McArdle v. O'Donohoe [1999] IEHC 176 (8th June, 1999)

McArdle v. O'Donohoe [1999] IEHC 176 (8th June, 1999)

The trust created by the Deed of Settlement was not completely constituted because the Settlor never effectively transferred the bond or any monies to the Trustees. The mere intention to include the bond in the trust fund and the retention of the bond by one Trustee did not amount to a transfer of title. In the absence of valuable consideration and an effective transfer, equity will not compel completion of the trust. The £200,000 invested in the Norwich Union Bond remains the personal property of the Defendant.

Citation
[1999] IEHC 176
Parties
Plaintiff: Denis A. McArdle; Plaintiff: Samuel Jackson; Defendant: Patrick O'Donohoe
Jurisdiction
Ireland
Procedural Posture
Civil / High Court Judgment
Outcome
Plaintiffs' claim dismissed
Legal Topics
Constitution of Trusts, Incomplete Trusts, Transfer of Property to Trustees, Consideration in Trusts, Declaration of Trust
Equity Trusts Constitution of Trusts Incomplete Trusts Transfer of Property to Trustees Consideration in Trusts Declaration of Trust

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Parties

Denis A. McArdle

Plaintiff

Samuel Jackson

Plaintiff

Patrick O'Donohoe

Defendant

Procedural Posture

Civil / High Court Judgment

Legal Issues

  1. 1 Whether the sum of £200,000 invested in the Norwich Union Bond constitutes part of the trust fund as defined in the Deed of Settlement or remains the personal property of the Defendant

Ratio Decidendi

The trust created by the Deed of Settlement was not completely constituted because the Settlor never effectively transferred the bond or any monies to the Trustees. The mere intention to include the bond in the trust fund and the retention of the bond by one Trustee did not amount to a transfer of title. In the absence of valuable consideration and an effective transfer, equity will not compel completion of the trust. The £200,000 invested in the Norwich Union Bond remains the personal property of the Defendant.

Court Disposition

Plaintiffs' claim dismissed

Orders

  • It is declared that the sum of £200,000 invested in Norwich Union Bond No. U7000456G does not constitute part of the Trust Fund as defined by the Deed of Settlement but remains the personal property of the Defendant.