Equity & Trusts - Three Certainties: Subject Matter

The three certainties in forming an express trust are intention, subject matter and objects. This week we look at subject matter.
In Re. London Wine Co. [1986] it was decided that the subject matter must be separately identifiable and this approach was supported in Re. Goldcorp [1995]. A more purposive interpretation was given to this strict rule in Re Lehman Brothers International (Europe) [2012].
Furthermore the rule does not apply to intangible property as held by Dillon LJ in Hunter v Moss [1994]. This reasoning has been widely considered as somewhat spurious and has been challenged in White v Shortall [2006] though this Australian case achieved the same result.
Re Golay's Will Trusts [1965] examined the wording 'reasonable income' and held that this was separately identifiable but it is unlikely that this case would be decided in the same way today. It is more likely that the case of Re. Kolb’s Will Trusts [1962] would be followed where the phrase 'blue chip securities' was held to be insufficiently certain.
Other intangible property such as non-transferable assets can also be subject to a trust; Don King v Warren [1998].
Where a trust is found to be uncertain and does not meet the certainties. One of three outcome is possible:
The trust is completely void and held for the settlor on a resulting trust
The rule in Hancock v Watson [1902] applies so that property left to someone via a Will but subject to a failed trust goes to that person absolutely
A floating charge is created instead where reference is made to, for example, the remainder.

[@MsRated1]

Beautifully put! It would be great if you worked through some questions using your techniques and talking us through the applicable case law as you along.

[@appreciativevoices1922]

Sent by God himself...so grateful. Thanks Marcus!

[@samtheresearcher]

I slept through Trust Law a decade ago. We had no materials then. I'm happy for this generation of LLB students. Everything makes sense in these videos!

[@scarlettm86]

Absolute lifesaver, cheers Marcus!

[@ajdn2013]

Thanks a lot. And i REALLY mean it bro!

[@Murtsley]

You are a God amongst men

[@KateExify]

brilliant straightforward explainations! You should lecture in my university lol

[@arysmom23]

I always enjoy your vids. They have been very helpful in my studies. Thank you!

[@christyrambajan9757]

Thank you for all your vids.. very helpful

[@jennamartin1208]

this was really great, thanks so much!

[@MarkPummell133]

thanks again marcus...

[@suexia6912]

good work!

[@todaywithjaye4153]

Hey!
Your videos are so helpful, thank you!
I would love it if you could do a video on Breach of Trust/ Trustee Liability...?

[@justjuicedout]

Awesome, thanks (cousin?).

[@DaTestKa]

Very informative. Thanks
Could you please explain how a Trust is set up.
Do you need a solicitor to do it?
Do you have register it anywhere?
The property title deed has the trust name?
Is there any taxes paid by trust on any rental income? What are the rates and allowance?
Thanks

[@giorgiobenedicto]

No mention to Boyce v Boyce (1849) case :'(

[@sumterblackchamberofcommer112]

Now you can see how Don King got over his fighters,he was ina Assocation which protected his interest and the boxers never place themselves in Trust which would protect their own interest

[@toldu21]

Hi, questions
Where did they source the heading "Unclean hands doctrine" in law? was it from the Bible?

[@chevarcarridice9543]

Do a video on Bills of Exchange