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Trustees are empowered specifically to administer the trusts entrusted to them. They must obey the terms of the trust instrument, if there is one, to give effect to the trust. At the same time, they must conduct themselves in conformity with a range of qualities which protect the interests of beneficiaries of the trusts, such as care, diligence, impartiality and loyalty. Failure to observe either the express terms of the trust instrument or the qualitative duties may constitute a breach of trust.
This chapter examines how a trust is created. Two modes of creation are recognised: first, a settlor can declare herself trustee of her own property (creating a trust by self-declaration) or, secondly, a settlor can transfer property to another with the intention that the other shall hold the property as trustee (creating a trust by transfer). The authorities on certainty of intention set out in chapter 14 determine whether the trust has been declared. No formality is needed in order to create the trust except where the Statute of Frauds, re-enacted in all States and Territories, imposes writing requirements.In order for a trust to be validly created by transfer, the common law or statutory formalities necessary to transfer the title to the property to the intended trustee must be complied with. A transfer that is invalid at law may be validated in equity by application of the principle of Corin v Patton (1990) 169 CLR 540 (see []; []); namely, that the settlor has done everything that it is necessary for her to do to transfer her interest in the property.
Equitable rights are either personal or proprietary. This chapter examines equitable proprietary rights. Equitable proprietary rights evolved from the regular enforcement of personal equitable remedies, principally specific performance and injunctions, initially against the legal owner of property and later against a recipient of the property from the legal owner. The best known equitable proprietary interest; namely, the interest of a beneficiary in the trust property. For the purposes of this chapter, it is enough to note that a beneficiary under an express trust will not always have a proprietary interest in the trust property. A beneficiary under a fixed trust has a proprietary interest in the subject- matter of the trust. A beneficiary under a discretionary trust, however, (known as an ‘object’ of the trust) only has a personal right to enforce the trustee’s obligations. Nevertheless, there are circumstances, such as when the trust is terminated, when the beneficiary will be entitled to a share of the trust property. Other equitable proprietary interests are either equitable equivalents of recognised common law interests or they have no counterpart at common law.
Most trust instruments specify a termination, or vesting, date when the trust will come to an end and title to the trust property becomes vested absolutely in the nominated residuary beneficiaries. Termination must occur within the perpetuity period except in the case of trusts governed by South Australian law where no perpetuity rule applies. Even before a trust has been terminated a legally competent beneficiary can invoke the rule in Saunders v Vautier to call for the trust assets to which she is absolutely entitled. An adult beneficiary who has full legal capacity and who has an absolute vested interest in the capital and income of a share of the trust property can require the trustees to transfer that share to her, or to some third party at her direction. For example, where a fixed trust is created for B1, B2 and B3, who are all minors, each will be able to claim his or her share of the trust property on attaining 18 years of age. The rule in Saunders v Vautier can also be applied collectively by the beneficiaries of some discretionary trusts.
Computer science majors taking a non-programming-based course like discrete mathematics might ask 'Why do I need to learn this?' Written with these students in mind, this text introduces the mathematical foundations of computer science by providing a comprehensive treatment of standard technical topics while simultaneously illustrating some of the broad-ranging applications of that material throughout the field. Chapters on core topics from discrete structures – like logic, proofs, number theory, counting, probability, graphs – are augmented with around 60 'computer science connections' pages introducing their applications: for example, game trees (logic), triangulation of scenes in computer graphics (induction), the Enigma machine (counting), algorithmic bias (relations), differential privacy (probability), and paired kidney transplants (graphs). Pedagogical features include 'Why You Might Care' sections, quick-reference chapter guides and key terms and results summaries, problem-solving and writing tips, 'Taking it Further' asides with more technical details, and around 1700 exercises, 435 worked examples, and 480 figures.
This textbook presents an innovative new perspective on the economics of development, including insights from a broad range of disciplines. It starts with the current state of affairs, a discussion of data availability, reliability, and analysis, and an historic overview of the deep influence of fundamental factors on human prosperity. Next, it focuses on the role of human interaction in terms of trade, capital, and knowledge flows, as well as the associated implications for institutions, contracts, and finance. The book also highlights differences in the development paths of emerging countries in order to provide a better understanding of the concepts of development and the Millennium Development Goals. Insights from other disciplines are used help to understand human development with regard to other issues, such as inequalities, health, demography, education, and poverty. The book concludes by emphasizing the importance of connections, location, and human interaction in determining future prosperity.
How can force be used to pursue human security? Treatments of this issue are surprisingly rare. This chapter addresses the potentially positive uses of force to address basic human needs under the new doctrine of human security in international law. International laws, cases, and regimes addressing the constituent elements of human security are addressed in turn: personal and political security, economic, food, health, community and environmental security. The evolving structure and function of UN Peacekeeping Operations is demonstrated through cases of specific missions. Finally, the possibilities of 2001’s "Responsibility to Protect" doctrine are debated.
Starting in this chapter, and in the following two chapters, we will take all of the abstractness of quantum mechanics that we have developed and make it concrete in actual examples. Our goal for these examples will be to solve the time-independent eigenvalue problem for the Hamiltonian
Welcome to the world of quantum mechanics! I’ll be your guide through this fascinating, counterintuitive, and extremely rich subject. Quantum mechanics underlies nearly all of contemporary physics research; from the inner workings of atoms, to properties of materials, to the physics of neutron stars, to what happens at a black hole. Additionally, quantum mechanics and its consequences are exploited in modern technology and are beginning to produce major breakthroughs in computing. In this book, we will introduce the formalism, axioms, and a new way of thinking quantum mechanically that will require a re-interpretation of the classical physics you have learned.
What is the best way to begin studying international law? This chapter jump-starts your study of international law, providing you with helpful resources on how to read cases and treaties, how to brief cases for later use, and how to read and use other documents you will encounter in this book. The end of the chapter provides a snapshot of the major theoretical approaches to international law and international relations that can shape your thinking about its usefulness, limits, and power to shape the behavior of states.