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Equity and Trusts

Equity and Trusts. Lecture 1 Introduction. Lecture 1 Outcomes. Explain in outline: the development of equity and the concept of a trust. What is equity?. Supplements common law Administered by the King, then Chancellors, then the Court of Chancery. What is a trust?.

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Equity and Trusts

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  1. Equity and Trusts Lecture 1 Introduction

  2. Lecture 1 Outcomes Explain in outline: • the development of equity and • the concept of a trust.

  3. What is equity? • Supplements common law • Administered by the King, then Chancellors, then the Court of Chancery

  4. What is a trust? ‘An equitable obligation, binding a person (called a trustee) to deal with property (called trust property) owned by him as a separate fund, distinct from his own private property, for the benefit of persons (called beneficiaries…), of whom, he may himself be one, and any of whom may enforce the obligation.’ Underhill and Hayton, Law of Trusts and Trustees

  5. Creation of a trust transfers property Trustee(s) Settlor/Testator on trust for Bs Beneficiaries

  6. Ownership of trust property LEGAL INTEREST Settlor Trustee Beneficiary PROPERTY EQUITABLE INTEREST

  7. Example of a trust This is the last will and testamentof me Denise Barlow of ….. I give all my property to my partner, Paul Jackson, to hold it on trust for the benefit of my daughter, Kylie, until she is 21 when he should transfer all my property to her.

  8. Tailoring the benefit of a trust • On trust for Anne for life remainder to Ben. • On trust for Celia if she attains the age of 21. • On trust for such of David, Eric and Flynn as my trustees shall decide. • On trust to relieve poverty in Africa.

  9. When are lawyers involved in trusts? • Creation: -Settlor transfers property to the trustee -Settlor declares the trust • During the trust: advising on trustees’ powers and duties • Litigation – beneficiaries v trustees

  10. Equitable interventions • Implied trusts E.g. Settlor creates a trust for X if he attains the age of 21. X dies aged 20. Resulting trust for settlor • Fiduciary relationships

  11. Course overview Introduction to trusts Workshop 1 Creation of trusts • Express trusts: Workshops 2-3 • Implied trusts: Workshop 4 During the trust • Trustees’ powers and duties: Workshop 5 • Fiduciary duties: Workshop 6

  12. Actions against trustees and third parties • Workshops 7 and 8 Trusts and insolvency and consolidation Workshop 9 Practice Test Lecture 4

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