“(1) Subject to subsection (3) below, a charge may be imposed by a charging order only on— (a) any interest held by the debtor beneficially— (i) in any asset of a kind mentioned in subsection (2) below, or (ii) under any trust; or (b) any interest held by a person as trustee of a trust (“the trust”), if the interest is in such an asset or is an interest under another trust and— (i) the judgment or order in respect of which a charge is to be imposed was made against that person as trustee of the trust, or (ii) the whole beneficial interest under the trust is held by the debtor unencumbered and for his own benefit, or (iii) in a case where there are two or more debtors all of whom are liable to the creditor for the same debt, they together hold the whole beneficial interest under the trust unencumbered and for their own benefit. (i) in any asset of a kind mentioned in subsection (2) below, or (ii) under any trust; or (b) any interest held by a person as trustee of a trust (“the trust”), if the interest is in such an asset or is an interest under another trust and— (i) the judgment or order in respect of which a charge is to be imposed was made against that person as trustee of the trust, or (ii) the whole beneficial interest under the trust is held by the debtor unencumbered and for his own benefit, or (iii) in a case where there are two or more debtors all of whom are liable to the creditor for the same debt, they together hold the whole beneficial interest under the trust unencumbered and for their own benefit. (2).
“a separate entity to NIOC. This is reflected by, among other things, the fact that the Fund has had its own financial records since the 1960s, and has also had its own banking arrangements. The bank account into which all deductions from oil industry employees’ salaries are deposited is in the Fund’s name.”
“If NIOC purchased NIOC House in 1975 with its own monies, NIOC was the owner of NIOC House as a matter of Iranian law. We also agree that, given the ownership-transferring nature of loans, if a loan was given to NIOC from the funds, the loaned money and whatever it purchased with the loaned money would belong to NIOC, subject to an in personam debt obligation.”
“In a relationship of loan, when you −− I borrow money from you, I become the owner of the money, and if I purchase with that money a building, I will be the owner of that building.”
“… it is certified that the ownership of the Building located in London, address: NIOC HOUSE, 4 VICTORIA ST., LONDON, SW1 H0NE [sic], belongs to the Retirements, Deposit Funds of Oil Industry Staff ”
“Title Deed of Nioc House Building in London”
“Based on the available documentation and records, the Funds’ ownership on the “NIOC House” building is definite and undeniable; one of the most essential of these documents is the “Trust Deed” which is available with the Funds’ lawyer, Mr. Cath Carts. This document, which has been approved by the Fund Affairs Board of Amins and the National Oil Company Board of Directors, demonstrates that the National Iranian Oil Company’s position as a “Custodian Trustee” or amin.”
“I have been dealing with this property since the early 1980s” and that “NIOC holds, and has always held, the property on trust for the Pension Fund”
“This is because of the progressive onset of trade and financial sanctions against Iran soon after 2010. NTT, its parent and its group companies are all considered Iranian entities, leading banks, financial institutions and businesses in the UK and European Union countries (EU) to have gradually severed their relationship with NTT. Although UK and EU sanctions were lifted in early 2016 the restrictions imposed by banks and financial institutions remain in place from continuing United States of America (USA) sanctions against Iran.”
“Anyone who makes a transaction, it is deemed that he is doing it for himself, unless he explicitly states the opposite at the time of the contract, or it is proven otherwise afterwards. Nevertheless, when making a contract for himself , anyone can make a provision for the benefit of a third person.”
“Entities and institutions that are established or will be established for non-commercial purposes will acquire legal personality from the date of registration in the special registration book designated by the Ministry of Justice.”
“A coordination council is established, consisting of the heads of pension funds, with the purpose of coordinating the plans of various pension Funds and other responsibilities and positions held within ministries, institutions, and government entities. ……………. Note 1- All pension funds subject to this article have independent legal personality and will be managed according to their rules. Note 2- The Cabinet of Ministers will be responsible for approving the establishment of new pension funds, as well as the approval and amendment of their Articles of Association…………….starting from the effective date of this law. Note 3 - ………… Note 4 - …………”
“Those provisions confirm that, firstly: the retirement funds of workers in all administrating bodies have an independent and juridical personality; secondly, they are excluded from the governance of the general laws and regulations, but are under the supervision of the State; thirdly, the Board of Ministers is responsible for enactment and amendment of their Articles of Associations after receiving the proposal.”
“On the evidence ……….there is no reason to believe that clause 1.4 was inserted into this agreement intending it to be a declaration of trust and with there being the intention of NIOC to split title and transfer beneficial interest to the second defendant on the day it came into existence.”
“Subject to the provision hereinafter contained with respect to the creation of interest in land by parol- (a) no interest in land can be created or disposed of except by writing signed by the person creating or conveying the same, or by his agent thereunto lawfully authorised in writing, or by will, or by operation of law; (b) a declaration of trust respecting any land or any interest thereon must be manifested and proved by some writing signed by some person who is able to declare such trust or by his will; (c) a disposition of an equitable interest or trust subsisting at the time of the disposition, must be in writing signed by the person disposing of the same, or by his agent thereunto lawfully authorised in writing or by will. This section does not affect the creation or operation of resulting, implied or constructive trusts.”
“An unwritten declaration of trust is valid but unenforceable by the beneficiary against the trustee.”
“A trust found to exist by appropriate evidence satisfying the statute takes effect as from the date of its creation, and not the date on which the evidence comes into existence or the date on which the question is determined or there is part performance of the trusts. In other words, the trust is unenforceable but not void, which may have significant implications, for example, in the event of the settlor’s insolvency.”
“The trust is not required to be created by signed writing but only evidenced, so that the writing may come into existence at any time after the declaration of the trust and retrospectively validate it. Absence of the written evidence does not appear to make the trust void…………,”
“The section is satisfied if the trust is manifested and proved by any subsequent acknowledgment by the trustee as by an express declaration by him, or any memorandum to that effect. A letter under his hand, his answer in Chancery, a recital in a bond or other deed, or a statement in a sales contract; and in cases under section 4 of the Statute of Frauds, an affidavit, recital in a will and in a post-nuptial marriage settlement have been held to constitute a sufficient memorandum. The trust, however late the proof, operates retrospectively from the time of its creation.”
“A declaration of trust ……….must be manifested and proved by some writing signed by some person who is able to declare such trust”
“Under section 53(1)(b) of the law ofProperty Act 1925 , it is not necessary that a declaration be made in writing. It is only necessary that it should be evidenced in writing. Accordingly, it is possible for an oral declaration of trust of land to be made on one day, and evidenced in writing on another. In such a case the oral declaration is rendered enforceable from the beginning.”