Snippets from The Reduced Law Dictionary, by Roderick Ramage
Automatic vesting
The Trustee Act 1925, s40 provides that if a new trustee is appointed, any estate or interest in property is vested automatically in all the trustees, whether or not the appointment contains a vesting declaration. Correspondingly, if a retiring trustee is discharged without a new trustee being appointed the property vests in the continuing trustees. This section does not apply to land conveyed by or held under certain mortgages or leases or to shares and other property, which is only transferable in the issuer’s books as directed by statute. It does not apply to personal representatives: Re King’s Will Trusts (1964).
Barrel scraping by estoppel
The HC judge in Shamil Bank v Beximco (2003) gave summary judgment for the claimant and said: “The defences have all the hallmarks of being trumped up. There is no doubt that the bank advanced moneys to the first two defendants and that these moneys have not been repaid…Estoppel and mutual mistake are often the bed fellows of a well-advised, desperate litigant who is scraping the barrel to avoid obligations.”
