Equity and Trusts law
The ‘is or is not’ test is quite a strict one – even though it is slightly more relaxed than the old ‘complete list’ test,…."
(Hudson, Equity and Trusts (Seventh edition, 2013), page 150).
Tracing the development of the ‘is or is not’ test of certainty of objects for a discretionary trust, critically analyse why the law changed, and whether it is ‘more relaxed’ now than it was before the decision of the House of Lords in McPhail v Doulton [1971] AC 424.
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