusts {\bf{must}} contain an {\bf{express perpetuity period}}. If not, the trust will fail. \tn 
% Row Count 14 (+ 7)
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\SetRowColor{LightBackground}
 & Express perpetuity clause examples:\{\{nl\}\}- 21 years\{\{nl\}\}- as long as the law allows\{\{nl\}\}- 21 years following the death of the last surviving descendant of Queen Elizabeth II who is alive at the date of my death \tn 
% Row Count 25 (+ 11)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{3.8801 cm} x{6.5793 cm} x{6.4106 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Trusts Arising by Operation of Law}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Resulting trusts}}: & An implied trust. &  \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
 & Arise where a {\bf{legal owner}} {\bf{transfers ownership of their property}} to a {\bf{third party}} but equity recognises that they should {\bf{retain/regain the beneficial interest}} in that property. &  \tn 
% Row Count 16 (+ 13)
% Row 2
\SetRowColor{LightBackground}
 & There are {\bf{2 sub-categories}}: &  \tn 
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% Row 3
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 & {\bf{1. Automatic resulting trusts}}: & Default trusts which arise when a {\bf{transfer on trust fails}} wholly or partly. \tn 
% Row Count 25 (+ 6)
% Row 4
\SetRowColor{LightBackground}
 &  & If a {\bf{trustee is holding legal title}} but the trust has failed, equity imposes a resulting trust meaning that they {\bf{hold the property on trust for the settlor}}. \tn 
% Row Count 36 (+ 11)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{3.8801 cm} x{6.5793 cm} x{6.4106 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Trusts Arising by Operation of Law (cont)}}  \tn
% Row 5
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 &  & The settlor gets {\bf{{\emph{Saunders v Vautier rights}}}}: they can collapse the trust and recover the property. \tn 
% Row Count 7 (+ 7)
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 &  & Equity's way of ensuring that the {\bf{property returns to its original owner}} when it is otherwise unclear what should happen to it. \tn 
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\SetRowColor{LightBackground}
 &  & These trusts do {\bf{not}} respond to the actual intention of the settlor. \tn 
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\SetRowColor{white}
 & {\bf{2. Presumed resulting trusts}}: & These trusts {\bf{do}} respond to the actual intention of the settlor. \tn 
% Row Count 26 (+ 5)
% Row 9
\SetRowColor{LightBackground}
 &  & Where a person makes a {\bf{gratuitous transfer of property to a third party}}, equity raises a {\bf{presumption}} of a resulting trust. \tn 
% Row Count 35 (+ 9)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{3.8801 cm} x{6.5793 cm} x{6.4106 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Trusts Arising by Operation of Law (cont)}}  \tn
% Row 10
\SetRowColor{LightBackground}
 &  & If a person transfers their property to someone else, equity will presume that they wanted that other person to hold it on trust for them. \tn 
% Row Count 10 (+ 10)
% Row 11
\SetRowColor{white}
 &  & The presumption of resulting trust {\bf{can be rebutted}} by evidence. \tn 
% Row Count 15 (+ 5)
% Row 12
\SetRowColor{LightBackground}
 &  & A resulting trust will {\bf{only arise}} if there is {\bf{no evidence rebutting the presumption}}. \tn 
% Row Count 22 (+ 7)
% Row 13
\SetRowColor{white}
{\bf{Constructive trusts}}: & An implied trust. &  \tn 
% Row Count 25 (+ 3)
% Row 14
\SetRowColor{LightBackground}
 & All constructive trusts are imposed to {\bf{correct unconscionability}}. &  \tn 
% Row Count 30 (+ 5)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{3.8801 cm} x{6.5793 cm} x{6.4106 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Trusts Arising by Operation of Law (cont)}}  \tn
% Row 15
\SetRowColor{LightBackground}
 & {\bf{3 broad situations}} where constructive trusts arise: &  \tn 
% Row Count 4 (+ 4)
% Row 16
\SetRowColor{white}
 & {\bf{1. Institutional constructive trusts}}: & Arise because the {\bf{conscience of a legal owner}} is affected in some way. \tn 
% Row Count 9 (+ 5)
% Row 17
\SetRowColor{LightBackground}
 &  & Imposed {\bf{automatically}} in response to a {\bf{trigger}} event. \tn 
% Row Count 14 (+ 5)
% Row 18
\SetRowColor{white}
