Barclays Bank Ltd v Quistclose Investments Ltd [1970] AC 567 is authority that a loan given for a particular purpose which is not carried out may be held on resulting trust for the lender. Which of the following is not an essential criterion to established a 'Quistclose trust'?
A) A Quistclose trust will only arise if it is compatible with the terms of business.
B) The money must have been advanced exclusively for a specific purpose.
C) The money advanced must be restricted to a specific purpose, and not at the free disposal of the recipient,.
D) The money advanced must be kept in a separate bank account.
Correct Answer:
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