Settlor owned 950 shares and purported to orally
declare trust of 50 shares.
declare trust of 50 shares.
Later sold all 950 and kept proceeds for himself.
Ben then claimed proportionate share of proceeds, but problem
– settlor had never identified exactly which 50 shares he was to hold on trust.
– settlor had never identified exactly which 50 shares he was to hold on trust.
Court of Appeal upheld trust, stating that the
chattels rule in Re London Wine did
not apply to choses in action.
chattels rule in Re London Wine did
not apply to choses in action.
