A Simple Definition of a Trust - Free Essay Example

Sample details Pages: 12 Words: 3747 Downloads: 9 Date added: 2017/06/26 Category Law Essay Type Analytical essay Tags: Trust Essay Did you like this example? à ¢Ã¢â€š ¬Ã‹Å"It is simply not possible to formulate a single, simplified definition of à ¢Ã¢â€š ¬Ã‹Å"a trust.à ¢Ã¢â€š ¬Ã¢â€ž ¢ à ¢Ã¢â€š ¬Ã…“The word à ¢Ã¢â€š ¬Ã‹Å"Trustà ¢Ã¢â€š ¬Ã¢â€ž ¢ refers to a duty or aggregate accumulation of obligations that rests upon a person as a person described as a trustee. The responsibilities are in relation to property held by him or under his control. He will be compelled by a court in its equitable jurisdiction to administer that property in the manner lawfully prescribed by the trust instrumentà ¢Ã¢â€š ¬Ã‚ ¦ As a consequence the administration will be in such a manner that the consequential benefits and advantages accrue, not to the trustee, but to the persons called the beneficiaries.à ¢Ã¢â€š ¬Ã‚ [1] A trust essentially is a relationship between the trustee and the beneficiary. Don’t waste time! Our writers will create an original "A Simple Definition of a Trust" essay for you Create order The trustee (formerly known as a à ¢Ã¢â€š ¬Ã‹Å"foefee to usesà ¢Ã¢â€š ¬Ã¢â€ž ¢) will hold property on trust for the benefit of another person who is regarded as the beneficiary (formerly known as à ¢Ã¢â€š ¬Ã‹Å"cestui qui useà ¢Ã¢â€š ¬Ã¢â€ž ¢). For a trust to be valid there must be: capacity, three certainties, formality and constitution. A person must have legal capacity in order to create a trust. This means that a minor cannot do so unless they are soldiers.[2] A person may also be deemed to be unfit for capacity if they are held to be mentally disabled under the Mental Capacity Act2005.[3] However, if they made a trust when they were of sound mind, then this may be held valid as they were capable of understanding the conditions laid out. There must also be three certainties contained within a trust to make it valid. These three certainties were established in the case of Knight v Knight (1840).[4] Lord Langdale stated the criteria à ¢Ã¢â€š ¬Ã…“First if the words were so used, that upon the whole, they ought to be construed as an imperative; secondly, if the subject of the recommendation or wish is certain; and thirdly, if the objects or persons intended to have benefit of the recommendation or wish also be certain.[5] Therefore, the three certainties are: certainty of intention, certainty of subject matter and certainty of objects. Without these certainties, the trust will not be validly à ¢Ã¢â€š ¬Ã‹Å"declaredà ¢Ã¢â€š ¬Ã¢â€ž ¢ as such. The wording of a trust is fundamental to get correct and the wording may be sub-divided into imperative words and precatory words. In the cash of Jones v Lock (1865)[6] it was held that a cheque in the testators name, which he wished to give to his baby before dying, could not be held to be a valid trust or an absolute gift. When creating a trust, the Administration of Estates (NI) Act 1955 s2(3) must be adhered to. This states à ¢Ã¢â€š ¬Ã…“A grant of probate or letters of administration shall, unless contain ing an express limitation to the contrary, have effect as well over the real as over the personal estate and the personal representatives of a deceased person shall hold his real estate as trustees for the persons by law entitled thereto.à ¢Ã¢â€š ¬Ã‚ [7] The certainty of intention is key in order to remove any ambiguity in wording. However, it must be acknowledged that the word à ¢Ã¢â€š ¬Ã‹Å"trustà ¢Ã¢â€š ¬Ã¢â€ž ¢ does not have to be present for a trust to occur. This was shown in Re: Kayford [1975][8] with Megarry J stating: As for the requisite certainty of words, it is well settled that a trust can be created without using the words à ¢Ã¢â€š ¬Ã…“trustà ¢Ã¢â€š ¬Ã‚  or à ¢Ã¢â€š ¬Ã…“confidenceà ¢Ã¢â€š ¬Ã‚  or the like: the question is whether in substance a sufficient intention to create a trust has been manifested.[9] He later went on to add that à ¢Ã¢â€š ¬Ã…“It is well settled that a trust can be created without using the word à ¢Ã¢â€š ¬Ã‹Å"trustà ¢Ã¢â€š ¬ â„ ¢ or à ¢Ã¢â€š ¬Ã‹Å"confidenceà ¢Ã¢â€š ¬Ã¢â€ž ¢ or the likeà ¢Ã¢â€š ¬Ã‚ .[10] Another example of wording being important was the case of Re: Adams Kensington v Vestry (1883)[11] where the testator used the phrase à ¢Ã¢â€š ¬Ã…“I give, devise and bequeath all my real and personal estateto my dear wife Harrietin full confidence that she will do what is right.à ¢Ã¢â€š ¬Ã‚  Even though proper wording had been used, the court held this as an absolute gift as opposed to a trust as precatory words only were not sufficient. The most recent case in regards to certainty of intention is the case of Paul v Constance (1977).[12] This was in regards to a bank account where bingo winnings were deposited. The two people in question were not married however, the court ruled that there was a trust due to the fact that the two peoples conduct amounted to its validity. The second of the threefold criteria is the certainty of subject matter. It is vital that the property is described an d no ambiguity can occur as was the problem in the case of Palmer v Simmonds [1854][13] when it was deemed that the word à ¢Ã¢â€š ¬Ã…“bulkà ¢Ã¢â€š ¬Ã‚  could not be used as it was too problematic to describe. In Re: Golay (1965)[14], it was deemed that the statement of à ¢Ã¢â€š ¬Ã…“one of my flats and a reasonable incomeà ¢Ã¢â€š ¬Ã‚ , was enough to satisfy the criteria that it could be regarded as a valid trust. The case of Re: Goldcorp[15] was a key decision as it was decided that the subject matter within the trust was not to be held separate from other assets and therefore this did not amount to a valid trust. However, in contrast, the case of Hunter v Moss [1994][16] stated that property must be identified or else it will be void for uncertainty. This was a matter which dealt with segregation of property when it is in regards to intangible, identical property. However, Alastair Hudson was quite critical of this decision and states à ¢Ã¢â€š ¬Ã…“doctrinally, it is sug gested that the decision inHunter v Mossis wrong and should not be relied upon.