Equitable interests in property may be created in favour of volunteers, but a court of equity does not interfere to perfect an imperfect gift1. In order to render a voluntary settlement valid and effectual the settlor must either:
(1) have done everything which, according to the nature of the property comprised in the settlement, was necessary to be done to transfer the property, and to render the settlement binding on him; this is effected when he actually transfers his own interest in the property to the donee or to trustees for the donee; or
(2) while retaining the property
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