 &  & E.g. Constructive trusts imposed to:\{\{nl\}\}- prevent fraud\{\{nl\}\}- perfect an imperfect gift\{\{nl\}\}- profits made in breach of fiduciary duty \tn 
% Row Count 24 (+ 10)
% Row 19
\SetRowColor{LightBackground}
 & {\bf{2. Constructive trusts as remedy}}: & Awarded {\bf{by court}} as a remedy following {\bf{misapplication of property}}. \tn 
% Row Count 29 (+ 5)
% Row 20
\SetRowColor{white}
 &  & {\bf{Not}} imposed automatically. \tn 
% Row Count 31 (+ 2)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{3.8801 cm} x{6.5793 cm} x{6.4106 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Trusts Arising by Operation of Law (cont)}}  \tn
% Row 21
\SetRowColor{LightBackground}
 &  & The result of C {\bf{asserting their rights}} in the property and seeking to {\bf{claim beneficial ownership}}. \tn 
% Row Count 7 (+ 7)
% Row 22
\SetRowColor{white}
 & {\bf{3. Common intention constructive trusts}}: & Used to {\bf{resolve disputes as to the beneficial ownership of land}} where there is {\bf{no express trust}} declared over the land. \tn 
% Row Count 16 (+ 9)
% Row 23
\SetRowColor{LightBackground}
 &  & The court assesses the {\bf{common intention of the parties}} to determine their respective equitable interests in the land. \tn 
% Row Count 25 (+ 9)
% Row 24
\SetRowColor{white}
{\bf{Statutory trusts}}: & There are some circumstances where a trust arises as a result of a legislative provision. &  \tn 
% Row Count 31 (+ 6)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{3.8801 cm} x{6.5793 cm} x{6.4106 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Trusts Arising by Operation of Law (cont)}}  \tn
% Row 25
\SetRowColor{LightBackground}
 & E.g. the statutory trusts that arise under the Intestacy Rules when a person dies without leaving a valid will. &  \tn 
% Row Count 8 (+ 8)
% Row 26
\SetRowColor{white}
 & The intention of the legal owners of the property is not relevant. &  \tn 
% Row Count 13 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{4.7236 cm} x{4.8923 cm} x{7.2541 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Beneficiaries: Rights}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{1. \seqsplit{Proprietary} rights}}: & {\bf{{\emph{Fixed trusts}}}}: & Beneficiaries have {\bf{equitable proprietary rights}}. \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
 &  & Their rights may be {\bf{vested}} or {\bf{contingent}} but they are proprietary. \tn 
% Row Count 9 (+ 5)
% Row 2
\SetRowColor{LightBackground}
 &  & These rights are assets which are {\bf{capable of sale}} or other forms of transfer and can be {\bf{asserted against third parties}}. \tn 
% Row Count 17 (+ 8)
% Row 3
\SetRowColor{white}
 &  & {\bf{Power to bring the trust to an end}} by exercising the rule in {\bf{{\emph{Saunders v Vautier}}}}. \tn 
% Row Count 23 (+ 6)
% Row 4
\SetRowColor{LightBackground}
 & {\bf{{\emph{Discretionary trusts}}}}: & Beneficiaries do {\bf{not}} have proprietary rights, although some of their rights are akin to proprietary. \tn 
% Row Count 30 (+ 7)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{4.7236 cm} x{4.8923 cm} x{7.2541 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Beneficiaries: Rights (cont)}}  \tn
% Row 5
\SetRowColor{LightBackground}
 &  & Until the discretion is exercise, beneficiaries can only {\bf{hope}} that the discretion is exercised in their favour. \tn 
% Row Count 7 (+ 7)
% Row 6
\SetRowColor{white}
 &  & They {\bf{cannot}} assert their rights against third parties. \tn 
% Row Count 11 (+ 4)
% Row 7
\SetRowColor{LightBackground}
 &  & They {\bf{do}} have sufficient interest in the trust property to {\bf{compel its return to the trust fund}}. \tn 
% Row Count 17 (+ 6)
% Row 8
\SetRowColor{white}
 &  & {\bf{Power to bring the trust to an end}} by exercising the rule in {\bf{{\emph{Saunders v Vautier}}}}. \tn 
% Row Count 23 (+ 6)
% Row 9
\SetRowColor{LightBackground}
{\bf{2. Personal rights}}: & {\bf{{\emph{Fixed trusts}}}}: & The {\bf{right to compel the proper administration of the trust}} by the trustees: they can direct the trustee to take action such as suing a third party on behalf of the trust. \tn 
% Row Count 34 (+ 11)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{4.7236 cm} x{4.8923 cm} x{7.2541 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Beneficiaries: Rights (cont)}}  \tn
% Row 10
\SetRowColor{LightBackground}
 &  & Right to be {\bf{informed of their entitlement}} under the trust once their interest has vested. \tn 