à ¢Ã¢â€š ¬Ã‚ [17] The final criteria is the certainty of objects. This relates to the actual recipient of the trusts who is regarded as the beneficiary. The beneficiary must be clearly outlined or else this may lead to a voidable trust. Lord Denning commented on this strand of the criteria by stating It is clear law that a trust (other than a charitable trust) must be for ascertainable beneficiaries.[18] In Re: Gulbenkianà ¢Ã¢â€š ¬Ã¢â€ž ¢s Settlement Trust [1970][19] it was deemed that the list of beneficiaries was too ambiguous and therefore the à ¢Ã¢â€š ¬Ã…“is or is notà ¢Ã¢â€š ¬Ã‚  test was established by Lord Upjohn to determine whether or not a debateable person is or isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t a beneficiary.[20] This test was then used in the subsequent case of McPhail v Doulton [1970][21] however, Lord Wilberforce added an extra dimension added to it and it was amended to à ¢Ã¢â€š ¬Ã…“Can it be said with certainty that any given individual is or is not a member of the class?à ¢Ã¢â€š ¬Ã‚ [22] The significance of this case was that, if a person is outlined as a beneficiary or not, then this will amount to the creation of a discretionary trust. Yet again, the à ¢Ã¢â€š ¬Ã…“is or is notà ¢Ã¢â€š ¬Ã‚  test was also used in Re: Badens Trusts Deed (1973)[23] which addressed the issue of differentiating between conceptual certainty and evidential certainty. It was concluded that just because a person cannot be established to be in or out of the class as such then this does not render a trust to be void for uncertainty. Constitution is an important factor in the process of creating a trust. Constitution of a trust will enable each party to know their role as such. It will outline who the settlor/testator is, who the trustee is and who the beneficiary is. It places a duty upon the trustee to make sure the trust is enforced and it also gives a right to the beneficiary to profit from it. During the constitution phase, it is fundamental that the testator makes his intention clear that he wishes for it to be held as a trust. If he does not, constitution may be held to be incomplete. There are many different types of trusts. It is important to investigate whether the trust is public or private. If it is public, it will usually be a charitable trust however, if it is privates, this then can be sub-divided into 5 trusts. These 5 trusts include: Express, non-charitable resulting, constructive and statutory.[24] An express trust is created or implied by an instrument of declaration or imposed by an enactment.[25] à ¢Ã¢â€š ¬Ã…“These trusts are the product of an express and expressed intention of the settlor to create a trust.à ¢Ã¢â€š ¬Ã‚ [26] An express trust can be further separated into fixed trusts and discretionary trusts. à ¢Ã¢â€š ¬Ã…“The beneficiaries of fixed trusts have a definable, fixed claim to a share of the trust proceeds or tru sts capital.à ¢Ã¢â€š ¬Ã‚ [27] However, on the other hand, à ¢Ã¢â€š ¬Ã…“discretionary trusts have no definable claim to a share or trust capital.à ¢Ã¢â€š ¬Ã‚ [28] Therefore, in essence, a person who is a beneficiary of fixed trust is guaranteed to receive something from the trust whilst a beneficiary, under a discretionary trust, are seen as principally à ¢Ã¢â€š ¬Ã…“potential beneficiaries and are incapable of disposing of their potential interests by way of a trust.à ¢Ã¢â€š ¬Ã‚ [29] à ¢Ã¢â€š ¬Ã…“A non-charitable trust benefits a person or persons or an institution that is not considered a charitable institution.à ¢Ã¢â€š ¬Ã‚ [30] However, it should also be noted that these types of trusts do not benefit from certain advantages that a charitable trust would benefit from e.g. tax exemption. Non-charitable trusts are not created fora human beings benefit and it is usually left for a purpose for example to save an animal. However, non-charitable trusts have 3 objectio ns against their validity. The first one is that the wording of the trust must be specific and unambiguous. This was shown in the Re: Astor [1952][31] case which dealt with shares of the observer newspaper. The trustees were required to apply the shares for à ¢Ã¢â€š ¬Ã…“the maintenance of good understanding between nationsà ¢Ã¢â€š ¬Ã‚  and à ¢Ã¢â€š ¬Ã…“the preservation of the independence and integrity of newspapersà ¢Ã¢â€š ¬Ã‚ . The trust was ruled void as a result of the vagueness of the request. The second objection is the aspect of the beneficiary principle with many arguing that the trusts cannot be properly enforced. The case of Morice v Bishop of Durham (1805)[32] stated à ¢Ã¢â€š ¬Ã…“Every trust must have an object; there must be somebody in whose favour the court can decree specific performance.à ¢Ã¢â€š ¬Ã‚  Therefore, the validity of these trusts often comes into question due to the sheer fact there is no beneficiary to actually enforce them which results in the trusts failure.[33] The second argument is over perpetuity duration. Common law states that if no particular life is specified, then the specified time for the trust will be 21 years and, if the trust eclipses this 21 year period, it will be ruled void for perpetuity. It is also important to note that, if there is a chance that the trust will exceed the 21 year period, it will automatically be ruled void. Section 1 (1) of the Perpetuities and Accumulations Act 1964[34] states that, under statute, the perpetuity period is 80 years.[35] A resulting trust happens when a à ¢Ã¢â€š ¬Ã…“legal title is vested in a trustee, while the settlor and the beneficiary are actually the same person.