Introduction to trusts key points in this chapter we will be looking at. The principle of equity and trusts offers students a new approach to this dynamic area of law. It is not an area of law but is more a legal concept. The law of trusts was constructed as an adjunct to the law of property, to tend to situations in which one person holds legal title to a property, but the courts decided it is fair. The law of trusts was constructed as an adjunct to the law of property, to tend to situations in which one person holds legal title to a property, but the courts decided it is fair, just or equitable that another person should benefit from the property.
Fixed trusts and discretionary trusts are two types of. She is the author of several student texts on land law and also a short casebook on equity and trusts. Equity and trustsintroduction wikibooks, open books for an. Working in equity and trusts involves navigating situations where someone has placed trust in an individual or organisation. If this appeals to you, explore the details about equity and trusts law below. Introduction th e historical development of equity and the court of chancery th e maxims of equity th e development of the trust and why we need trusts th e anatomy of a trust th e terminology of trusts th e terminology of wills diff erent types of trust. Equity and trusts 1st semester 2009 how to use this script. Equity and trusts 9th edition alastair hudson routledge.
History shows how equitys doctrines and remedies have evolved, revealing broad trends and. Ii a history of equity a introduction understanding the history of equity is an important guide to analysing its application in case law. Equity is equality earl of oxfords case 1615 1 rep ch 1 concerned a dispute over a lease and the question of which court prevailed in a conflict. This fourth edition of principles of equity and trusts has been comprehensively updated and revised.
The text communicates the dynamic and thought provoking. This wellestablished and respected textbook has been relied upon by students and academic scholars for the last 40 years. Principles of equity and trusts is a concise new textbook from alastair hudson the author of the definitive classic, equity and trusts. Advanced equity and trusts law introduction this course intends to focus on aspects of equity and trusts in two specific contexts. An express trust is one that is consciously set up by the settlor a resulting trust arises by operation of law i. Equity and trusts university of technology, sydney. Equity and trusts online flashcards by gabriela arboleda. Equity and trustsintroduction to trusts wikibooks, open. Alastair hudsons equity and trusts is an ideal textbook for undergraduate courses on the law of trusts and equitable remedies. Express trusts are created deliberately by the settler and, as a general rule, may be created by deed, will, writing or orally. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
The authors enthusiasm and expertise shine through, helping to bring to life an area of the law. Laws2041 equity and trusts university of southampton. Free equity and trusts law books download ebooks online. Holdsworth 1916 the root idea of equity is the idea that the law. Equity introduction to equity and trusts equity equity is not merely about principles but was a court in its own right and that is how it has developed. Trustee company xyz directors a and b beneficiaries c and d a and b misapply trust property to e. An equity unit investment trust is a publicly offered, pooled trust fund managed by an investment company. In the context of commercial activity the course will consider the. Equity and trusts at university of technology, sydney. The role of the courts of equity, sometimes referred to as the court of conscience is important in the development of secret trusts. Equity will not permit a statute to be used as an instrument of fraud. Equity and trusts examines the origin of equity, and the principles associated with equity and trusts. Alastair hudson, equity and trusts 5th ed routledgecavendish, 2007.
Core principles of equity and the law of trusts topic 2. In the third edition of his bestselling textbook, professor graham virgo brings his expertise as a teacher to present an engaging, contextual account of the essential principles of trusts and their equitable remedies. Equity was faced with a peculiar problem in many secret trust cases. Equity and trusts flashcards decks in this class 10. Introduction this update is not intended to be an academic study of the law. Professor graham virgo has created a rigorous yet accessible student companion which draws the field in its contemporary context, offering a critical and insightful commentary on the law, its application, and development.
It can involve very personal matters, so youll need to be a tactful and diplomatic thinker to succeed. Laws2205 equity and trusts anu law students society. A personal equity is merely the right to go to a court of equity to seek a remedy against the executor or administrator of the estate. This conflict between common law courts and chancery courts boosted this move because the judgments given in the two courts would at times conflict. On studocu you find all the study guides, past exams and lecture notes for this course. Principles of equity and trusts by samantha hepburn, 9781862877108, available at book depository with free delivery worldwide. The role of equity in developing secret trusts law equity. 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 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. The trustee holds the property for the benefit of one or more beneficiaries.
