By contrast, a resulting trust occurs where A does not comply with the necessary formalities or does not disclose their intentions. In the Twinsectra case, a Quistclose trust was established despite the transferor having no subjective intention to create a trust.
In each of the cases above, the settlor is clearly the donor, A. Traditional analysis: The primary trust was normally seen as express, arising out of the donor's clearly stated intentions as to the use of the money or the donee's intentions, in cases such as Re Kayford.
Difficulties: i Who is the settlor? The money was paid into a bank account with Barclays on the strict agreement that the money would only be used to pay that dividend.
The Judge agreed with Zumax, perhaps surprisingly, but the CA did not, relying heavily on Lord Millett in Twinsectra Ltd v Yardley  HL, and the principle established in in Foley v Hill that money paid to a bank belonged to the bank, with the depositor simply having a debt claim against the bank for the balance.
Quistclose; Per Lord Wilberforce: "I can appreciate no reason why the flexible interplay of law and equity cannot let in these practical arrangements". In that case, Quistclose lent money to Rolls Razor in order to enable it to pay a dividend that Rolls Razor had declared when in significant financial difficulties.
A private express trust arises because the settlor A intends for the trust to arise. The two-part trust structure primary and secondary trusts explained by Lord Wilberforce in Quistclose does not appear elsewhere in English trusts law, and the type of trust used affects the rights available to the parties.
Quistclose followed a similar pattern.
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