à ¢Ã¢â€š ¬Ã‚ [36] à ¢Ã¢â€š ¬Ã…“The term à ¢Ã¢â€š ¬Ã‹Å"resulting trustà ¢Ã¢â€š ¬Ã¢â€ž ¢ is derived from the Latin à ¢Ã¢â€š ¬Ã‹Å"resalireà ¢Ã¢â€š ¬Ã¢â€ž ¢, meaning to à ¢Ã¢â€š ¬Ã‹Å"jump backà ¢Ã¢â€š ¬Ã¢â€ž ¢ à ¢Ã¢â€š ¬Ã¢â‚¬Å" that is, the equitable interest in property à ¢Ã¢â€š ¬Ã‹Å"ju mps backà ¢Ã¢â€š ¬Ã¢â€ž ¢ to its original beneficial owner.à ¢Ã¢â€š ¬Ã‚ [37] It may be argued that the beneficial interest of the owner never actually leaves them and therefore this concept of the trust à ¢Ã¢â€š ¬Ã…“jumping backà ¢Ã¢â€š ¬Ã‚  is actually a paradox. This presumption was supported in Re: Sick and Funeral Society of St Johnà ¢Ã¢â€š ¬Ã¢â€ž ¢s Sunday School, Golcar [1972][38] with Megarry VC stating à ¢Ã¢â€š ¬Ã…“A resulting trust is essentially a property concept; any property that a man does not effectually dispose of remains his own.à ¢Ã¢â€š ¬Ã‚ [39] This was further backed by Plowman J in the case of IRC v Vandervell [1967][40] when he stated à ¢Ã¢â€š ¬Ã…“As I see it, a man does not cease to own property simply by saying à ¢Ã¢â€š ¬Ã‹Å"I donà ¢Ã¢â€š ¬Ã¢â€ž ¢t want it.à ¢Ã¢â€š ¬Ã¢â€ž ¢ If he tries to give it away the question must always be, has he succeeded in doing so or not?à ¢Ã¢â€š ¬Ã‚ [41] It can be difficult to distinguish between an implied a nd a resulting trust with Richard Edwards arguing that à ¢Ã¢â€š ¬Ã…“definitions in the law of trusts are usually difficult, and resulting trusts are no exception.à ¢Ã¢â€š ¬Ã‚ [42] A resulting trust will arise in three instance à ¢Ã¢â€š ¬Ã¢â‚¬Å" where an express trust fails, when an entire beneficial interest is not disposed of or when a trust purpose is achieved and money is left over. Alastair Hudson describes a concept which he dubbed à ¢Ã¢â€š ¬Ã…“the magic triangleà ¢Ã¢â€š ¬Ã‚ .[43] This is a threefold theory which consists of a settlor, a trustee and a beneficiary. Essentially, this theory states that a trust is formed when a settlor passes the legal title in land to the trustee whilst passing the equitable interest in land to the beneficiary. The trustee will eventually pass the legal title in land to the beneficiary given the terms set forth by the settlor. In the case of Re: Vandervells Trusts (no.2) [1974][44] Megarry VC stated that resulting trusts could be divid ed into two types: Presumed (based on the apparent intention of the testator) or automatic which occurs when a surplus is left. However, as Lord Browne-Wilkinson highlighted in the Westdeutsche v Islington [1996][45]a trust can not be à ¢Ã¢â€š ¬Ã…“automaticà ¢Ã¢â€š ¬Ã‚  as such and thus criticised Megarry VCà ¢Ã¢â€š ¬Ã¢â€ž ¢s theory. He stated: Megarry J. inIn re Vandervell (No 2)suggests that a resulting trust of type (B) does not depend on intention but operates automatically. I am not convinced that this is right. If the settlor has expressly, or by necessary implication, abandoned any beneficial interest in the trust property, there is in my view no resulting trust: the undisposed-of equitable interest vests in the Crown as bona vacantia[46] It may be argued that this precedent, laid out in Westdeutsche[47], would have led to a different outcome in many preceding cases including the Gillingham Bus Disaster Trust [1958].[48] However, in essence, for a resulting trust to occur there must be a transfer of property and no permanent intention to create a beneficial interest for the recipient. This intention must only be temporary or else it will not be held as a resulting trust. à ¢Ã¢â€š ¬Ã…“Aconstructive trustarises where the evidence shows that the parties had a common intention that the one who is not the legal owner should have a beneficial interest and, in reliance on that understanding the non-owner acts to his or her detriment.à ¢Ã¢â€š ¬Ã‚ [49] A judicial based definition of a constructive trust was shown in the case of Paragon Finance v DB Therakar[1999][50] when Millet J tried to define it as being: A constructive trust arises by operation of law whenever the circumstances are such that it would be unconscionable for the owner of propertyà ¢Ã¢â€š ¬Ã‚ ¦ to assert his own beneficial interest in the property and deny the beneficial interest of another.[51] A constructive trust is derived from the conduct of the parties involved and unlike an express trust, it requires no formalities as per S. 53(2) of the Law of Property Act 1925.[52] For a constructive trust to be valid, it requires legal title in ascertainable property to be vested in one person and equitable or beneficial title in the other person. However, this may not be wholly true as highlighted by LJ Edmund Davies in Carl Zeiss Stiftung v Herbert Smith (no.2) [1969][53] when he said: English law provides no clear and all-embracing definition of a constructive trust. Its boundaries have been left perhaps deliberately vague so as not to restrict the court by technicalities in deciding what the justice of a particular case might demand.[54] A constructive trust can arise out of three situations. First, where parties show a common intention by both contributing to a mortgage, then this will amount to a constructive trust as was shown in Lloyds Bank v Rossett (1991).[55] Lord Bridge outlined what a à ¢Ã¢â€š ¬Ã…“modern constructive trustà ¢ â‚ ¬Ã‚  was and he stated that, essentially, intention can be established by agreement or by party conduct and this intention must be created expressly prior to the purchase of the property. Second, when a contract is formed which outlines the agreement between both parties to transfer rights, then it will be deemed that the equitable interest will be transferred.[56] Lord Browne-Wilkinson commented on the agreement aspect in Gissing v Gissing [1970][57] à ¢Ã¢â€š ¬Ã…“when he said the Court cannot devise agreements which the parties never made. The Court cannot ascribe intentions which, in fact, the parties never had.