The role of equity in developing secret trusts law equity essay. Expert interpretation of the rules of equity and how they can be applied in different situations provide you with. The authors enthusiasm and expertise shine through, helping to bring to life an area of the law which students often find challenging. This fifth edition of principles of equity and trusts has been comprehensively updated and revised. All our titles are available in print and digital formats. Livingstong v commissioner of stamp duties qld 1960 the beneficiarys right in an unadministered deceased estate is not an equitable proprietary interest, it is a personal equity. However, a merger does not take place until the legal and. The aims of this book are to ensure that students understand and are able to assess critically. Key academic debates and the theoretical aspects of the subject are also considered throughout. It will advance novel conceptual approaches to two significant arenas in which equitable doctrines like the trust are deployed.
It also includes a foreword by the honourable justice geoffrey nettle of the australian high court. She has taught property law and family law for over twenty years, having previously qualified as a barrister. Merger of common law and equity the judicature acts led to a merger of both common law and equity in the 19th century. Studying law317 equity and trusts at macquarie university. The relationship between common law and equity bizfluent. Through clear and careful analysis, the author explains what the law is, its foundational principles, and its social and economic effect. Equity and trustsintroduction wikibooks, open books for. It provides a clear, current and comprehensive account of the subject. The fifth edition retains its original style of presenting principles and remedies relevant to equity and trusts in a straightforward and succinct manner, referencing uptodate cases and materials. There is now an acknowledged division between legal and beneficial ownership. The diffi culty originates from the early development of equity as a separate system from the common law. The equity and trusts law collection on law trove is offered to individuals or institutions from. 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.
Generally, it functions to mitigate the unfair impact that rigid. The three certainties, constitution of trusts, and more. A trust is an obligation which binds a person or persons to deal with property for the benefit of beneficiaries or for a charitable purpose in accordance with the terms of the trust chetcuti cauchi advocates, no date. Presents a detailed account of the law of trusts and equity placing the subject in its modern context takes account of the latest legislative and case law developments combines in depth commentary with critical analysis to give more than just a guide to the law mirrors the. 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. Trusts and equity lecture notes lecture notes, lectures 1 10. The overwhelming majority of trusts are expressly created. History illustrates the values that shape equitys application and future development. Equity and trusts is a unique branch of english law based on a body of principles made by the courts of chancery, that focusses on bringing balance to the legal system, particularly the common law. Judith bray is a leader in law at the university of buckingham.
The trust is a creation of equity, and it is easier to describe than to define. Semester12014 equityandtrustsummarynotes 5 theplaceofequityinthemodernlaw. Jul 05, 2012 the principle of equity and trusts offers students a new approach to this dynamic area of law. Additionally, the student may have made some mistakes in their answer, despite their good mark.
Trusts and equity lecture notes lecture notes, lectures. It examines the nature of equity and the maxims of equity setting out the general principles clearly. Since these answers were written, the law has changed and the subject may have changed. Principles of equity and trusts 1st edition alastair. Key academic debates and the theoretical aspects of the subject are also considered throughout equipping the student reader. Alastair hudson, understanding equity and trusts 2nd ed, cavendish, 2004 and to the newest practitioner text in england and wales geraint w thomas and alastair hudson,the law of trusts 1st ed. The equitable liability of third parties selfassessment test.
Access study documents, get answers to your study questions, and connect with real tutors for law 70517. These sample exam answers are based on problems done in past years. In general, equity is a collection of legal principles that is intended to complement common law principles. It assesses critically the application of those principles to factual circumstances. This new edition includes a discussion of new developments in knowing receipt constructive trusts. Implied, resulting or constructive trusts of land do not need to be made in writing timpsons executors v yerbury outlines the four ways in which an equitable interest in property in the hands of a trustee can be disposed of by the person entitled to it in favour of a third party. Most of our equity and trusts textbooks are on two or three year edition cycles so you and your students have access to the latest case law and developments. It retains its original style of presenting principles and remedies relevant to equity and trusts in a straightforward and succinct manner. When a trust exists, the trustee is the legal owner of certain property, but is not entitled to use that property however they wish. One of the unique features of the common law model is the dualism which is inherent in the legal system.
The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another statute of the commonwealth. Claims based upon these substantive rights can be brought in and resolved by a court of equity. Principles, practice and procedure by geoff lindsay sc, 25 november 2003 revised 20 september 2007 topic page i introduction 2 4 ii an historical perspective of equity 417 ii. Concurrent administration of equity and the common law. Praised for the clarity of the writing, the comprehensive scope of the content and the high level of critical analysis, professor philip pettit builds on the strengths of the book to offer students a rigorous and yet readable account of equity and trusts law. As a general rule, where the legal and equitable estates in trust property unite in the same person, there is a merger of such estates and the trust is terminated. It includes a discussion of new developments in fiduciary obligations, express trusts, unconscionable dealing, constructive trusts, penalties.
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