What is the result if a property is transferred for nominal consideration and the transferor intends to retain beneficial interest?
British Columbia, Canada
The following excerpt is from Wong v. Wong-Koroluk, 2009 BCSC 545 (CanLII):
The plaintiff and the parents say that the result is the same if a property is transferred for nominal consideration and the transferor intends to retain a beneficial interest. As Hood J said in Reddin v. Mills, [1995] B.C.J. No. 352 at para. 109, “the consideration is so nominal that in equity it should not stand in the way of the presumption of resulting trust.”
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
What is the impact of a transferor's intent to transfer a player when the transferor intended to transfer the player at the time of the transfer? (British Columbia, Canada)
How can a donor transfer the right of survivorship while retaining the whole beneficial interest in the property? (British Columbia, Canada)
What is the legal concept relevant to the analysis of the resulting trust and what is the burden of proving that the transferor intended to transfer the property to the original owner? (British Columbia, Canada)
Can a transfer be a gift when the transferor intended to transfer the transfer? (British Columbia, Canada)
Can a person whose equitable interest in a property is being challenged give value for their legal interest in the property? (British Columbia, Canada)
What is the test for determining whether a transferor intended to transfer a transferee to the transferor? (British Columbia, Canada)
Is a beneficial interest held by shareholders in Del Cano Real Estate Trust a "beneficial interest" in the real estate REIT? (British Columbia, Canada)
What is the test for establishing that a transferor intended to transfer funds from a bank account to a personal trust account at the time of the transfer? (British Columbia, Canada)
Does the presumption of resulting trust apply where there is no evidence available to establish that the transfer of property was intended as a gift? (British Columbia, Canada)
When one spouse excludes property that is real property, is that a spouse entitled to an undivided half interest in the increased value of the property? (British Columbia, Canada)
