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Part II The Transfer of Intangible Property, 14 Transfer of Choses in Action on Trust

From: The Law of Assignment (3rd Edition)

Marcus Smith, Nico Leslie

Content type:
Book content
Product:
International Commercial Law [ICML]
Published in print:
08 March 2018
ISBN:
9780198748434

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.date: 26 January 2021

Subject(s):
Applicable law and transfer of title — Contract and transfer of title

This chapter discusses the transfer of choses in action on trust. There are two different ways of constituting a trust, whether of a chose in action or of other property. A trust can be constituted either by the settlor declaring that property held by him is to be held by him on trust, or by the settlor transferring property to trustees and declaring the trusts on which such property is held by the trustees. The chief difference between these two mechanisms for the creation of a trust is that the latter involves the transfer of property from settlor to trustees, whereas the former does not. Where the trust property is a chose in action, the transfer of the property to trustees inevitably involves an assignment. To this extent, therefore, there is overlap in the requirements for a successful assignment and the requirements for a successful transfer to trustees.

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