File Name: equity and trust law .zip
The origins of Equity Equity is a system of law historically developed in the Court of Chancery correcting unconsciousble conduct on the part of a defendant.
The separate body of law, developed in the Court of Chancery, which supplements, corrects, and controls the rules of common law. A device by which one person holds property for the benefit of another person. A trust imposes a personal equitable obligation upon a person trustee to deal with property for the benefit of another person or class of persons beneficiary or for the advancement of certain purposes, private or charitable.
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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. 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. There is now an acknowledged division between legal and beneficial ownership: the legal owner is referred to as a "trustee" because he is "entrusted" with the property and the beneficial owner is the "beneficiary". The word "equity" normally suggests justice and fairness i. Up to , Equity was administered by the Court of Chancery, whilst the Common Law was administered in an entirely separate but parallel system of courts. Certain remedies were found only in Common Law, whilst others were only found in Equity. This chapter will examine how and why Equity developed separately, as well as the question of whether the two systems have been "fused" by the Judicature Acts of and
The Principles of Equity and Trusts. Graham Virgo. The Principles of Equity and Trusts offers a refreshing, student-focused approach to a dynamic area of law. In the fourth edition of his best-selling textbook, Professor Graham Virgo brings his expertise as a teacher to deliver an engaging, contextual account of the essential principles oftrusts and their equitable remedies.
In jurisdictions following the English common law system , equity is the body of law which was developed in the English Court of Chancery and which is now administered concurrently with the common law. For much of its history, the English common law was principally developed and administered in the central royal courts: the Court of King's Bench , the Court of Common Pleas , and the Exchequer. Equity was the name given to the law which was administered in the Court of Chancery. The Judicature Reforms in the s effected a procedural fusion of the two bodies of law, ending their institutional separation.
Equity essentially means fairness. Our legal system is based on these rules and this area of law gave birth to the law of trusts. Trust law is a set of rules that have been established to regulate situations where one person places trust in another person to look after their affairs.
It is a curious paradox that, while both equity and land law 1 would seem at first glance to be natural objects of socio-legal study, concerned as both are with values and power relations, the black-letter approach tends to dominate our syllabuses and textbooks, with only the barest nod in the direction of historical context and a smattering of policy. The focus of these courses is the legal rules , and most of us are content if, by the end of the module, our students can apply the correct law to the facts of a problem question and give competent advice. This is hardly surprising. In the face of rising failure rates, teachers face the challenge of making them as straightforward as possible, while yet covering sufficient content to satisfy the professional requirements laid down by the Joint Academic Standards Board. Many of us conclude that if we send our students out into the world with this skill in the area of property law, where it is so often lacking, this is a significant achievement.
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Preview - Copyrighted Material. Trusts and. Equity. Sixth Edition. GARY WATT. Professor of Law, University of Warwick rnasystemsbiology.orgReply