à ¢Ã¢â€š ¬Ã‚ [58] Lastly, a constructive trust may arise where land is deemed to be misused. As was the principle derived from Pallant v Morgan [1953][59], an agreement may arise between two parties however, if one abuses this agreement, they will have to sell the land and give the other party half of the profit. This principle was further elaborated upon in Ban ner HomesGroup plcv LuffDevelopments Ltd[60] by LJ Chadwick who stated that, for such an agreement to occur, a pre-requisite must be present between both parties. He continued to state that the acquiring party can object to the agreement but must do so before they gain an advantage or they will be bound to split any profit they make from the sale with the non-acquiring party. Therefore, in conclusion, à ¢Ã¢â€š ¬Ã…“Despite its long history there is no satisfactorydefinition of à ¢Ã¢â€š ¬Ã‹Å"trustà ¢Ã¢â€š ¬Ã¢â€ž ¢. The best attempt at a description is probably that of Sir Arthur Underhill: Atrust is an equitable obligation, binding a person (who is called a trustee) to deal with the property over which he has control (which is called thetrust property), for the benefit of persons (who are called the beneficiaries orcestuis quetrust), of whom he may himself be one, and any one of whom may enforce the obligation.à ¢Ã¢â€š ¬Ã‚ [61] à ¢Ã¢â€š ¬Ã…“Many attempts have been m ade to define a trust, but none of them has been wholly successful. It is more useful to describe than to define a trust, and then to distinguish it from related but distinguishable concepts.à ¢Ã¢â€š ¬Ã‚  [62] As has been illustrated, trusts come in many different forms and this is why it is so hard to give a single, complete definition. Therefore, with regards to the statement in question, I would have to agree and say that it is indeed not possible to formulate a single, simplified definition of a trust. Bibliography Books Alastair Hudson, à ¢Ã¢â€š ¬Ã‹Å"Equity and Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 6th Edition, (Routledge Cavendish Publishing, 2013) Alastair Hudson, à ¢Ã¢â€š ¬Ã‹Å"Equity and Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 6th edition, (Routledge Publishing, 2009) D Hayton, à ¢Ã¢â€š ¬Ã‹Å"Law Relating to Trusts and Trusteesà ¢Ã¢â€š ¬Ã¢â€ž ¢, (London, Sweet Maxwell, 2010) Frank Maitland, à ¢Ã¢â€š ¬Ã‹Å"Equity: A Course of Lecturesà ¢Ã¢â€š ¬Ã¢â€ž ¢, 2nd Edition, (Cambridge University Press, 1936) Gary Watt, à ¢Ã¢â€š ¬Ã‹Å"Todd Watts Cases and Materials on Equity and Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 9th Edition, (Oxford University Press, 2013) Graham Moffat, à ¢Ã¢â€š ¬Ã‹Å"Trusts Law: Texts and Materialsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 4th Edition, (Cambridge University Press, 2005) John Mowbury, à ¢Ã¢â€š ¬Ã‹Å"Lewin on Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 17th Edition (Sweet Maxwell, 2000) Michael Gau, à ¢Ã¢â€š ¬Ã‹Å"Estate Planning and Administration, (Thompson and Delmar Learning, 2005) Mohamed Ramjohn, à ¢Ã¢â€š ¬Ã‹Å"Text, Cases and Materials on Equity and Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 4th Edition, (Routledge Publishing, 2008) Richard Edwards, à ¢Ã¢â€š ¬Ã‹Å"Trusts and Equityà ¢Ã¢â€š ¬Ã¢â€ž ¢, 11th Edition (Pearson Publishing, 2013) Richard Edwards, à ¢Ã¢â€š ¬Ã‹Å"Trusts and Equityà ¢Ã¢â€š ¬Ã¢â€ž ¢, 8th edition, (Pearson Longman, 2007) Sarah Wilson, à ¢Ã¢â€š ¬Ã‹Å"Todd Wilsons Textbook On Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 11 Edition, (Oxford University Publishing, 2013) Case Law Banner Homes Group plc v Luff Developments Ltd [2000] Ch 372 Carl Zeiss Stiftung v Herbert Smith (no.2) [1969] 2 Ch 276 Gillingham Bus Disaster Trust [1958] Ch 300 Gissing v Gissing [1970] UKHL 3 Hunter v Moss [1994] 1 WLR 452 IRC v Vandervell [1967] 2 AC 291 Jones v Lock (1865) CA Knight v Knight (1840) 49 ER 58 Lloyds Bank v Rossett (1991). McPhail v Doulton [1970] UKHL 1 Morice v Bishop of Durham (1805) 10 Ves 522 Pallant v Morgan [1953] Ch 43 Palmer v Simmonds [1854] 2 DREW 221 Paragon Finance v DB Therakar [1999] 1 All ER 300 Paul v Constance (1977) UKCA Re Vandervellà ¢Ã¢â€š ¬Ã¢â€ž ¢s Trusts (no 2) [1974] Ch 239 Re: Adams Kensington v Vestry (1883) HL Re: Astor [1952] 1 All ER 1067 Re: Badens Trust Deed (1973) Re: Golay (1965) Re: Goldcorp (1995) Re: Gulbenkians Settlement Trust [1970] Re: Kayford [1975] 1 WLR 279 Re: Sick and Funeral Society of St Johnà ¢Ã¢â€š ¬Ã¢â€ž ¢s Sunday School, Golcar [1972] 2 All ER 439 Re: Vandervells Trusts (no.2) [1974] Ch 269 Westdeutsche v Islington [1996] UKHL 12 Journals Adrian Shipwright, à ¢Ã¢â€š ¬Ã‹Å"Back To Basics à ¢Ã¢â€š ¬Ã¢â‚¬Å" Trusts and Settlementsà ¢Ã¢â€š ¬Ã¢â€ž ¢. 2003, Tax Journal, Issue 681 Volume 13 Oliver Arter, à ¢Ã¢â€š ¬Ã‹Å"Trusts and Banking Relationships à ¢Ã¢â€š ¬Ã¢â‚¬Å" Who is a Beneficial Owner?à ¢Ã¢â€š ¬Ã¢â€ž ¢, (2012), 1 TL 3-31 Roderick Ramge, à ¢Ã¢â€š ¬Ã‹Å"The Law in 101 Wordsà ¢Ã¢â€š ¬Ã¢â€ž ¢, (2010), 160 NLJ 1268 Yvonne Simmons, à ¢Ã¢â€š ¬Ã‹Å"Breaking Up Is Hard To Doà ¢Ã¢â€š ¬Ã¢â€ž ¢, 2001, CCN 3 (26) [1] John Mowbury, à ¢Ã¢â€š ¬Ã‹Å"Lewin on Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 17th Edition (Sweet Maxwell, 2000) Page.3. Taken from: Graham Moffat, à ¢Ã¢â€š ¬Ã‹Å"Trusts Law: Texts and Materialsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 4th Edition, (Cambridge University Press, 2005) Page 3. [2] Richard Edwards, à ¢Ã¢â€š ¬Ã‹Å"Trusts and Equityà ¢Ã¢â€š ¬Ã¢â€ž ¢, 8th edition, (2007, Pearson Longman) Page 90 [3] Mental Capacity Act 2005 [4] Knight v Knight (1840) 49 ER 58 [5] [6] Jones v Lock (1865) CA [7] Administration of Estates Act (Northern Ireland) 1955 S.2(3) [8] Re: Kayford [1975] 1 WLR 279 [9] Gary Watt, à ¢Ã¢â€š ¬Ã‹Å"Todd Watts Cases and Materials on Equity and Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 9th Edition, (2013, Oxford University Press) Page 38 [10] Ibid [11] Re: Adams Kensington v Vestry (1883) HL [12] Paul v Constance (1977) UKCA [13] Palmer v Simmonds [1854] 2 DREW 221 [14] Re: Golay (1965) [15] Re: Goldcorp (1995) [16] Hunter v Moss [1994] 1 WLR 452 [17] Alastair Hudson, à ¢Ã¢â€š ¬Ã‹Å"Equity and Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 6th edition, (Routledge Publishing, 2009) Page 105-106 [18] Lord Denning in Re Vandervells Trusts (No 2)[1974] Ch 239 at 319 [19] Re: Gulbenkians Settlement Trust [1970] [20] Hudson Supra at 15, Page 123-124 [21] McPhail v Doulton [1970] UKHL 1 [22] Ibid at 454 [23] Re: Badens Trust Deed (1973) [24] Richard Edwards, à ¢Ã¢â€š ¬Ã‹Å"Trusts and Equityà ¢Ã¢â€š ¬Ã¢â€ž ¢, 11th Edition (Pearson Publishing, 2013), Page 15. [25] Roderick Ramge, à ¢Ã¢â€š ¬Ã‹Å"The Law in 101 Wordsà ¢Ã¢â€š ¬Ã¢â€ž ¢, (2010), 160 NLJ 1268 [26] Op. Cit. at 3. [27] D Hayton, à ¢Ã¢â€š ¬Ã‹Å"Law Relating to Trusts and Trusteesà ¢Ã¢â€š ¬Ã¢â€ž ¢, 2010, (London, Sweet Maxwell), Page 84. [28] Oliver Arter, à ¢Ã¢â€š ¬Ã‹Å"Trusts and Banking Relationships à ¢Ã¢â€š ¬Ã¢â‚¬Å" Who is a Beneficial Owner?