The leading case on constitution is Milroy v Lord (1862) 31 LJ Ch 798, which provides a clear general statement of the issues. The settlor executed a voluntary deed purporting to transfer shares in the Bank of Louisiana to Lord to be held for the plaintiffs. The shares could only be legally transferred by the appropriate transfer form (not by a deed) followed by registration of the new owner in the company’s books, which was never done. The settlor handed the share certificates to Lord, who had a general power of attorney to act on behalf of the settlor that would have enabled him to register the shares in his name. Dividends were subsequently received by Lord and validly distributed to the plaintiffs until the settlor’s death, three years later. The Court of Appeal in Chancery decided that, as the shares had not vested in Lord, there was no trust of the shares, despite the settlor’s clear intention to create one.