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Qué (quién) es Quistclose trusts in English law - definición
Quistclose trusts in English law
A Quistclose trust is a trust created where a creditor has lent money to a debtor for a particular purpose. If the debtor uses the money for any other purpose, then it is held on trust for the creditor.
Privacy in English law
OVERVIEW ABOUT PRIVACY IN THE ENGLISH LAW
English privacy law; Privacy in english law
Privacy in English law is a rapidly developing area of English law that considers situations where individuals have a legal right to informational privacy - the protection of personal or private information from misuse or unauthorised disclosure. Privacy law is distinct from those laws such as trespass or assault that are designed to protect physical privacy.
English trust law
![UK trust law permits [[ethical investment]] policies, to divest from assets beneficiaries object to or promote particular causes.<ref>See ''[[Harries v Church Commissioners for England]]'' [1992] 1 WLR 1241 and [[R Goode]], ''The Report of the Pension Law Review Committee'' (1993) Cmnd 2342, 349–350, trustees "are perfectly entitled to have a policy on ethical investment and to pursue that policy, so long as they treat the interests of the beneficiaries as paramount and the investment policy is consistent with the standards of care and prudence required by law."</ref> A trust deed may expressly allow it, or otherwise trustees must simply not make financially detrimental decisions and sufficiently diversify investments under the [[Trustee Act 2000]] section 4(3).<ref>See JE Martin, ''Modern Equity'' (19th edn Sweet & Maxwell 2012) 578–582</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Alternative Energies.jpg?width=200 "UK trust law permits [[ethical investment]] policies, to divest from assets beneficiaries object to or promote particular causes.<ref>See ''[[Harries v Church Commissioners for England]]'' [1992] 1 WLR 1241 and [[R Goode]], ''The Report of the Pension Law Review Committee'' (1993) Cmnd 2342, 349–350, trustees \"are perfectly entitled to have a policy on ethical investment and to pursue that policy, so long as they treat the interests of the beneficiaries as paramount and the investment policy is consistent with the standards of care and prudence required by law.\"</ref> A trust deed may expressly allow it, or otherwise trustees must simply not make financially detrimental decisions and sufficiently diversify investments under the [[Trustee Act 2000]] section 4(3).<ref>See JE Martin, ''Modern Equity'' (19th edn Sweet & Maxwell 2012) 578–582</ref>")
![The [[Bank of England]] closed the [[Bank of Credit and Commerce International]], the world's 7th largest in 1991, after learning it had engaged in fraud and allowed terrorist groups to open accounts.<ref>e.g. the [[Abu Nidal Organization]]. See [[Lord Bingham]], ''Inquiry into the Supervision of the Bank of Credit and Commerce International'' (1992) Appendix 8, and ''[[Three Rivers District Council v Governor and Company of the Bank of England]]'' [2004] [http://www.bailii.org/uk/cases/UKHL/2004/48.html UKHL 48], holding the Bank of England was not liable for misfeasance in failing to oversee BCCI.</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Bank of England, London.JPG?width=200 "The [[Bank of England]] closed the [[Bank of Credit and Commerce International]], the world's 7th largest in 1991, after learning it had engaged in fraud and allowed terrorist groups to open accounts.<ref>e.g. the [[Abu Nidal Organization]]. See [[Lord Bingham]], ''Inquiry into the Supervision of the Bank of Credit and Commerce International'' (1992) Appendix 8, and ''[[Three Rivers District Council v Governor and Company of the Bank of England]]'' [2004] [http://www.bailii.org/uk/cases/UKHL/2004/48.html UKHL 48], holding the Bank of England was not liable for misfeasance in failing to oversee BCCI.</ref>")
![In his book ''[[Bleak House]]'' (1853), [[Charles Dickens]] pilloried the [[Court of Chancery]]'s arcane and tedious practices, exemplified in his fictional case of ''[[Jarndyce v Jarndyce]]''. Within two decades, Parliament abolished the court, and merged equity with the common law through the [[Supreme Court of Judicature Act 1873]], and its successor [[Judicature Acts]].](https://commons.wikimedia.org/wiki/Special:FilePath/Bleak House frontispiece2.jpg?width=200 "In his book ''[[Bleak House]]'' (1853), [[Charles Dickens]] pilloried the [[Court of Chancery]]'s arcane and tedious practices, exemplified in his fictional case of ''[[Jarndyce v Jarndyce]]''. Within two decades, Parliament abolished the court, and merged equity with the common law through the [[Supreme Court of Judicature Act 1873]], and its successor [[Judicature Acts]].")
