All Previous Testamentary Acts - Integrated Research Systems Ltd - Nuclear Disarmament Society of New South Wales - Law Assignment Help

Assignment Task

INSTRUCTIONS:

In Equity, there is only ONE ASSIGNMENT. This assignment is compulsory and must be submitted by all students. The assignment will constitute 20% of the final mark in this subject.

Assignments must be submitted by the due date unless an extension has been granted. Extensions need to be requested by email before the assignment due date and specific supporting evidence provided. Late assignments attract a penalty of one mark out of 20, or 5% of the total marks available, per day. The pass mark is 50%. Assignments that are received more than ten days after the published due date will not be accepted. Please note that students granted an extension must still submit their assignment within ten days of the original assignment due date.

Assignments are assessed according to the “Assignment Grading and Assessment Criteria” outlined in the Guide to the Presentation and Submission of Assignments.

This guide also contains the rules and guidelines regarding the presentation of assignments and instructions on how to submit an assignment and is available from the Guides and Policies section of Canvas. Please read this guide carefully before completing and submitting this assignment.

The maximum word limit for the assignment is 2000 words (inclusive of all footnotes). A bibliography is not required.

COMPULSORY:
Molly Morgan, a wealthy and successful heart surgeon.

1. I revoke all previous testamentary acts.

2. I appoint Judy Jackson of 18 Edwina Avenue, Beecroft in the State of New South Wales as my executrix and trustee (hereinafter referred to as my Executrix').

3. I give my property at 16 Barbara Street, Pymble in the State of New South Wales to my Executrix upon trust for Edwina Evans to reside therein for life on the condition that she shall pay all rates, taxes, and other outgoings including premiums on any insurance policies during the existence of her life interest and it is my wish that, for so long as the said Edwina Evans shall reside or have the right to reside in the property, my daughter Delores Morgan will also reside therein and share the costs herein referred to.

4. I give $750,000 to the Nuclear Disarmament Society of New South Wales.

5. I give the rest and residue of my estate to my daughter Delores Morgan.

Molly and Edwina executed a deed in which Molly agreed, in return for consideration of $500, to assign to Edwina her beneficial interest under a bare trust of shares in Integrated Research Systems Ltd (IRS). Edwina paid Molly the $500 on the following day.

Molly visited her life-long friend Denise Davies. Delighted to see her friend, Denise suggested that they go for a drive in her much-loved 1973 model Leyland P76 sedan. During the drive, they stopped at a café in Lindfield for a cup of coffee. While having their coffee, Denise began to feel sharp pains in her chest. Molly suggested that Denise go straight to the hospital. Denise gave Molly the keys to the Leyland P76. Molly then drove Denise to the emergency ward at Royal North Shore Hospital where Denise was told that she had a life-threatening heart condition and would need to be hospitalized.

As Molly was leaving the hospital that day, Denise said to her:

You know that line from that Bob Dylan song that goes I feel I'm knockin' on Heaven's Door'? I feel like that now. If that door opens, I'd like you to have my house in Rose Bay. The title deeds are in the glovebox of the P76.

Molly drove home that night in the Leyland P76. The next day she went to the hospital to visit Denise. When she arrived, she was told that Denise's condition had rapidly deteriorated during the previous night and had died earlier that day.

At Denise's funeral on 11 October, Molly suffered a heart attack and died on the way to the hospital.

Following Molly's death, Judy obtained the following information: 

1. That the Nuclear Disarmament Society of New South Wales (NDS) has the following objectives:

(1) to promote nuclear disarmament and peace;

(2) to undertake, promote, organize, and participate in seminars, research projects, conferences, and other educational activities that deal with issues relating to nuclear disarmament and peace.

(3) to campaign for the adoption of legislation, policies, rules, regulations, and plans which further the promotion of nuclear disarmament and peace.

2.  (i) That the market value of the IRS shares is $1,250,000;

(ii) That, because all profits earned by the IRS for the financial year were to be applied to expanding
its business operations into the Chinese market, no dividends were declared for that financial year; and

(iii) That the same will likely happen for the financial year.

3. That Denise's will left her entire estate to her husband Glynn Davies.

Judy, in her capacity as executrix of Molly's will, seeks your advice as to the following: 

(a) Who is entitled to what interest or rights in the Pymble property;

(b) Whether the NDS is entitled to the $750,000 referred to in Clause 4 of Molly's will;

(c) Who is entitled to the beneficial interest in the IRS shares;

(d) Who is entitled to the Rose Bay house?

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