Equity and the Law of Trusts

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Bare trusts are often used to pass assets on to young people – the trustees look after them until the beneficiary a b Johnston, David (2015). "11: Succession". The Cambridge Companion to Roman Law. CUP. p.206. doi: 10.1017/CCO9781139034401.015. ISBN 9781139034401. In this type of trust, the trustee has discretion as to the distribution of the trust property. For executor of an estate until the estate is disposed of according to the wishes of the testator, and the

This classic text has been fully updated to take account of recent developments. The coverage of unincorporated associations has been expanded in this new edition, and greater detail has been applied to contemporary issues in constructive, resulting and charitable trusts. Baker has also identified the sheer volume of work that the Chancery was increasingly asked to undertake as a factor that contributed to this process of 'hardening'. As the Chancellors came to be "faced with thousands of petitions, they could not help but develop routine attitudes to commonly recurring cases." [47] Nonetheless, these 'routine attitude', built on an earlier tradition of a procedural 'course' that developed and that over the 16th century came to encompass doctrinal matters. [47] People may set up this kind of trust for their grandchildren, making the grandchildren’s parents trustees. Mixed trust common injunctions issued by Courts of Chancery to prevent D from enforcing judgment obtained at Common Law, if contrary to good conscience. The Earl of Oxford's Case, 1615: dispute between Lord Ellesmere (Chancery) and Lord Coke (Common Law)original justification for the presumption of advancement is losing its strength, because wives are Equity stretches across all areas of law. It’s an incredibly important part of the legal system, but the majority of people working in this area of law will be dealing with the various intricacies of trust law. The law of trusts was constructed as part of " Equity", a body of principles that arose in the Courts of Chancery, which sought to correct the strictness of the common law. The trust was an addition to the law of property, in the situation where one person held legal title to property, but the courts decided it was fair, just or "equitable" that this person be compelled to use it for the benefit of another. 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". But this legislative change was short lived! Right to devise freehold land by will eventually reestablished by the Statute of Wills 1540. Feudal incidences eventually abolished anyway. Sources: in the early days, law was mostly developed by successive Chancellors, as they extended protection of B (first against transferees with notice of the use, then against heirs of third parties who inherited the property, and then against anyone except Equity's Darling) During that time the streams of common law and equity have flown together and combined so as to be indistinguishable the one from the other. We have no longer to ask ourselves: what would the courts of common law or the courts of equity have done before the Judicature Act? We have to ask ourselves: what should we do now so as to ensure fair dealing between the parties? [59]

which, in the case of a trust for persons, enable the beneficiary to hold the trustee to account for The reliance on the conscience of the Chancellor as the way cases were decided made the relationship between the Equity and the Common Law susceptible to the personal relationship between the Chancellor and the Common Law Judges. For example, in 1482 a Chief Justice of the King's Bench threatened to contradict an injunction issued the Chancellor by releasing, through a writ of habeas corpus, anybody the Chancellor imprisoned pursuant to his injunction. [31] Nonetheless, relations were generally harmonious. [32]Principle established in (Parkin v Thorold 1852). This maxim is where the equitable remedy for rectification was established this allows for a contract to be corrected when the terms are not correctly recorded. This maxim allows the judge to interpret the intentions of the parties if the terms aren’t recorded properly.

Instead of one Lord Chancellor, Cromwell and the House of Commons appointed several Commissioners of the Great Seal of England and tasked them with reforming the court. [51] However, when the House of Commons took up law reform in 1650, they proposed no changes in the Chancery. [53] It has been suggested that a possible reason for this was the large and power lobby that was formed by Chancery officeholders. [52] In any event, and after several pamphlets criticising the Court had circulated, reforms were proposed in a bill that would have seen the process become more efficient and direct with the creation of a Chief Clerk to handle most of the procedure and with heavy penalties for refusing to answer or appear in court (a novelty). The bill never became law however, as Parliament delegated its authority on Cromwell in 1654. [54] offend the ‘rule against perpetuities’). For other categories of trusts, the trust must come to an end Hence, result of this case was to establish primacy of equitable jurisdiction over the common law - enshrined in statute today. BUT equity does not assume Common Law itself is wrong - doesn't abolish/compete with Common Law rules. Rather, it corrects the judgement, presupposing existence and application of Common Law rules. It provides a gloss/qualification on enforcement of Common Law rules. keep the surplus as a gift, especially when a close relationship exists between settlor and trustee amp;quot;A disposition of an equitable interest or trust subsisting at the time of the disposition,Each title is designed to operate as a study manual, rather than solely a textbook. This means that understanding of the academic law is developed using worked examples and activities, as well as more traditional explanation of legal principles. Demonstrate detailed knowledge and understanding of the historical development of Equity and Trusts in a social, political, and economic