Summary: Ws2 - How To Make Valid Gifts And Create Trusts – Intention, Subject Matter And...

Read the summary and the most important questions on WS2 - How to make valid gifts and create trusts – intention, subject matter and formalities

• 1 Requirements for transferring certain property

• 1.2.1 Land (or any legal interest in land)

• Does the transfer of land require the execution of a deed for it to be valid?

  The transfer must be by deed (s 52(1) LPA 1925).

• Explain the requirements that the deed document has to satisfy under s 1 LP(MP)A 1989 in order for it to be valid?

  The deed needs to be stated as a deed or stated to be signed as a deed, in writing, signed, witnessed, and delivered (dated.)

• Is it necessary for the deed stating the transfer of land to be sent to the Land Registry to be registered?

  The deed must be sent to the Land Registry to register the transferee as the new legal owner (s. 27 LRA 2002).

• 1.2.2 Shares in a company

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• Is it enough for the shareholder to prove that he is the registered owner through just a share certificate?

  A share certificate is merely evidence of ownership. Title only passes on the registration of the transferee as the new shareholder.

• Explain the steps for registering the transferee as the new shareholder for private shares under s 1 Stock Transfer Act 1963?

  The transferor must sign a stock transfer form (s 1 Stock Transfer Act 1963) which is sent to the company together with relevant share certificates. Title only passes on the registration of the transferee as the new shareholder.

• What is the difference between the CREST system and the non-CREST system?

  Under the CREST system, owners of shares in public companies can dispense share certificates electronically rather than physically. 

• 1.2.3 Money

• When does the transfer of banknotes take effect for the transferee? 

  The banknotes are transferred by delivery to the transferee.

• Why does merely writing a cheque not immediately transfer money?

  A cheque is a revocable instruction meaning that the donor can stop the cheque before it is presented by the donee. The cheque can also be revoked by death.

• 1.2.4 Chattels

• If physical delivery of a chattel is not possible what else would be effective for transfer? What is the authority for this?

  If physical delivery is not possible, a deed would be effective (Jaffa v Taylor Gallery Ltd).

• 1.2.5 Digital assets

• Give examples of digital assets?

  Digital assets include property in digital form such as cryptocurrency, Facebook, Twitter, etc.