Nathan is a wealthy investor who is entering into his 'retirement phase'. He is upset with how modern Australia is progressing and wishes to set up a strategic litigation fund in order to fund the legal cases of individuals he thinks have made significant contributions to society. Nathan has heard of a woman - Frances - who he thinks has been unfairly vilified by the media. Nathan decides that he wants to fund defamation proceedings for Frances. Nathan decides that he wants to set up a trust to act as the funding vehicle for Frances' legal fees. Nathan signs a document which states the following: I (Nathan) hold $1,000,000 (1 million dollars) on trust for Frances whilst she fights the mainstream media! I am to pay Frances $25,000 a month from the funds held on trust. Nathan transfers the $1m into a new bank account that he holds with the Commonwealth Bank, and titles the account 'Frances' Fighting Fund'. For the final part of the question, assume that the above transactions have taken place, but not remedy has been sought or granted. Nathan, concerned that Frances will find out about his use of the trust fund, but also concerned that he will soon run out of money, decides to transfer all of the remaining money in the Frances Fighting Fund to his old pal, Kor. Nathan phones Kor out of the blue and the following conversation occurs: Nathan: Hi Kor, I've got a big favour to ask. I'm in a bit of a pickle, and things are a little tight at the moment. I've got some cash hanging around that I would like you to look after. Just put it into a savings account or whatever. I'll let you know when I need it back. Kor: No worries mate. Happy to help. Where is the money coming from? Nathan: Better not to ask questions like that! You know me! Kor: Ha ha, just like the old times - I'll let you know once the money hits my account. Does Frances, as beneficiary of the trust, have a claim against Kor? Do not advise on what remedies may be available as a result of a claim against Kor.