![pensions]],<ref>See [[Pensions Act 2004]] [http://www.legislation.gov.uk/ukpga/2004/35/part/1 ss 1–106] and the [[Charities Act 2011]] [http://www.legislation.gov.uk/ukpga/2011/25/part/2 ss 2–21]</ref> the [[Financial Conduct Authority]] in [[Canary Wharf]] enforces statutory and [[fiduciary duties]] owed by investment businesses under the [[FSMA 2000]]. Most duties derive from trust law, but statute makes them compulsory and the regulator ensures compliance.](https://commons.wikimedia.org/wiki/Special:FilePath/Cabot Square, Canary Wharf - June 2008.jpg?width=200 "pensions]],<ref>See [[Pensions Act 2004]] [http://www.legislation.gov.uk/ukpga/2004/35/part/1 ss 1–106] and the [[Charities Act 2011]] [http://www.legislation.gov.uk/ukpga/2011/25/part/2 ss 2–21]</ref> the [[Financial Conduct Authority]] in [[Canary Wharf]] enforces statutory and [[fiduciary duties]] owed by investment businesses under the [[FSMA 2000]]. Most duties derive from trust law, but statute makes them compulsory and the regulator ensures compliance.")
![advised]] that [[Isle of Mann]] money agents who assisted in a way honest people would think is dishonest were liable for investors' losses.<ref>See P Popham, 'The looking-glass world of Mr and Mrs Clowes' (1 March 1996) [https://www.independent.co.uk/news/the-lookingglass-world-of-mr-and-mrs-clowes-1339621.html The Independent]</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Cars, Gironde.jpg?width=200 "advised]] that [[Isle of Mann]] money agents who assisted in a way honest people would think is dishonest were liable for investors' losses.<ref>See P Popham, 'The looking-glass world of Mr and Mrs Clowes' (1 March 1996) [https://www.independent.co.uk/news/the-lookingglass-world-of-mr-and-mrs-clowes-1339621.html The Independent]</ref>")
![In 1910 [[Frederic Maitland]], in his famous lectures on ''Equity'',<ref>[[FW Maitland]], AH Chaytor and WJ Whittaker (eds), ''Equity'' (1910, [https://archive.org/stream/equityalsoformso00mait#page/78/mode/2up reprinted 1916]) 79</ref> described resulting trusts as follows: "I have made a trustee for somebody, and a trustee he must be – if for no one else then for me or my representatives". It remains controversial whether they respond to [[unjust enrichment]],<ref>See C Mitchell, ''Trusts and Equitable Remedies'' (2010) 612–613. This view was indirectly endorsed by [[Lord Millett]] in ''[[Air Jamaica Ltd v Charlton]]''</ref> or what would have been intended by the parties.<ref>This view was endorsed by Lord Browne-Wilkinson in ''[[Westdeutsche Landesbank Girozentrale v Islington LBC]]'' [1996] AC 669, but seems hard to square with ''[[Vandervell v IRC]]'' [1967] 2 AC 29, where Mr Vandervell positively did not want to have a share option result back to him, yet it did anyway.</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Frederic William Maitland by Beatrice Lock (Mrs Fripp).jpg?width=200 "In 1910 [[Frederic Maitland]], in his famous lectures on ''Equity'',<ref>[[FW Maitland]], AH Chaytor and WJ Whittaker (eds), ''Equity'' (1910, [https://archive.org/stream/equityalsoformso00mait#page/78/mode/2up reprinted 1916]) 79</ref> described resulting trusts as follows: \"I have made a trustee for somebody, and a trustee he must be – if for no one else then for me or my representatives\". It remains controversial whether they respond to [[unjust enrichment]],<ref>See C Mitchell, ''Trusts and Equitable Remedies'' (2010) 612–613. This view was indirectly endorsed by [[Lord Millett]] in ''[[Air Jamaica Ltd v Charlton]]''</ref> or what would have been intended by the parties.<ref>This view was endorsed by Lord Browne-Wilkinson in ''[[Westdeutsche Landesbank Girozentrale v Islington LBC]]'' [1996] AC 669, but seems hard to square with ''[[Vandervell v IRC]]'' [1967] 2 AC 29, where Mr Vandervell positively did not want to have a share option result back to him, yet it did anyway.</ref>")
![the Greens]], are typically thought to hold property according to the terms of the contract of association. Property is held on trust by the treasurer for the members as a whole.<ref>See ''[[Hanchett‐Stamford v Attorney‐General]]'' [2009] Ch 173</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Green Fair Oxford 2008.JPG?width=200 "the Greens]], are typically thought to hold property according to the terms of the contract of association. Property is held on trust by the treasurer for the members as a whole.<ref>See ''[[Hanchett‐Stamford v Attorney‐General]]'' [2009] Ch 173</ref>")
![Under the [[Hague Trust Convention]], ratified by the [[Recognition of Trusts Act 1987]], UK law voluntarily recognises almost all trusts created overseas, in tax havens such as Bermuda, even if there are lower standards for transparency, use of assets, no requirement of beneficiaries, or nominal tax.](https://commons.wikimedia.org/wiki/Special:FilePath/Horseshoebay.Bermuda.JPG?width=200 "Under the [[Hague Trust Convention]], ratified by the [[Recognition of Trusts Act 1987]], UK law voluntarily recognises almost all trusts created overseas, in tax havens such as Bermuda, even if there are lower standards for transparency, use of assets, no requirement of beneficiaries, or nominal tax.")
