ABSTRACT
This is known as the rule in Milroy v Lord (1862) 31 LJ Ch 798, HC. The effect of the perfect creation of a trust is that the benefi ciary, who may be a volunteer, may enforce the trust. However, if the trust is incompletely constituted, the transaction involving an intended trust operates as an agreement to create a trust. Subject to the Contracts (Rights of Third Parties) Act 1999, this agreement may be enforced by a person who has provided consideration.
