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Articles 1 - 22 of 22
Full-Text Articles in Law
The Islamisation Of The English Trust: The Hibah Trust In Malaysia, Hang Wu Tang
The Islamisation Of The English Trust: The Hibah Trust In Malaysia, Hang Wu Tang
Research Collection Yong Pung How School Of Law
Malaysia, being a former English colony, inherited a corpus of English law which includes equity and trusts. In recent times, major banks, financial institutions, and trust companies have reimagined the English trust in combination with Islamic law, by offering an innovation called the hibah trust. This instrument represents the Islamisation of the English trust concept where the Islamic idea of the hibah, an inter vivos gift and the English trust is combined as a wealth management offering to clients. This article explores how the hibah trust works, reasons why institutions may be offering this hybrid instrument, and potential challenges to …
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Interests, Vincent Ooi
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Interests, Vincent Ooi
Research Collection Yong Pung How School Of Law
As a response to the “missing beneficial owner” problem highlighted by the Zhao Hui Fang case, amendments have been made to Singapore’s stamp duty regime. ABSD will now be levied at 35% on transfers of residential property to trustees, with a remission available if certain conditions are met. These conditions effectively mean that residential property held on inter vivos trusts in Singapore must be given to beneficiaries without conditions or powers of revocation or variation. This has major ramifications for succession planning, since such restrictions largely defeat the purpose of using a trust to hold property in the first place.
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Equity Interests, Vincent Ooi
Holding Residential Property On Inter Vivos Trusts In Singapore: Transfers Of Equity Interests, Vincent Ooi
Research Collection Yong Pung How School Of Law
Following amendments to the ACD regime in Singapore, transferring equity interests to and from a trust with no beneficial owners will attract ACD, as will the exercise of a power of appointment by a trustee to grant equity interests to a beneficiary. Renunciation of interests in a bare trust will also attract ACD. Together with the introduction of ABSD (Trust), it is now impractical to use trusts to hold residential properties for succession planning purposes. Remaining options are to gift the properties without any strings attached or bequeath the properties in a will and risk subsequent changes to death taxation.
A Trap For The Unwary: Enforcing Writs Of Seizure And Sale Against Joint Tenancies, Hang Wu Tang
A Trap For The Unwary: Enforcing Writs Of Seizure And Sale Against Joint Tenancies, Hang Wu Tang
Research Collection Yong Pung How School Of Law
Joint tenancies are a common method of holding properties in Singapore, and yet, the issue in relation to enforcing writs of seizure and sale against a judgment debtor who owns a property on a joint tenancy with another is fraught with great legal and procedural uncertainty. This paper seeks to cut through the thicket of confusion by unpacking the various legal and procedural difficulties surrounding enforcing a judgment via a writ of seizure and sale against a judgment debtor who owns property as a joint tenant with another. Specifically, this article seeks to offer solutions to the practical difficulties of …
Comparing Family Property Disputes In English And Singapore Law: "Context" Is Everything, Man Yip
Comparing Family Property Disputes In English And Singapore Law: "Context" Is Everything, Man Yip
Research Collection Yong Pung How School Of Law
This paper examines why Singapore law has not followed English law in the area of beneficial ownership of family property. It points out that the landmark cases in the two jurisdictions are underpinned by different family paradigms.The English landmark cases are based on the unmarried cohabitants paradigm and the legal rules that have emerged from these cases are aimed at, whether successfully or not, ensuring a fair division of the family home upon the breakdown of these relationships. In contrast, the Singapore seminal judgments are underlaid by contests between children over their parents’ property which raised questions as to the …
Trusts And Jurisdiction Clauses - Crociani Revisited: Ivanishvili, Bidzina And Others V Credit Suisse Trust Ltd [2020] Sgca 62, Kian Peng Soh
Trusts And Jurisdiction Clauses - Crociani Revisited: Ivanishvili, Bidzina And Others V Credit Suisse Trust Ltd [2020] Sgca 62, Kian Peng Soh
Research Collection Yong Pung How School Of Law
In the recent Singapore Court of Appeal decision of Ivanishvili, Bidzina and others v Credit Suisse Trust Ltd, the court analysed the effect of a forum administration clause in the trust context, holding that while the clause in question was a jurisdiction clause, it was not an exclusive jurisdiction clause governing the dispute between the trustees and beneficiaries.
