Equity and the Law of Trusts

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Sometimes, trust law matters can be very complicated and often items, objects or money may have changed hands several times before anyone notices a problem. Megaw LJ—a trust could be valid, even with uncertain beneficiaries, if there was a "core number" The law of equity began in the court of chancery which was set up because a fair and just remedy could not be given through common law as monetary compensation was not suitable and sometimes a well deserving plaintiff was denied because the writs where quite narrow and rigid. Courts were guided by the previous decisions and that’s how the twelve maxims were formulated. These maxims limit the granting of equitable remedies for those who have not acted in an equitable manner. The decisions of the court of chancery and common law were constantly conflicting. This rivalry was ended in The Earl of Oxfords case 1615. In which the king stated ‘Where common law and equity conflict equity should prevail’. The two courts are now unified and the same judges give decisions out common law and equity.

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. If the only beneficiary is vulnerable, for example someone who is disabled or an orphan, they will pay less tax This maxim states that equity relates to a person rather than their property. It applies to property outside a jurisdiction provided that a defendant is within the jurisdiction.In Federal Commerce & Navigation Co Ltd v Molena Alpha Inc, The Nanfri [1978] 1 QB 927, Lord Denning MR stated This includes the way that charities are run or the way that money left to somebody in a will is governed. Why is it important? What does it involve?

that is the deed of leasehold -- "and all thereto belonging I give to Edward from this time Tension between the two jurisdictions would reach an extreme, however, during the Chancellorship of Lord Ellesmere, who was appointed as Chancellor in 1596. Despite the fact that Ellesmere had been an 'able common lawyer by training', [33] he, alongside his Master of the Rolls, the civilian, Sir Julius Caesar (appointed in 1614), began to increasingly antagonise the Common Law judges. They began to allow cases to be heard in Chancery after judgment had been given by a Common Law judge. 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)

Learning outcomes

Assets in a bare trust are held in the name of a trustee. However, the beneficiary has the right to the contents This maxim developed as common law had no new remedies only monetary damages. Maxim must be treated with caution as today’s laws are made by the Oireachtas. Maxim can be used by the beneficiary of a trust whose rights were not recognised by the common law. Equitable remedies such as injunctions or specific performance may be given.

trusts of the family home, usually fall within this last category. The vast majority of constructive The early modern period and the 17th century in particular, was critical in the shifting from a system based purely on the Chancellor's conscience to one based on predicable (if perhaps sometimes flexible) rules as Equity is today. Indeed, the idea of the Chancellor's conscience being the sole deciding factor provoked the jurist John Selden to make the famous comment above, which is now commonly cited in legal circles as "The Chancellor's foot". [45] [46] The critiscm predated Selden, however. It is evident in the treatise Doctor and Student of the previous century. This intellectual pressure began to, slowly, harden Equity from purely based on the conscience of one man and to start to resemble a system of rules by the start of the 17th century18 This combines elements from different trusts. For example, it might give the beneficiary a right to the income Problematic! Chancery procedure was slow and expensive (for most of 18th century, there were only 2 Chancery judges - Lord Chancellor and Master of the Rolls; required documents to be prepared by clerks who charged based on length of the documents) Judicature Acts 1873-1875:The judges look at this contract from the enforceable side and the situation they would be in had the contract been completed Powell, H. Jefferson (1993). " "Cardozo's Foot": The Chancellor's Conscience and Constructive Trusts". Law and Contemporary Problems. 56 (3): 7–27. doi: 10.2307/1192175. ISSN 0023-9186. JSTOR 1192175. These are charitable trusts. Since charitable trusts are for the benefit of the society as a whole, a Critically evaluate an area of law both doctrinally and in terms of its socio-economic and other consequences and from an historical