à ¢Ã¢â€š ¬Ã¢â€ž ¢, (2012), 1 TL 3-31 [29] Mohamed Ramjohn, à ¢Ã¢â€š ¬Ã‹Å"Text, Cases and Materials on Equity and Tr ustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 4th Edition, (Routledge Publishing, 2008) Page 92. [30] Michael Gau, à ¢Ã¢â€š ¬Ã‹Å"Estate Planning and Administration, (Thompson and Delmar Learning, 2005) Page 50. [31] Re: Astor [1952] 1 All ER 1067 [32] Morice v Bishop of Durham (1805) 10 Ves 522 [33] Richard Edwards, à ¢Ã¢â€š ¬Ã‹Å"Trusts and Equityà ¢Ã¢â€š ¬Ã¢â€ž ¢8th Edition, (2007, Pearson Longman Publishing) Page 188. [34] Section 1(1) Perpetuities and Accumulations Act 1964 [35] Ibid à ¢Ã¢â€š ¬Ã…“Subject to section 9(2) of this Act and subsection (2) below, where the instrument by which any disposition is made so provides, the perpetuity period applicable to the disposition under the rule against perpetuities, instead of being of any other duration, shall be of a duration equal to such number of years not exceeding eighty as is specified in that behalf in the instrument.à ¢Ã¢â€š ¬Ã‚  [36] Sarah Wilson, à ¢Ã¢â€š ¬Ã‹Å"Todd Wilsons Textbook On Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 11 Edition, (Oxford University Publishing, 2013), Page 146 [37] Alastair Hudson, à ¢Ã¢â€š ¬Ã‹Å"Equity and Trustsà ¢Ã¢â€š ¬Ã¢â€ž ¢, 6th Edition, (Routledge Cavendish Publishing, 2013), Page [38] Re: Sick and Funeral Society of St Johnà ¢Ã¢â€š ¬Ã¢â€ž ¢s Sunday School, Golcar [1972] 2 All ER 439 [39] Richard Edwards Supra at 11, Page 247 [40] IRC v Vandervell [1967] 2 AC 291 [41] Richard Edwards Supra at 11, Page 247 [42] Ibid [43] Hudson Supra at 35, Page 51. [44] Re: Vandervells Trusts (no.2) [1974] Ch 269 [45] Westdeutsche v Islington [1996] UKHL 12 [46] Ibid Lord Browne-Wilkinson at Para 385-389 [47] Supra at 43 [48] Gillingham Bus Disaster Trust [1958] Ch 300 [49] Yvonne Simmons, à ¢Ã¢â€š ¬Ã‹Å"Breaking Up Is Hard To Doà ¢Ã¢â€š ¬Ã¢â€ž ¢, 2001, CCN 3 (26) [50] Paragon Finance v DB Therakar [1999] 1 All ER 300 [51] Ibid Millet J at Para 408 [52] S.53(2) LPA 1925 [53] Carl Zeiss Stiftung v Herbert Smith (no.2) [1969] 2 Ch 276 [54] Ibid LJ Edmund-Davies at Para 300 [55] Lloyds Bank v Rossett (1991) [56] Hudson, Supra at 17, Page 508. [57] Gissing v Gissing [1970] UKHL 3 [58] Ibid Lord Browne-Wilkinson [59] Pallant v Morgan [1953] Ch 43 [60] Banner Homes Group plc v Luff Developments Ltd [2000] Ch 372 [61] Adrian Shipwright, à ¢Ã¢â€š ¬Ã‹Å"Back To Basics à ¢Ã¢â€š ¬Ã¢â‚¬Å" Trusts and Settlementsà ¢Ã¢â€š ¬Ã¢â€ž ¢. 2003, Tax Journal, Issue 681 Volume 13 [62] Frank Maitland, à ¢Ã¢â€š ¬Ã‹Å"Equity: A Course of Lecturesà ¢Ã¢â€š ¬Ã¢â€ž ¢, 2nd Edition, (1936, Cambridge University Press) Page 44

Analysis Of The Handmaid s Tale - 1031 Words

Alan Taylor Kenworthy Professor Yannakakis ENGL:1200:0066 10/03/2017 The Art of Storytelling Stories. The beauty of storytelling, what is it? What is its purpose? As Joan Didion once stated, â€Å"We tell ourselves stories in order to live† (Greenhouse 2014). And in the case of The Handmaid’s Tale, that this quote is relatable would be an understatement. The Handmaid’s Tale portrays a society that is colonized by a Republic that ironically coalesces two extremist ideologies: the Puritanical right that denotes women proper place in the culture – parallel to a horde of extremist countries – as the property of men, and the feminist groups that challenge against the objectification of women and their bodies under the grasp of patriarchy. The†¦show more content†¦In parallel, her creation of a narrative silences Gilead, as her narrative allows her to feel that she has control in a sense. Furthermore, Offred uses her narrative as a pastime. Because she has no access to the outside world and exposure to any â€Å" real† events, she creates events from other people’s points of view, making up very involved fictions about what others might be saying or thinking. An example of this would be at the beginning of Chapter 22, where Offred is creating an imaginary, fictional conversation between Janine and Aunt Lydia: â€Å"I feel like I can rely on you, Janine, Aunt Lydia would have said†¦Ã¢â‚¬  (Atwood 129). With this false, fiction-making narrative, it further gives Offred the ability to feel she has some sort of agency, while simultaneously serving as entertainment in such a torpid, suppressing culture. Consequently, as readers, we typically are not aware of what is always true about her story, and what is false fiction. For example, we don’t know what any character’s real names are, and this is part of Atwood’s design that reminds us that this is a story and the narrator is adjusting part of the details. Offred wishes she could change the horrific events that have happened to her through retelling them, or as she calls it: â€Å"reconstruction.