equity and trust law pdf

What is Equity and Trusts Law?

LAW UNLOCKING EqUITy ANd TrUsTs 5th edition Mohamed Ramjohn.

University. This recognised a split between legal and beneficial ownership: the legal owner was referred to as a "trustee" (because he was "entrusted" with property) and the beneficial owner was the "beneficiary".

It proceeds to explain the idea of equity and the symbiotic way in which equity and the common law function.

0000018662 00000 n A right recognised by a court of equity. 0000191560 00000 n ⇒ A Claimant will not receive court’s support unless she has acted fairly herself e.g. Over time, it became known that the Lord Chancellor's court (the Court of Chancery) would continually recognize the claim of a returning Crusader. account) is available even if the claimant has suffered no financial loss (Boardman v Phipps).
Advanced Equity and Trusts Law Introduction This course intends to focus on aspects of equity and trusts in two specific contexts: commerce and the home. ⇒ Where both parties have an equitable interest, there is a presumption that the interests are equal, in the absence of reasons otherwise e.g. 0000018961 00000 n 0000183871 00000 n 1.2.2 Equity follows the law Equity does not contravene statute law and will only act against common law rules in exceptional circumstances 1.2.3 He who seeks equity must do equity 0000037842 00000 n 0000004228 00000 n ⇒ Equity ‘mitigates the rigour of the common law’ (Earl of Oxford’s Case (1615)). 0000001350 00000 n The proceeds of this eBook helps us to run the site and keep the service FREE!
0000015464 00000 n the judges make decisions based on previous decisions, ⇒ Historically, equity and the common law were two separate jurisdictions, ⇒ However, they were influential upon each other e.g. Strangers to a trust. E.g. 0000183087 00000 n Rule against perpetuities . At this time, the principle of equity was born. in the case of Walsh v Lonsdale, where a binding contract to grant a lease was deemed to create an equitable lease, even though the formal requirements had not been observed, ⇒ Where an act is performed, though not expressed as being in fulfilment of an obligation, equity will hold that the act is in fulfilment of that obligation (rebuttable presumption), ⇒ Equity’s jurisdiction always exercised against the person and the judgements bind the defendant, ⇒ This does not mean it awards purely personal rights (e.g. 0000001507 00000 n The Crusader had no legal claim. 0000020333 00000 n where 2 people purchase goods from a fraudulent vendor for the same price, neither of them would have a better claim to the goods in equity. 0000002822 00000 n The history of equity and trusts concerns the development of the body of rules known as equity, English trust law and its spread into a modern body of trust law around Commonwealth and the United States.. 0000019151 00000 n damages) → equity acting in personam simply means it is concerned with the conscience of the defendant (Earl of Oxford case), ⇒ This leads to the rule that equitable decisions are not enforceable against bona fide purchasers for value without notice as such a person’s conscience is not affected, At Common Law, the only remedy was damages, so equity developed other remedies: Specific Performance; Rescission; Rectification; Injunctions; Freezing Orders (Mareva); Search Orders (Anton Piller); Account. 0000001218 00000 n The waqf is a similar institution in Islamic law, restricted to charitable trusts. The term "use of land" was coined, and in time developed into what we now know as a "trust".

0000553250 00000 n

⇒ Sometimes described as a civil search warrant (though that is misleading), it is an order of the court to allow the claimant to enter the defendant's premises and search for evidence that will support the claimant's case. ��C���j��ȇ�M��h�=4�A�X�!��FBg��7bpь�Q2�i�܎��U~�vVr��k�|oy~V9'E�����n\C�f=�܆���$� 1�_b�K�t�\�~�E|,N�;`61��G���d6��"CP?�7i@| �Ȅ�@� ��� &�]&�����_H4�[0��Gf�ҜޥQ�H*H��b~8�?��?��T�q�9���ྪ5�%\�K��D�x����>�D�C�������Ɲ� 2fV�:Ͷ�L߿�[ݧ����Z�6ߧ�Кx����njf(�aх��#XT�:�W��]����oM��4a���L�x��n��C6���O�'�#��~k|h��柘>�����98�~���=���O��-�,��k�5u�紑�����/�,)�1��&��/�)���Wb��Vڡ̮¶Jr�r����g���K�~^����w��I�-���\Xz}���3c�aUk� Ynl8�A�N���9��s���lyqB���D :��־>�9ǽk�v3Uy�e%�V\U�>��d� Cases. Therefore, he would find in favour of the returning Crusader.

trusts law, the stuttering development of unjust enrichment, and the particular context of the home as considered by equity, trusts law, family law and legal theory. 0000020543 00000 n 0000018904 00000 n 0000183568 00000 n in all fairness) was another person. 0000002504 00000 n 0000000788 00000 n

Ag. Unfortunately for the Crusader, English common law did not recognize his claim. ⇒ An order requires an extremely strong prima facie case that the evidence exists and that the defendant is likely to destroy it rather than disclose it in civil proceedings.

