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Chapter 2 Multiple choice questions
Return to Complete Equity and Trusts 5e Resources
Chapter 2 Multiple choice questions
Quiz Content
*
not completed
.
In a trust, which of the following statements does
not
apply to trustees?
The trustees hold the legal estate
correct
incorrect
The trustees hold the equitable interest only
correct
incorrect
The trustees hold
both
the legal estate and the equitable interests
correct
incorrect
The trustees pay income to the beneficiaries
correct
incorrect
*
not completed
.
Which of the following would a trust
not
be useful for?
To hold a pension fund
correct
incorrect
To provide for children
correct
incorrect
To allow the shared ownership of land
correct
incorrect
To form a company
correct
incorrect
*
not completed
.
The decision in
Don King v Warren
1998 2 All ER 630 was that
Land can be held on trust
correct
incorrect
Chattels can be held on trust
correct
incorrect
The rights and benefits under a contract can be held on trust
correct
incorrect
A chose in action can be held on trust
correct
incorrect
*
not completed
.
According to Lord Browne-Wilkinson's definition of a trust in
Westdeutsche Landesbank Girozentrale v Islington London Borough Council
[1996] AC 669, which of the following is an essential requirement of a trust?
The conscience of the legal owner must be affected
correct
incorrect
There must be identifiable trust property
correct
incorrect
There must be a declaration of trust
correct
incorrect
The trust is recognized by the law
correct
incorrect
*
not completed
.
Which of the following is
not
a type of trust recognized by equity?
Secret trust
correct
incorrect
Discretionary trust
correct
incorrect
Express trust
correct
incorrect
STAR Trust
correct
incorrect
*
not completed
.
In which of the following situations will a resulting trust apply?
Two people purchase a house and both contribute to the purchase price
correct
incorrect
A tricks B into giving A money
correct
incorrect
A promises B that, if B leaves money in his will to A, A will give that money to C
correct
incorrect
A states that he will hold a sum of money for B
correct
incorrect
*
not completed
.
For which type of property must a declaration of trust be proved by writing?
Shares
correct
incorrect
Contractual rights
correct
incorrect
Land
correct
incorrect
Milk quotas
correct
incorrect
*
not completed
.
In
Barclays Bank v Quistclose
1970 567 it was held that:
There was a only a contractual arrangement
correct
incorrect
There was a constructive trust
correct
incorrect
There was first an express trust, which failed, giving rise to a resulting trust
correct
incorrect
There was a resulting trust
correct
incorrect
*
not completed
.
In
Twinsectra v Yardley
2002 AC 164, it was held by Lord Millett that:
There was only a contractual arrangement
correct
incorrect
There was a constructive trust
correct
incorrect
There was first an express trust, which failed, giving rise to a resulting trust
correct
incorrect
There was a resulting trust, where the borrower held the property on trust for the lender
correct
incorrect
*
not completed
.
Both personal representatives and trustees hold property on trust for beneficiaries. What is the difference between these two kinds of trust?
Personal representatives hold upon statutory trusts
correct
incorrect
When personal representatives hold the property, the beneficiaries do not have beneficial interests
correct
incorrect
The beneficiaries under a will have greater rights than the beneficiaries under an ordinary trust
correct
incorrect
Trustees cannot be sued, personal representatives can
correct
incorrect
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