† Additionally, even the epilogue, through its â€Å"Historical Notes,† further reiterates the notion that this is a tale, andShow MoreRelatedAnalysis : The Handmaid s Tale 1853 Words   |  8 PagesHandmaid’s Tale, is highly considered as a stimulating work of feminist dystopian fiction that examines the themes of fertility, rebellion, manipulation of power and love. All of these themes play an essential role in displaying the dehumanizing impacts of patriarchy on women and address the way in which society may be in the future. Fertility is believed to be vital for the future in Gilead because nobody is able to give birth to babies and it is the only source of power of the Handmaids. â€Å"There isRead MoreCritical Analysis : The Handmaid s Tale 1129 Words   |  5 PagesLidiah Zipp College English Critical Analysis Don’t Let the Bastards Get You Complacent Philip Zimbardo, an American psychologist said, â€Å"Bullies may be the perpetrators of evil, but it is the evil of passivity of all those who know what is happening and never intervene that perpetuates such abuse,† (â€Å"Philip Zimbardo Quotes†). In Margaret Atwood’s dystopian novel, The Handmaid’s Tale, a pair Handmaid’s called Offred and Ofglen, and a wife named Serena Joy, clearly exhibit contrasting examples ofRead MoreAnalysis Of Margaret Atwood s The Handmaids Tale 1405 Words   |  6 Pagesthe corruption of governments before even if we didn’t even realize it. 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The story of the Handmaids has clarified the definition of freewill and independence by three kinds of autonomy: mental, physical andRead MoreAnalysis Of Margaret Atwood s The Handmaid s Tale847 Words   |  4 Pagesincessant restrictions are for their own good. No restrictions are more stringent than those bestowed on the women, and more specifically, the handmaids. Although, Gilead claims to be built on a principal set of values, its principles are ignored and challenged to ensure everything runs smoothly in the eyes of Gilead’s patriarchy. In Margaret Atwood’s The Handmaid’s Tale, the Republic of Gilead, a corrupt government adamant on supporting a better way of life for females, undermines their very own beliefsRead MoreAnalysis Of Margaret Atwood s The Handmaid s Tale843 Words   |  4 Pageslaws are not followed. The Eyes are at the top of the caste system; they make sure the laws are obeyed. Next are the Commanders and their Wives. 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She is what is known as a Handmaid; alarmingly low reproductive rates led to young women whom are able to reproduceRead MoreAnalysis Of Margaret Atwood s The Handmaid s Tale1825 Words   |  8 PagesIn Margaret Atwood’s The Handmaid’s Tale, we meet Offred, or so they call her, a Handmaid in the Republic of Gilead, a futuristic dystopian society. Gilead tarnished traditional values and replaced them with shear corruption after the rebels killed the President as well as most of Congress, took over the government, and decided to throw out the constitution. Instead the society relies on the bible to justify its barbaric rules, limitations and practices. In a totalitarian society of decreasing birthRead MoreAnalysis Of Mary Atwood And Sylvia Plath s The Handmaid s Tale, And Moira Of Margaret Atwood19 05 Words   |  8 Pagesdespondent frame of mind, the woman of Sylvia Plath’s poem, Edge, and Moira of Margaret Atwood’s novel, The Handmaids Tale, find themselves accepting their condemnation as their destiny. Both Margaret Atwood and Sylvia Plath use their works as emotional outlets to express the hopeless disposition one comes to embrace having reached the point of exhaustion. Together, Moira from The Handmaid’s Tale and the â€Å"perfected woman† from Edge exemplify the quality of life or lack thereof, one is left with afterRead MoreThe Handmaid s Tale, By Margaret Atwood1629 Words   |  7 Pages Atwood s novel, The Handmaid s Tale depicts a not too futuristic society of Gilead, a society that overthrows the U.S. Government and institutes a totalitarian regime that seems to persecute women specifically. Told from the main character s point of view, Offred, explains the Gilead regime and its patriarchal views on some women, known as the handmaids, to a purely procreational function. The story is set the present tense in Gilead but frequently shifts to flashbacks in her time at the Red

Knowledge Management Not Forgetting the Techniques -Free Samples

Question: Discuss About Knowledge Management Not Forgetting the Techniques? Answer: Introducation: The usage of Knowledge management dates to the 1980's like a confluence of a myriad of factors, some with pure intellectual basing, while others were born of pragmatism and the need for innovation as a way to secure innovative performances. According to Ghani (2009), knowledge management is not a single discipline, but a conglomeration of various disciplines and fields of study among them KM tools and Techniques. Ghani pools the definition of knowledge management from a couple of other scholars such as Dancesport and Prusak outlining that KM: "takes an interest in the exploitation and development of knowledge assets of an establishment with the thought of expanding the objectives of knowledge." As such, it involves discoveries, retentions, and exchange of expertise so as to take to the next level the pre-existing efficiency levels. The other disciplines and fields of Knowledge management include KM models and KM processes, organizational learning and learning organization, knowledge sharing and trust, communities of practice, applying knowledge and innovation, new knowledge creation, KM and organizational culture, KM governance and organizational memory. Literature Review There exists a large pool of literature on the theme of Knowledge management techniques and tools. One of the key assets in the maintenance of a competitive advantage in businesses is efficiency in knowledge management, Obancea, (2009) explains. He adds, there exists a wide range of techniques in Knowledge management that are being applied more and more in the representation and management of codified knowledge. In addition, Knowledge management tools are on the offering taking up various functions. There are various advantages to knowledge management tools (Ghani, 2009). Firstly, it allows organizations to handle problems about knowledge management with increased effectiveness and at relatively reduced costs. Secondly, the