% Row Count 6 (+ 6)
% Row 11
\SetRowColor{white}
 &  & Can {\bf{sue the trustees for breach of trust}} if they act outside their powers or in breach of their duties. \tn 
% Row Count 13 (+ 7)
% Row 12
\SetRowColor{LightBackground}
 & {\bf{{\emph{Discretionary trusts}}}}: & Beneficiaries can enforce the trust by {\bf{asking the court}} to ensure that {\bf{discretion is exercised}}, but {\bf{no right}} to request it be exercised in a particular way. \tn 
% Row Count 23 (+ 10)
% Row 13
\SetRowColor{white}
 &  & Once discretion is exercised in favour of a beneficiary, they have the {\bf{right to be informed of their entitlement}}. \tn 
% Row Count 30 (+ 7)
\end{tabularx}
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\begin{tabularx}{17.67cm}{x{4.7236 cm} x{4.8923 cm} x{7.2541 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{17.67cm}}{\bf\textcolor{white}{Beneficiaries: Rights (cont)}}  \tn
% Row 14
\SetRowColor{LightBackground}
 &  & Can {\bf{sue the trustees for breach of trust}} if they act outside their powers or in breach of their duties. \tn 
% Row Count 7 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{6.7353 cm} x{10.5347 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Beneficial Entitlement: Fixed \& Discretionary}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{\{\{ac\}\}............{\bf{Fixed Trust}}...........} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{A trust in which the entitlement of the beneficiaries is fixed by the settlor.} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{Trustees have no discretion in relation to the distribution of the trust property.} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{Trustees must distribute as directed by the settlor.} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{The settlor cannot tell the trustees what to do once the trust has come into effect (unless they have reserved a power to do so).} \tn 
% Row Count 10 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{Can have one or more beneficiaries, and those beneficiaries may have very different entitlements in respect of the trust property.} \tn 
% Row Count 13 (+ 3)
% Row 6
\SetRowColor{LightBackground}
Successive interest trust: & A type of fixed trust. \tn 
% Row Count 15 (+ 2)
% Row 7
\SetRowColor{white}
 & Involves a series of consecutive interests in the same trust property. \tn 
% Row Count 18 (+ 3)
% Row 8
\SetRowColor{LightBackground}
 & Gives some beneficiaries a right to income (income beneficiaries) while others are entitled to capital (capital beneficiaries). \tn 
% Row Count 24 (+ 6)
% Row 9
\SetRowColor{white}
Life interest trust: & A type of successive interest trust. \tn 
% Row Count 26 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{17.67cm}{x{10.0166 cm} x{7.2534 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{17.67cm}}{\bf\textcolor{white}{Beneficial Entitlement: Fixed \& Discretionary}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{\{\{ac\}\}{\bf{............Fixed Trust...........}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{A trust in which the entitlement of the beneficiaries is fixed by the settlor.} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{Trustees have no discretion in relation to the distribution of the trust property.} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{Trustees must distribute as directed by the settlor.} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{The settlor cannot tell the trustees what to do once the trust has come into effect (unless they have reserved a power to do so).} \tn 
% Row Count 10 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{17.67cm}}{Can have one or more beneficiaries, and those beneficiaries may have very different entitlements in respect of the trust property.} \tn 
% Row Count 13 (+ 3)
% Row 6
\SetRowColor{LightBackground}
{\bf{Successive interest trust}}: & A type of fixed trust. \tn 
% Row Count 15 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{17.67cm}}{Involves a series of consecutive interests in the same trust property. \newline  	 \newline Gives some beneficiaries a right to income (income beneficiaries) while others are entitled to capital (capital beneficiaries). \newline Life interest trust: \newline A type of successive interest trust.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}



\end{document}