Company law, Commercial disputes, Trusts, probate and estates: contentiousWednesday 11 December 2024
The Supreme Court today handed down judgment in LA Micro Group Inc v LA Micro Group (UK) Ltd and others [2024] UKSC 42. Clare Stanley KC acted for the first appellant, instructed by Tom Bolam and Cecilia Ricks of Fladgate LLP, leading William Buck and Jen Coyne of Monckton Chambers, and assisted by Prof Andreas Televantos.
It concerns s. 53(1)(c) and s. 53(2) of the Law of Property Act 1925. It finally settles the academic debate as to whether s. 53(1)(c) applies to personalty (and holds that it does); it traces the historical development and legal effect of the ‘vendor purchaser constructive trust’; and holds that such a trust can operate to effect the surrender/release of a beneficiary’s interest in personalty in favour of the trustee.
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