![Gaius]]' ''Institutes'' (170 AD) by categorising the [[law of obligations]] into contracts, delicts, and "miscellaneous" others. [[Unjust enrichment]] was slowly seen as a third category, but it is controversial whether proprietary rights arise to reverse it. Resulting trusts and some constructive trusts are usually conceptualised as responding to [[unjust enrichment]].<ref>See P Birks, 'Rights, Wrongs and Remedies' (2000) 20 OJLS 1. But compare W Swadling, 'Explaining Resulting Trusts' (2008) 124 LQR 72.</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Istanbul.Hagia Sophia075.jpg?width=200 "Gaius]]' ''Institutes'' (170 AD) by categorising the [[law of obligations]] into contracts, delicts, and \"miscellaneous\" others. [[Unjust enrichment]] was slowly seen as a third category, but it is controversial whether proprietary rights arise to reverse it. Resulting trusts and some constructive trusts are usually conceptualised as responding to [[unjust enrichment]].<ref>See P Birks, 'Rights, Wrongs and Remedies' (2000) 20 OJLS 1. But compare W Swadling, 'Explaining Resulting Trusts' (2008) 124 LQR 72.</ref>")
![Every [[jobholder]] will from 2012 be automatically enrolled in an [[occupational pension]], and can [[codetermine]] how their retirement savings are invested and their voice in company shares is used.<ref>See [[Pensions Act 2008]] and [[Pensions Act 2004]] ss 241–243</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/It's all about love.jpg?width=200 "Every [[jobholder]] will from 2012 be automatically enrolled in an [[occupational pension]], and can [[codetermine]] how their retirement savings are invested and their voice in company shares is used.<ref>See [[Pensions Act 2008]] and [[Pensions Act 2004]] ss 241–243</ref>")
![In re Lehman Brothers International]]'' [2012] [http://www.bailii.org/uk/cases/UKSC/2012/6.html UKSC 6], [2] per Lord Hope.</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/London - Lehman Brothers - 3868.jpg?width=200 "In re Lehman Brothers International]]'' [2012] [http://www.bailii.org/uk/cases/UKSC/2012/6.html UKSC 6], [2] per Lord Hope.</ref>")
![[[Lincoln's Inn]], off [[Chancery Lane]], London, is the traditional home of Chancery barristers.](https://commons.wikimedia.org/wiki/Special:FilePath/New Square, Lincoln's Inn.jpg?width=200 "[[Lincoln's Inn]], off [[Chancery Lane]], London, is the traditional home of Chancery barristers.")
![In 1742, [[Sir Robert Sutton]] and the other [[Charitable Corporation]] directors, who were meant to give [[microfinance]] to the poor, were found liable for the bankruptcy because of their corruption and [[negligence]].<ref>''[[The Charitable Corporation v Sutton]]'' (1742) 26 ER 642</ref> Although poor decisions were not to be judged with [[hindsight]], [[Lord Hardwicke]] applied a strict objective standard, now in the [[Trustee Act 2000]] section 1.](https://commons.wikimedia.org/wiki/Special:FilePath/Robert Sutton.jpg?width=200 "In 1742, [[Sir Robert Sutton]] and the other [[Charitable Corporation]] directors, who were meant to give [[microfinance]] to the poor, were found liable for the bankruptcy because of their corruption and [[negligence]].<ref>''[[The Charitable Corporation v Sutton]]'' (1742) 26 ER 642</ref> Although poor decisions were not to be judged with [[hindsight]], [[Lord Hardwicke]] applied a strict objective standard, now in the [[Trustee Act 2000]] section 1.")
