판결 이유
The test for certainty of objects in a discretionary trust is the 'is or is not' test: the trust is valid if it can be said with certainty that any given individual is or is not a member of the class.
사실관계
Bertram Baden established a trust for the benefit of employees, ex-employees, and their relatives and dependants of Matthew Hall & Co.
판결 요약
The House of Lords (Lord Wilberforce) replaced the 'complete list' test with the 'is or is not' test for discretionary trusts, aligning it with the test for powers of appointment from Re Gulbenkian.
주요 인용문
"A trust for a purpose which is not a charitable purpose is void... but a discretionary trust for individuals is valid if the 'is or is not' test is satisfied."
— Lord Wilberforce
후속 처리
Definitive authority on certainty of objects for discretionary trusts.