Equity And Trusts, Hang Wu Tang, Yong Seng Tay
Equity And Trusts, Hang Wu Tang, Yong Seng Tay
Research Collection Yong Pung How School Of Law
Jocelyn Rita d/o Lawrence Stanley v Tan Gark Chong1 (“Jocelyn Rita v Tan Gark Chong”) is an example of an attempt to set aside a trust deed in the wake of BOM v BOK. 2 This case takes place in the context of a husband and wife relationship.
Exclusion Of Duty And The Irreducible Core Content Of Trusteeship: A Re-Assessment, Rebecca Lee, Man Yip
Exclusion Of Duty And The Irreducible Core Content Of Trusteeship: A Re-Assessment, Rebecca Lee, Man Yip
Research Collection Yong Pung How School Of Law
This article reviews Millett LJ’s classic characterisation of the irreducible core content of trusteeship. Using duty modification / exclusion clauses that are commonly found in modern trust-corporate structures to circumvent a trustee’s duty to actively engage in corporate management as an example, this article has two main objectives. First, this article re-examines the duty to act honestly and in good faith in the irreducible core; and secondly, it considers how our reanalysis can help conceptualise and construe the ‘residual supervisory obligation’ enunciated by the courts in the recent Zhang v DBS litigation.
How Inheritance Law Affects Family Firm Performance: Evidence From A Natural Experiment, Yong Kyu Gam, Min Jung Kang, Junho Park, Hojong Shin
How Inheritance Law Affects Family Firm Performance: Evidence From A Natural Experiment, Yong Kyu Gam, Min Jung Kang, Junho Park, Hojong Shin
Research Collection Lee Kong Chian School Of Business
We argue that changes in the inheritance system affect incentives leading to sibling rivalry among descendants and therefore have a material impact on family firm performance. Using South Korea's 1991 inheritance law reform that stipulates the equal distribution of a deceased person's property to descendants, we find that the performance and operating growth rate in family firms show significant enhancement compared with those of nonfamily firms. Moreover, the positive effects are greater for family firms that undergo a business succession with multiple sons and married daughters. Overall, our results suggest that changing to equal bequests of inheritance has a positive …
Trustees’ Investment Duties And Cryptoassets, Hang Wu Tang
Trustees’ Investment Duties And Cryptoassets, Hang Wu Tang
Research Collection Yong Pung How School Of Law
This article considers the legal and practical concerns for trustees regarding cryptocurrencies and other related instruments, which will be referred to as “cryptoassets”. It will briefly introduce the various types of cryptoassets and explore the risks involved when trustees decide to (or not to) invest in these instruments. This article provides a framework on how trustees should approach the issue of cryptoassets.
Remedying The Abuse Of Organisational Forms: Trusts And Companies Considered, Pey Woan Lee
Remedying The Abuse Of Organisational Forms: Trusts And Companies Considered, Pey Woan Lee
Research Collection Yong Pung How School Of Law
Both the trust and the company are organisational forms distinguished bytheir ability to facilitate affirmative asset partitioning. However, this feature isvulnerable to abuse by those whose purpose is to defeat creditor rights. Thisarticle considers recent developments in judicial doctrines aimed atcountering such abuse and the extent to which they are explicable by, orcoherent, with economic analyses drawn from the work of Hansmann andKraakma.
Compelling Trustees To Exercise Their Discretion: A Principle Of Non-Intervention?, Hang Wu Tang
Compelling Trustees To Exercise Their Discretion: A Principle Of Non-Intervention?, Hang Wu Tang
Research Collection Yong Pung How School Of Law
This article explores the limitsof the principle of non-interference and examine situations where the courtshave overridden the discretion of the trustee and compelled the trustee to actin a particular manner. While there havebeen numerous instances where the courts have avoided the trustee’s act, thecases where the courts have actually compelled a trustee to exercise a power ina particular manner are relatively few. The thesis of this article is that amore helpful way to conceptualise the philosophy behind the judicial control ofa trustee’s discretion is not to say that the court is bound by a so-calledprinciple of non-interference; rather, the contention …
From Waqf, Ancestor Worship To The Rise Of The Global Trust: A History Of The Use Of The Trust As A Vehicle For Wealth Transfer In Singapore, Hang Wu Tang
Research Collection Yong Pung How School Of Law
This Article focuses on the migration of English trust law to Singapore and its past and present uses in relation to wealth transfer through the ages. In Singapore, trust law arrived together with the corpus of English law. Unlike criminal law, which was influenced by Indian codes promulgated by the English in British India, trust law was received into Singapore directly from England.