![Equity]]'' ([https://openlibrary.org/books/OL6325840M/Equity 1916]) Lecture 2, 11, "the Court of Chancery was the twin sister of the Court of Star Chamber"</ref> It was abolished by the [[Habeas Corpus Act 1640]], although in civil matters the [[Court of Chancery]] continued operation until 1875.<ref>See the [[Supreme Court of Judicature Act 1875]].</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Royal Charity Performance.jpg?width=200 "Equity]]'' ([https://openlibrary.org/books/OL6325840M/Equity 1916]) Lecture 2, 11, \"the Court of Chancery was the twin sister of the Court of Star Chamber\"</ref> It was abolished by the [[Habeas Corpus Act 1640]], although in civil matters the [[Court of Chancery]] continued operation until 1875.<ref>See the [[Supreme Court of Judicature Act 1875]].</ref>")
![will]] here, often present difficulties in trust law where the meaning of what is intended is not completely clear. The House of Lords, however, has said a trust should only fail if its meaning is "utterly impossible" to deduce.<ref>''[[Fawcett Properties Ltd v Buckingham County Council]]'' [1961] AC 636, 678 per [[Lord Denning]]</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Shakespeare-Testament.jpg?width=200 "will]] here, often present difficulties in trust law where the meaning of what is intended is not completely clear. The House of Lords, however, has said a trust should only fail if its meaning is \"utterly impossible\" to deduce.<ref>''[[Fawcett Properties Ltd v Buckingham County Council]]'' [1961] AC 636, 678 per [[Lord Denning]]</ref>")
![unjust enrichment]], and to reflect the contributions of work that people make, especially in family homes.](https://commons.wikimedia.org/wiki/Special:FilePath/SirWilliamBlackstone.jpg?width=200 "unjust enrichment]], and to reflect the contributions of work that people make, especially in family homes.")
![After managers of the [[South Sea Company]] and its stock brokers, depicted here, created the world's first stock market crash in 1719, ''[[Keech v Sandford]]'' decided all people handling others' money must avoid all possible [[conflicts of interest]].<ref name="auto">[1726] [http://www.bailii.org/ew/cases/EWHC/Ch/1726/J76.html EWHC Ch J76]</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/South Sea Bubble.jpg?width=200 "After managers of the [[South Sea Company]] and its stock brokers, depicted here, created the world's first stock market crash in 1719, ''[[Keech v Sandford]]'' decided all people handling others' money must avoid all possible [[conflicts of interest]].<ref name=\"auto\">[1726] [http://www.bailii.org/ew/cases/EWHC/Ch/1726/J76.html EWHC Ch J76]</ref>")
![National Trust]], now a registered charity and endorsed by several Acts of Parliament,<ref>e.g. [[National Trust Act 1907]]</ref> was established as a trust corporation in 1895, to hold property like [[Stourhead]] gardens (pictured) across the UK for the benefit of public recreation.](https://commons.wikimedia.org/wiki/Special:FilePath/Stourhead Garden View from Above.JPG?width=200 "National Trust]], now a registered charity and endorsed by several Acts of Parliament,<ref>e.g. [[National Trust Act 1907]]</ref> was established as a trust corporation in 1895, to hold property like [[Stourhead]] gardens (pictured) across the UK for the benefit of public recreation.")
![Chancery Court]], depicted here in the early 18th century, recognised a wider variety of remedies than the [[common law]] courts.](https://commons.wikimedia.org/wiki/Special:FilePath/The Court of Chancery during the reign of George I by Benjamin Ferrers.jpg?width=200 "Chancery Court]], depicted here in the early 18th century, recognised a wider variety of remedies than the [[common law]] courts.")
![fund manager]], [[BlackRock]].](https://commons.wikimedia.org/wiki/Special:FilePath/Throgmorton Avenue, London at night.png?width=200 "fund manager]], [[BlackRock]].")
![equitable]]" ownership when people buy, and live together in, a home.](https://commons.wikimedia.org/wiki/Special:FilePath/Victorian terraced houses - geograph.org.uk - 872774.jpg?width=200 "equitable]]\" ownership when people buy, and live together in, a home.")
![[[Robert Maxwell]] stole the pension funds of his employees at the ''[[Daily Mirror]]'' and accidentally fell off his yacht, the ''[[Lady Mona K]]'', near the [[Canary Islands]]. ''[[Bishopsgate Investment Mgt Ltd v Homan]]'' held Maxwell and his inheritors were strictly liable to account for misapplication of the assets.<ref>[1994] [http://www.bailii.org/ew/cases/EWCA/Civ/1994/33.html EWCA Civ 33], [1995] Ch 211</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/Yacht Lady Moura - Antibes - 01.jpg?width=200 "[[Robert Maxwell]] stole the pension funds of his employees at the ''[[Daily Mirror]]'' and accidentally fell off his yacht, the ''[[Lady Mona K]]'', near the [[Canary Islands]]. ''[[Bishopsgate Investment Mgt Ltd v Homan]]'' held Maxwell and his inheritors were strictly liable to account for misapplication of the assets.<ref>[1994] [http://www.bailii.org/ew/cases/EWCA/Civ/1994/33.html EWCA Civ 33], [1995] Ch 211</ref>")
CREATION AND PROTECTION OF ASSET FUNDS
Trusts and estates; Trust law/England and Wales; English trusts law; Trust law in England and Wales; Uk trusts; Uk trust; Uk trusts law; Trusts in English law; Uk trust law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit.JE Martin, Hanbury & Martin: Modern Equity (19th edn Sweet & Maxwell 2012) ch 2, 49 Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States.
