The Quistclose Trust: Critical Essays - Google Books.
The Quistclose trust is an invaluable commercial device for lenders in view of its unique quasi-security element. It is the product of equity's flexibility in navigating the strict rigours of the common law. Unfortunately, since its inception and recent resurgence in Twinsectra v Yardley, it has been an eternally baffling subject. This mystery is largely caused by the unconventional principles.
The Quistclose doctrine is a relatively recent creature of equity representing the application of a trust as a device for the purpose of conferring priority to lenders against an insolvent’s pre.
A similar form of trust that arises when money is advanced for a particular purpose, but is not then used for that purpose (e.g. to pay a company dividend, to a pay a specified creditor, to purchase goods or for a particular project) may be called a 'Quistclose trust' (Barclays Bank v Quistclose Investments Ltd (1970) AC 567 (HL)).Such a trust does not strictly 'result' for the actions of the.
A Quistclose trust arises when money is paid to a recipient for a specific purpose, if that purpose fails the money is held on trust for the payer. Although this type of trust can be traced back to 1819, considerable uncertainty shrouds the device. The Quistclose trust is most pertinent on insolvency as this is when it is imperative to decipher if the creditor in question holds a personal or.
The Quistclose Trust: Who Can Enforce It. Add to My Bookmarks Export citation. Type Article Author(s) P.J. Millett Date 1985 Volume 101 Page start 269 Page end 291 Is part of Journal Title Law Quarterly Review ISSN 0023-933X. This item appears on. List: Property Law 2A LAW2039 Section: Digitised Content Next: The law of trusts and equitable obligations Previous: Blackstone's Statutes on.
Commonly employed in corporate rescue situations, the Quistclose trust (from Barclays Bank Ltd v Quistclose Investments Ltd (1970) AC 567) is a device that enables an investor to advance funds to a troubled company to be used for a specific purpose. If the recipient company becomes insolvent before the money is spent then the funds will be held on trust for the original lender, thus ensuring.
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