0000183771 00000 n Introduction.

However, trusts were used in this case because a corporation could not own other companies' stock and thereby become a holding company without a "special act of the legislature". 0000017594 00000 n 0000189832 00000 n

the common law courts began to apply equitable rules and recognise trusts, ⇒ Ultimately, the two jurisdictions were fused together in the Supreme Court of Judicature Acts in the 19th Century, ⇒ If, in any case, there is a conflict between common law and equity, equity shall prevail (s25(11) of the Supreme Court of Judicature Act 1873), ⇒ Conscionability is about holding the defendant up to an objective standard of good conscience, ⇒ Conscionability may be invoked by fraud, dishonesty, misrepresentation, mistake, breach of duty, breach of trust/confidence, conflict of interest, abuse of position, etc, These are not binding rules, but guiding principles (Tinsley v Milligan [1993]). Leading practitioner texts include Snell's Equity, Lewin on Trusts, and Hayton & Underhill's Law of Trusts and Trustees. This was created by later common law jurisdictions. 0000035947 00000 n Editor : Dr. Taiwo E. Adewale Faculty of Law University of Ibadan Ibadan. The separate body of law, developed in the Court of Chancery, which supplements, corrects, and controls the rules of common law. 0000003156 00000 n The law of trusts was constructed as part of "equity", a body of principles made by the Courts of Chancery, which sought to correct the strictness of the common law. 0000000870 00000 n 2015/2016

Academia.edu is a platform for academics to share research papers. "Antitrust law" emerged in the 19th century when industries created monopolistic trusts by entrusting their shares to a board of trustees in exchange for shares of equal value with dividend rights; these boards could then enforce a monopoly. Fifth edition published 2015 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN and by Routledge 711 Third Avenue, New York, NY 10017 Routledge is an imprint of the Taylor & Francis Group, an informa business

⇒ The Court will give an injunction, on equitable principles, where the balance of convenience requires. 0000058515 00000 n ⇒Historically, equity and the common law were two separate jurisdictions ⇒ However, they were influential upon each other e.g. 0000183033 00000 n From the fact that the king orders his eunuch to return to the woman all her property and the produce of her land from the time that she left ... [1]. Th e term ‘equity’ can be used to describe social fairness, or a branch of moral- h{��R(�&^�v�j���b'U��C�/����;�E��cuW/��K�ݩ����k����!+fq;t��յ9ً���+Bm���L5b�u�����'  ��E� Z�yOXJ7���K�^�_��u_`䷂ۮG�Ȭa�춱�����E����ؑ�:%S��B�����,�c�0��Z&�O�+.gA��h'l�6�0/��[`=�_Žx���!�! ⇒ This is an order to freeze assets in a jurisdiction as surety against possible damages. 619 at 622-3; 91 E.R. The Lord Chancellor would consider it "unconscionable" that the legal owner could go back on his word and deny the claims of the Crusader (the "true" owner).

