HELP... anyone expert at Equity law?Watch
On 15th March 2014 Lord Marchmain, returned to his ancestral home of Beechyhead castle to spend his last few months, having been diagnosed with a terminal illness. Beechyhead is now occupied by his daughter Julia and her partner, Charles.
a) Charles was passionate about restoring Beechyhead castle but had been refused further loans by the bank. Lord Marchmain, on his arrival, lent Charles £100,000 interest free to be paid back when the castle could start receiving visitors. However, after having lived there for two weeks, Lord Marchmain was so moved by Charles’s love for the castle that he told Charles not to worry about paying that loan back.
b) When Lord Marchmain’s youngest son, Sebastian, came to visit his father, Lord Marchmain indicated that he wanted to see his wayward son “set up for life” and handed him a savings book. The book related to a building society account containing £400,000.
c) On 2nd April 2014, Lord Marchmain decided to hand his art-restoration business over to his daughter, Cordelia. Over dinner, he asked her to take over as Managing Director of the business, and she accepted. Lord Marchmain then filled in a share transfer form to transfer all his shares in the company to her and handed the form to his accountant, Rex, in order for Rex to complete the legally required formalities. Unfortunately, Rex put the form in his pendin`g tray in his office and then left for a three-week holiday in Italy.
d) On 5th April 2014, Lord Marchmain’s condition worsened. He decided to dispose of his remaining personal wealth by creating a charitable foundation, the Society for the Restoration of Renaissance Art, SRRA. A number of experts in the field were appointed trustees and invited to Beechyhead castle. On his sickbed, Lord Marchmain executed the deed of trust and then declared in front of the other trustees that he was giving £3 million to SRRA. No further paperwork was completed, as Lord Marchmain then lapsed into unconsciousness.
Sadly, Lord Marchmain died the following week. He had appointed Charles executor of his will. Advise Charles regarding the £100,000 loan, the £400,000 contained in the building society account, the company shares, and the £3 million given to SRRA.