Equity and the Law of Trusts

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This Equity and Trusts Law Textbook provides a thorough, up to date and practical review of the law of equity and trusts. It includes how lawyers become involved in advising on the creation and running of trusts, and how disputes between trustees, beneficiaries and third parties can be managed and resolved. Allows use of Common Law defence against basic primary equitable claim. Eg. If T breaches equitable duty of care not to be negligent, in managing investment fund, but beneficiaries are negligent as well, T might counter Bs' equitable claim with Common Law defence of contributory negligence. He who seeks equity must do equity: A remedy will only be provided where you have acted equitable in the transaction. This maxim is discretionary in nature and is concerned with the future conduct of the plaintiff.

F. Maitland, Equity, also the Forms of Action at Common Law: Two Courses of Lectures (Cambridge University Press, 1929)

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this gift by endorsing on the lease of the business premises a short memorandum: "This deed" Allow for private provision for dependants (testamentary gifts can become public knowledge) via a trust made inter vivos. There are many different types of trust that can be set up depending on how you want to control your assets. Bare trust

This growing 'course' became increasingly inflexible. In 1617 the Lord Chancellor, Francis Bacon, appointed an official reporter for the first time. This reporter sat at his feet and took notes of his judgements, allowing them to be easily and comprehensively cited. By the second half of the century, cases in the Chancery were being cited in argument regularly. While this was not universally accepted, the use of precedent in the Chancery was increasingly accepted and expected. Chancellors also reacted to this development by giving more detailed reasons for their decisions more and more often. This allowed cases that were alike to be treated alike. This process culminated with Lord Nottingham's famous statement that he could not decide cases according to his own private conscience, but that "the conscience by which I must proceed is merely civilis et politica and tied to certain measures." [48] Thus, Equity "hardened into a kind of law" such that large areas of its jurisdiction, like the law relating to mortgages were clearly regulated by rules as certain as those provided by the Common Law. [49] Early reforms: Commonwealth and Restoration [ edit ] Corruption and inefficiency [ edit ] Set out if damages would be a suitable remedy. It must be impossible to quantify damages and must give an under taking which means in the event of an injunction not being granted they must compensate the other party for any losses. another. The settlor is the person who creates the trust, and the trustee is given the legal rightsPeople may set up this kind of trust for their grandchildren, making the grandchildren’s parents trustees. Mixed trust If the only beneficiary is vulnerable, for example someone who is disabled or an orphan, they will pay less tax trusts have no beneficiaries; rather, they are created for a particular purpose. Furthermore, unlike

Prevents an act before it has been committed it may be feared or could have been threatened. Plaintiff must show that there is a strong possibility of this happening and the consequences of the act will be extremely damaging. The burden of proof is higher than a normal injunction (AG v Rathmines & Pembroke Joint Hospital Board 1904). Mareva Injunction The trustee has a fiduciary obligation towards the beneficiary. It is a duty to act with loyalty in Attempts to alter this maxim in recent times by Lord Denning in (Hussey v Palmer 1972) were unsuccessful. Furthermore, as mentioned above, some Tudor Chancellors like Wolseley had become increasingly antagonistic and dismissive towards the Common Law. at some point in time and the beneficiaries must be able to claim their rights under the trust. UNEXPRESSED TRUSTS (TABOLS)

Abstract

Examines key decisions of the Supreme Court of the United Kingdom in this field, such as Patel v Mirza [2017] AC 467 (on illegality) and of the Privy Council, such as in Marr v Collie (on common intention constructive trusts). The legal principles and rules contained within this study manual are stated as at 1 September 2023. be a fit subject for study. It is therefore vital to appreciate that equity is a system of rules in This book is part of a series of 8 textbooks that have been specially designed to cover academic law for students converting to law. Published and updated regularly, these user-friendly study manuals are designed to help you successfully acquire knowledge and understanding of the foundational law of England & Wales. The module will be reassessed by like-for-like reassessment of failed individual component(s) of assessment. Indicative reading

equity is still secondary to Common Law insofar as it presupposes the existence of Common Law rights [Maitland: Common Law can exist without equity, but not the other way round] Where two parties have the right to possess an object the first one with the interest will prevail.

a b Baker, John (2019). An Introduction to English Legal History (5thed.). Oxford: OUP. p.105. ISBN 978-0-19-881261-6. trust, the trust failed. The term "bulk" was too uncertain for the court to determine what was The history of equity and trusts concerns the origin of the body of rules known as Equity, Uses, English trust law and their development into the modern body of trust law that spread with the Common law to the Commonwealth and the United States. Eg. Tort of nuisance is Common Law right of action, but if you want more than Common Law damages, like an equitable remedy of injunction, you must get judgment from Common Law court first and then bring judgment to Court of Chancery to get injunction (can't start off with latter because it has no jurisdiction) BUT note that the 2 approaches of Common Law and equity might not really be alike - if judges are allowed to borrow ideas across the divide, they must be sensitive to the real substantive differences between jurisdictions. There may be good reasons to justify why equitable remedies are fault based - in Common Law contract, parties are expected to be vigilant (thus have partial defences like contributory negligence), but under equitable trust rules, there is no similar basis