Revisiting Sham Trusts: Common Intention, Estoppel And Illegality, Alvin W. L. See
Revisiting Sham Trusts: Common Intention, Estoppel And Illegality, Alvin W. L. See
Research Collection Yong Pung How School Of Law
This article examines the prevailing view that, to find a sham trust, the settlor’s shamming intention must be shared by the trustee. This common intention requirement, it is argued, overprotects the trustee and the beneficiary, and suffers from inconsistent application to conceptually identical cases. Moreover, where the sham is concocted for the perpetuation of an illegal purpose, the requirement may contradict the operation of the illegality doctrine. This article proposes that the two doctrines ought to align and that any prejudice to an innocent trustee or beneficiary can be addressed with more specific solutions such as a change of position …
Equity And Trusts [2016], Hang Wu Tang
Equity And Trusts [2016], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
Equity And Trusts [2016], Hang Wu Tang
Equity And Trusts [2016], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
Misapplied Trust Funds And Mortgage Loans, Ruo Yu Tan
Misapplied Trust Funds And Mortgage Loans, Ruo Yu Tan
Research Collection Yong Pung How School Of Law
Where trust monies are used in breach of trust to pay for the deposit for a property, the courts have held that any mortgage loan which was used to fund the purchase does not count as the trustee's contribution to the purchase price for the purpose of determining the trustee's and the beneficiary's respective beneficial ownership in the property. This article considers two issues. First, if trust monies are used only after the trustee has paid for the deposit using his own money, are the loan monies obtained by the trustee under the mortgage still liable to be discounted as …
Equity And Trusts [2015], Hang Wu Tang
Equity And Trusts [2015], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
Equity And Trusts [2015], Hang Wu Tang
Equity And Trusts [2015], Hang Wu Tang
Research Collection Yong Pung How School Of Law
No abstract provided.
East Asian Trusts At The Crossroads, Ying Chieh Wu
East Asian Trusts At The Crossroads, Ying Chieh Wu
Research Collection Yong Pung How School Of Law
The purpose of this article is to scrutinize the legal structure of trusts in Japan, SouthKorea and Taiwan. The so-called infrastructure of the private law of these jurisdictions is rooted in theRoman-Germanic basis, which adopts dichotomous system in respect of that area of privatelaw dealing with property: the law of property and that of obligation. However,the adoption of the trust has caused some problems. Though controversial, thecontract-based view seems to be the majority view in the East Asian civiljurisdictions, yet the property-based view dominates the commonlaw world. However, being influenced by common law, the property-approach isalso asserted by some commentators …
Trusts In Commerce: Guy Neale V Nine Squares Pty Ltd [2014] Sgca 64, Man Yip
Trusts In Commerce: Guy Neale V Nine Squares Pty Ltd [2014] Sgca 64, Man Yip
Research Collection Yong Pung How School Of Law
In Guy Neale v Nine Squares Pty Ltd [2014] SGCA 64, the Court of Appealconsidered the operation of the express trust in the commercial context and theprinciples relating to the award of an institutional constructive trust for breachof fiduciary duty. The decision is interesting not only for the exposition of legalprinciples, but also because it relates to the posh restaurant-bar, “Ku De Ta”,located at Marina Bay Sands.
A Principled And Structured Approach For Ascertaining Beneficial Interests In Property Disputes: Chan Yuen Lan V See Fong Mun [2014] Sgca 36, Alvin W. L. See
A Principled And Structured Approach For Ascertaining Beneficial Interests In Property Disputes: Chan Yuen Lan V See Fong Mun [2014] Sgca 36, Alvin W. L. See
Research Collection Yong Pung How School Of Law
In Chan Yuen Lan v See Fong Mun [2014] SGCA 36, the Court of Appeal provided important clarifications about the relationship between a resulting trust and a common intention constructive trust for the purpose of ascertaining beneficial interests in cases of property dispute. This issue, which has attracted much speculations, was left open in Lau Siew Kim v Yeo Guan Chye Terence [2007] SGCA 54 where the same court merely confirmed the continued relevance of the twin presumptions of resulting trust and advancement.