tools go a long way in leveraging knowledge and experience amassed by different employees in an organization. This allows for the acceleration of innovation initiatives and sharpening of the competitive advantage of the organization (Ghani, 2009). Studies have been conducted in a bid to attain a broader understanding of the tools on knowledge management not forgetting the techniques. This has led to a development of what are understood as the featured tools of an ideal Knowledge management platform. To begin with is the creation of knowledge bases that takes the form of frequently asked questions in the establishment, descriptions of technical procedures, among other things. Moreover, communities of practice where the employees in the organization are brought together by a common set of activity. Different technical means are used to achieve this in an attempt to enable the personnel to share their expertise. Furthermore, the knowledge management platform constitutes a bank of ideas that entails collection and storage of ideas and the best of practices nurtured within the confines of the organization. The ideas are solicited from all the employees top down and considering that not each idea is right up for implementation at it s inception; continuous storage is what constitutes the bank of ideas. A review of the KMS Knowledge management is defined simply as: "the art of creating value from an organization's tangible assets(Ransbotham, 2016). Knowledge management systems refer to an application designed to collect most if not all of the information within an organization with the aim of making it readily available to employees. A majority of these systems, as is the case with Wiki at Peacock, provides a central point for creation, organization, and redistribution of knowledge(Ransbotham, 2016). Over time, certain tangible benefits have been attributed to the use of KMS. First, with KMS the distribution of knowledge is highly improved, i.e., the knowledge that was initially at the hands of certain individuals is made available to all. Second, the accuracy and consistency of information is hugely improved due to contribution of knowledge by different individuals in the organization(Karlinsky-ShichorZviran, 2016) Third, KMS increases employee satisfaction as it provides a platform for employees to give out their knowledge and earning due recognition for it. Fourth, much time is saved through the comprehensive internal knowledge base brought about by the KMS. In its absence time is usually lost through a search for answers and interruption of the older employees by the new recruits(Karlinsky-ShichorZviran, 2016). Fourth, a factor related to the time-saving aspect of the KMS is the fact that it allows for the faster integration of new personnel acquisitions as the amount information at their disposal is insurmountable. Lastly, and importantly, the KMS allows for knowledge retention within an entity, therefore, ensuring that the poll of information dos does not flow away in the event certain employees move on to different roles or positions. A critical discussion There are aspects of KM tools and Techniques evident in the provided case study of Peacock. Just like any other organization inexistent without application of Knowledge Management systems, a large amount of the business content at peacock productions was initially unstructured. A specific factor with regard to the above mentioned they recognized that with the help of knowledge management tools such information, could be available and in a favorable format to other personnel within the organization. From the provided case study, the use of the social media as a mitigation towards knowledge management is apparent. The case of peacock depicts two sides of the whole idea surrounding the relevance of KM tools and Techniques in an organizational setup in relation to knowledge management. Peacock lacked a primary channel of communication that capitalized into the challenges of knowledge management at the peacock. These include organizational conflicts, a lack of appropriate systems and a la ck of sufficient time to educate new hires by the core employees. The challenge, or rather the need for a Knowledge management system emanates from the fact that Peacock is not only a huge entity but also has had considerable growth. For instance, the media house has put in efforts to restructure itself into an agile organization. It has added short-term contractors and freelancers to its full-time staff. It has three internal divisions- Editorial, Operations and Development and two support divisions- software development and legal all under the stewardship of NBC universal. It is important to note that the rate at which employees leave and join peacock is an indication of the need for quick information sharing methodology and prevention of knowledge loss due to attrition. The inclusion of Wiki as a knowledge management tool has allowed for knowledge retention within the establishment, therefore, ensuring that the pool of information does not flow away in the event certain employees move on to different roles or positions. Even more, Peacock lacked a full integration of information. Integrating information encompasses a bank of ideas that entails collection and storage of ideas and the best of practices nurtured within the confines of the organization. The techniques used for knowledge creation at Peacock 7 are as follows: data mining where seemingly raw data is turned into useful information using a Knowledge management tool to find patterns in certain pieces of information; business simulation, content analysis, environmental scanning. The commonly used techniques for knowledge sharing are communities of practices, sharing the best practices, after action review, cross-functional teams, storytelling, white pages. The techniques being used for organizing and managing knowledge