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Halliwell looks into the law on imperfect gifts and perfectly constituted trusts as established by the decision in Milroy v Lord, whilst warning that the ruling in Pennington v Waine could result in the discarding of the orthodoxy that 'equity will not convert an imperfect gift into a perfect declaration of trust'. Essentially this piece focuses on what could happen as a result of this surprising change of heart by the Chancery. [2003] 67 Conv 192