The Lord Chancellor could decide a case according to his conscience. *IQ��3�@R�̒� J� ID̘s^��kZ�n���{�ӰA��w�����a��9U�T�:Ո�Z}�%��.�v�1���7p����-�K��E|�V��v��r��k��"����w*��T���gk�Ѣ�zj���5^k������2-+-{-7--��J�H�8� Z Z۵vh�i�hU���������|��|}�>!N~�v���nÇO7���y:�9;8yعȝ����?q�p���'��7og7o��Pa�ș���>���\��f��u��ܼ�\�-HFM���Y����Ԃr8~9r���O@3LO� ����ө���������L�P���k�����G�,��B}�t�yٹ�y�֙��0Tg���N��u�N�N� 'ǡ:��)�#��������N ��e'���q��@�y;�xم��;aP.n�uܼu��v��=P���&P��׸�$z(�����W�L�´rDE�|��݁�މ��C���r��V#[Y��Mt'�� r�L6P��0�(�@i$�%kZhۦm�6{۶n��mY���L�mm�������.R��#;�t�t4���Y'�N;�l�9�sB��;?��em�w]�tM��Oڔ�uK����������X�c�6���]�0�#s�m�Ʋ{�����t��ߏ�������p�\$�J�X�Lg�N�NC��������l�y���V�����.�;M�Jw��i��}��y�wi_���������دU�����%�;֯���:����;`Ѐ�H/N���U�g�2`��C �}9l�a��^w!a3����#=F&��yTܨ�]F�c7��ذ�?�3W=~��������oѿ3!x­�3&��R��^��'���?��ԙS�M�2m��)���v�ؙO � ��ҟuz��٫f���=�a��s��u��=��ú���6�7JY�.pX�������/|�H{��E���Aƻ��a�iRo��t�i��S0�6[jv������'����5���|�qb7�G3�ɇ����$�b d When a landowner left England to fight in the Crusades, he conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on the understanding that the ownership would be conveyed back on his return. Conscionability, in short, means 'fairness'.

0000015439 00000 n However, these testamentary trusts did not develop into the inter vivos (living) trusts which apply while the creator lives.

the common law courts began to apply equitable rules and recognise trusts Winch v Keeley (1787) (1 T.R.

⇒ Nowadays, the process is controlled by the court, under an independent solicitor who is answerable to the court. Only with a fi rm understanding of the foundations of our subject will we know whether or not the present state of the law is sound and fi t for its purpose, and how, if at all, it ought to be developed further. © 2020 Digestible Notes All Rights Reserved. Biblica (1981): 73-91. trailer<] >> startxref 0 %%EOF 666 0 obj<> endobj 684 0 obj<. 0000182889 00000 n

Course outline Topic 1*.

Nadine Audifferen. As far as the King's courts were concerned, the land belonged to the trustee, who was under no obligation to return it.

Unincorporated Associations. �1��F�4FՀ�S`��e˜�Ő%4L�����7ʏh@��h"��٠��=�!~ݣ0f1R������Q�IG�z^�z��a��jB %PDF-1.4 665 0 obj <> endobj xref 665 20 0000000016 00000 n �z@�W?��e-�-�5o��`���F][�=Wk�e�� ��V�n��

University of Birmingham. )���f>�����4da�!����\t�A�:@�X��y�9����kd$t�T肵�����ry������%O��,��&�U���mO�;`oy[Cވ��Ͷ����/ )ݓ�Q��BM��}���Klx{�I�, �a��5ș�� !l��^7�� j������aȰ哔_�t�~�����L4|���G�C~�S�/�u(1ߕ/�o�^C��LBܖs��={j�j�C�>�K=��dK�1�[}���6k�b�v0թ;Ο�(��� �)[�,l���s����$��)�����P}��5Q]��g�P��.�. 1284 at 1286) demonstrates the common law’s increasing recognition of the trust and willingness to enforce and uphold trusts 0000001155 00000 n

��rp��2��M���}��lX�Z!� P��/�TL�Bbu%�y��lA�"&KV���Ɉ���j��Y�n.�/Ps|�Y&�� :ʤ�a�=QP�U�ļ0c/��+lW;pI�NV�>��t��� =&��:�X2v� �àEo�B{���G��P�z�Ւ��-N�wY���t.��8���Z�8B&Ue��^aˬF�n#�,ȵ�uAu|#�I�t� )��}X��D� �|з�z��UU�̼�r�G�I���[z�k���i=�`���ЊC4wc.=�M�f۔�=�Y���{���[��FP?U�w��_Ǐ�a��{Թ�$C��~S�? [21] ⇒Historically, equity and the common law were two separate jurisdictions ⇒ However, they were influential upon each other e.g.

0000016524 00000 n between law and equity, including the historical origins of the trust. ⇒ A liability to account is an equitable remedy which may be used if a person has come into property unconscionably, ⇒ Unlike the compensatory remedies in tort law, a duty to account will hold the defendant liable not for the loss suffered by the claimant, but for any profit gained. Law of Trusts and Equity (08 21217) Uploaded by.

[2] Holding companies were used after the restriction on owning other companies' shares was lifted. 0000002845 00000 n These include injunctions.

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