Law 5110 Study Guide - Quiz Guide: Fee Simple, Fide, Local Exchange Trading System
Document Summary
The beneficiaries get the benefit of money, which leaves value in the heart of the trust. State bank of india v sood demonstrates this: The two d"s owned a big house, and bank of india had taken over the debt which the brothers had ran up. This was an overdraft of around 1 million pounds. The bank said the only way you can keep your overdraft like this, is by giving security over your house. No money was being forwarded when the brothers entered into this contract. The house was actually held on trust for themselves, and a number of other beneficiaries. Well the court said, the capital money requirement only occurs if there is capital money available. Let"s say the interest cannot be overreached : firstly ask whether the interest is capable of being registered under the lca 1972. Anything that can be registered is found under the lca 1972 s2.