are; knowledge harvesting, knowledge mapping, and knowledge audit. Tools and techniques used for knowledge management have brought sanity at Peacock and Victoria expresses that, "At this point, it makes sense to go through it and make sure everything looks good." The Application of these tools and techniques comes with ease of usage, cheaper in management, readily available and the platform requires little effort in installation. The social media has been im pactful in knowledge management at Peacock, a fact that Victoria was very much aware of. Some of these benefits that are in line with the benefits brought about by knowledge management systems include channel specific presentation of content unlike earlier on when certain pieces of information were carried only by the core staff. It allowed sharing of knowledge across online channels and lastly, it facilitated access and sharing of content sourced from crowds. Manifestations of KM tools and techniques in an organization Before the Wiki, the situation at Peacock was dire and was a demonstration of the need for a Knowledge Management System. It Significantly wasted productivity for new freelancer contractors and for the core staff. The time that the core staff members were supposed to invest in developing and producing programs was instead devoted to answering repeated mundane questions. The director of operations, Victoria notices the chaos in knowledge management at Peacock and the need for KSM brings about Wiki. After the Wiki Victoria realized that proper way to drive KM is by managing knowledge like an asset which principally entails incorporation of KM tools and techniques. Knowledge is created, codified and shared throughout the whole organization. There are a regular maintenance and update of the knowledge base. The option used in the case of Peacock to build a knowledge base is the Wiki software Wiki is ideally a collection of interlinked web pages in which each pages' contents is a reflection of a specific idea. The operations director recognizes the capabilities of social media and the part it could play in search of a relevant KSM. Peacock utilizes Wiki as a knowledge management tool while there are other measures put in place to be used as a knowledge management technique. These are in the following ways: wiki provides multiple channels through which knowledge is defined in line with the needs. As a result, the core knowledge base is used adequately by the wide range of employees- some long term staff and others contractors and freelancers. The knowledge management tools through Wiki allow for indexing and filtering of content thereby having considerable control with regard to the content accessible to all personnel. There are continuous integration and organization of content into the existing bank of knowledge that is frequently done by Victoria with the assistance of the task force in charge of the implementation. Through Wiki, the operations manager has ensured that the users have access to knowledge about their line of work at Peacock. Knowledge management tools include data mining, content management tools, groupware, wiki The outcome of the of the implementation of a knowledge management system with a social media foundation at Peacock has been superb in comparison to other KM aspects. Despite the notion that the application of Knowledge management tools and techniques equates to surrendering one's own wisdom and that there are difficulties in codifying tacit knowledge, the success of Wiki at Peacock tells a whole lot different narrative. Conclusion Judging by the above critical look into the application of KM tools and techniques at Peacock the following conclusions are conceivable: the use of Wiki at Peacock has been a success particularly in knowledge management. In as much as Wiki was present but uncommonly used at Peacock is an indication of the effort that was needed at the institution to ensure that other stakeholders came on board. As a result, a huge amount of the information of the company is integrated thus available to the personnel hence portraying a high knowledge penetration. The most commonly used method of knowledge creation is data mining. Others include data mining the most commonly used method of technique for knowledge sharing is followed by References Obancea, G. (2009). Knowledge management tools and techniques.Annals of DAAAM Proceedings, 35-37. Treser, M. (2016).Knowledge Management: Processes, Techniques, And Tools - eLearning Industry. [online] eLearning Industry. Available at: https://elearningindustry.com/knowledge-management-processes-techniques-tools [Accessed 21 May 2017]. Ghani, S. R. (2009). Knowledge management: tools and techniques.DESIDOC Journal of Library Information Technology,29(6), 33. AisenbergFerenhof, H., Durst, S., Hesamamiri, R. (2016). The impact of social media on knowledge management. In11th International Forum on Knowledge Asset Dynamics (IFKAD)-Dresden 15-17 June 2016.Institute of Knowledge Asset Management (IKAM). Cho, T., Korte, R. (2014). Managing knowledge performance: testing the components of a knowledge management system on organizational performance.Asia Pacific Education Review,15(2), 313-327. Stenholm, D., Rossi, M., Bergsjoe, D., Terzi, S. (2015). KNOWLEDGE MANAGEMENT TOOLS AND TECHNIQUES: EXTENT OF USE IN ORGANIZATIONS AND SUPPORT FOR MODULARIZATION. InDS 80-10 Proceedings of the 20th International Conference on Engineering Design (ICED 15) Vol 10: Design Information and Knowledge Management Milan, Italy, 27-30.07. 15. Karlinsky-Shichor, Y., Zviran, M. (2016). Factors Influencing Perceived Benefits and User Satisfaction in Knowledge Management Systems.Information Systems Management,33(1), 55-73. Ransbotham, S. (2016). Knowledge entrepreneurship: institutionalising wiki-based knowledge-management processes in competitive and hierarchical organisations.Journal of Information Technology,31(2), 226-239.