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Loans

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In brief The Court of Final Appeal (CFA) has, in its recent judgment (link to Judgment), considered the applicable test for determining whether a Quistclose trust exists. In simple terms, a Quistclose trust (named after a House of Lords decision) is a type of trust that comes into existence when a person transfers money or property to another person by way of a loan or otherwise, with the intention that the money or property be used for a specific…