Semester 2, 2018

HD Trusts (LAW4170) Exam Notes (Mark: 96)

41 pages

15,440 words




These notes were used in my exam in which I achieved a HD mark (96) in semester 1 2018.

I collated and distilled all lectures and case readings to create clear, easy to follow structures, ideal for following when answering exam questions in this challenging subject. Ultimately, they contain all that any student needs in a trusts exam, plus extra subtle policy points for getting an edge over other students.

NOTE HEADINGS (comprehensively covers all topics taught in a logical structure):
1) Creation of trusts (express trusts (including three certainties); Quistclose trusts; charitable trusts)
2) Formalities (statutory writing formalities - Property Law Act 1958 (Vic); constitution of trusts)
3) Duties and powers of trustees (duty to comply with trust deed; duty to avoid conflicts of interests; duty to act gratuitously; duty to act personally; duty to act in interests of beneficiaries; duty to get in trust assets; duty to act with reasonable prudence (standard of care in investing; standard of prudence over time; matters which the trustee must have regard to when investing; duty to take advice; duty to review); duty to act impartially; duty to keep accounts and inform; fiduciary exercise of power/discretion)
4) Defences and limitations on liability (exclusion clauses; defences)
5) Rights of trustees (right of indemnity; right to approach the court)
6) Rights of beneficiaries (right to call for trust property; right to remove trustee)
7) Remedies for breach of trust (personal remedies; proprietary remedies