Thomas Medley held shares in a company called the Bank of Louisiana, and wished to transfer them.

He also gave Lord a power of attorney to receive dividends on the shares and to comply with the company constitution's formalities.

Stuart VC held that a trust had been created for Eleanor, and the decision was appealed.

If it is intended to take effect by transfer, the Court will not hold the intended transfer to operate as a declaration of trust, for then every imperfect instrument would be made effectual by being converted into a perfect trust.There were subsequently a host of exceptions to the Milroy v Lord rule.

Particularly after T Choithram International SA v Pagarani, it is not clear that Milroy v Lord would be decided in the same way.