Certainty of subject matter CERTAINTY OF SUBJECT MATTER Objective criteria = sufficient because criteria to assess quantum was available (average ‘reasonable income’ wage tables) (Re Golay) Future Property: property must be capable of being held on trust Future property CANNOT be the subject matter of an immediate trust Future property & examples: something that does not presently exist, that you hope may come into existence in the future - eg. Interest hoped for under will/intestacy of a living person = future Future royalties = future Copyright in songs not yet written = future Future book debts = future Verdicts = future Dividends = future (because company can choose whether or not to declare them; once declared = present property) (Norman v FCT) Interest on loan repayable at will = future (Norman v FCT) Note: POWERFUL minority judgment that until reasonable notice is given, loan is present property and so is right to be paid interest No issues with fixed term loan; it and interest = PRESENT property 500 pounds of the net [trust] = FUTURE property cf assignment of portion of ‘first income’ life interest (Williams v CIR) Assignment by voluntary deed of title and interest in and to an amount equal all ‘right to 90% of the income which may accrue during period of three years’ from royalties = PRESENT PROPERTY; an assignment of 90% of present rights (Shepherd v FCT) The tree, the right to be paid the royalty, was assigned; the fruit that grows in future can be carried with it if you assign the tree (Shepherd v FCT)
Certainty of subject matter CERTAINTY OF SUBJECT MATTER Objective criteria ‘reasonable income’ = sufficient because criteria to assess quantum was available (average wage tables) (Re Golay) Future Property: property must be capable of being held on trust Future property CANNOT be the subject matter of an immediate trust Future property & examples: something that does not presently exist, that you hope may come into existence in the future - eg. Interest hoped for under will/intestacy of a living person = future Future royalties = future Copyright in songs not yet written = future Future book debts = future Verdicts = future Dividends = future (because company can choose whether or not to declare them; once declared = present property) (Norman v FCT) Interest on loan repayable at will = future (Norman v FCT) Note: POWERFUL minority judgment that until reasonable notice is given, loan is present property and so is right to be paid interest No issues with fixed term loan; it and interest = PRESENT property ‘first 500 pounds of the net [trust] income’ = FUTURE property cf assignment of portion of life interest (Williams v CIR) Assignment by voluntary deed of all ‘right title and interest in and to an amount equal to 90% of the income which may accrue during period of three years’ from royalties = PRESENT PROPERTY; an assignment of 90% of present rights (Shepherd v FCT) The tree, the right to be paid the royalty, was assigned; the fruit that grows in future can be carried with it if you assign the tree (Shepherd v FCT)