Trusts and equity

Cover......Page 1
Contents......Page 8
Preface......Page 16
Table of cases......Page 18
Table of legislation......Page 30
 Objectives......Page 34
 Development of equity......Page 35
 Evolution of the trust......Page 39
 Definition/description of the trust......Page 41
 Bona fide purchaser principle......Page 46
 Classification of trusts......Page 47
 Distinction between a trust and other concepts......Page 52
 Taxation of trusts......Page 70
 Summary......Page 78
 Further reading......Page 79
 Introduction......Page 81
 Where the equities are equal, the law prevails. Where the equities are equal, the first in time prevails......Page 82
 Equity imputes an intention to fulfil an obligation......Page 84
 Equity acts in personam......Page 85
 He who seeks equity must do equity......Page 86
 He who comes to equity must come with clean hands......Page 87
 Delay defeats equity......Page 89
 Equity will not assist a volunteer......Page 90
 The rule in Strong v Bird......Page 91
 Donationes mortis causa......Page 93
 Proprietary estoppel......Page 102
 Summary......Page 104
 Further reading......Page 105
 The trust concept in context......Page 107
 Modern uses of the trust......Page 109
 Trusts in the international arena......Page 125
 Summary......Page 126
 Further reading......Page 127
 The definition of the express trust......Page 128
 Capacity......Page 129
 Certainty......Page 131
 Constitution......Page 137
 Formality......Page 146
 Secret and half-secret trusts......Page 155
 Further reading......Page 162
 Trusts and powers, obligations and discretions......Page 165
 Role of the discretionary trust......Page 166
 Obligations in relation to powers of appointment......Page 167
 Rights of the objects......Page 168
 Further obligations: the discretionary trust......Page 169
 Certainty of objects......Page 173
 Summary......Page 177
 Further reading......Page 179
 Trusts to preserve property from creditors......Page 180
 Inheritance (Provision for Family and Dependants) Act 1975 ss 10–13......Page 188
 The rule in Saunders v Vautier......Page 190
 Further reading......Page 193
 Trusts which offend the perpetuity rules......Page 194
 Trusts which offend public policy......Page 201
 Further reading......Page 206
 Introduction......Page 207
 Rectification......Page 208
 Inherent jurisdiction......Page 209
 Trustee Act 1925 s 57(1)......Page 212
 Settled Land Act 1925 s 64(1)......Page 215
 Matrimonial Causes Act 1973 s 24(1)(c), Civil Partnership Act 2004 and Marriage (Same Sex Couples) Act 2013......Page 216
 Variation of Trusts Act 1958......Page 217
 Further reading......Page 230
 The meaning of ‘purpose trust’......Page 232
 Objections to purpose trusts......Page 233
 Evasion of the rules: cases where ‘purpose trusts’ may have private beneficiaries......Page 235
 The exceptional cases......Page 236
 Unincorporated associations......Page 238
 Further reading......Page 247
 Introduction......Page 249
 Charitable organisations......Page 250
 Definition of charity and charitable purpose......Page 251
 Advantages of charitable status......Page 253
 Requirement of public benefit......Page 255
 Charitable purposes: specific examples......Page 258
 Trusts for the benefit of localities......Page 268
 Charities, political purposes and activities......Page 269
 Exclusively charitable requirement......Page 270
 Ancillary purposes......Page 271
 Discrimination......Page 273
 Administration of charities......Page 274
 Cy-près doctrine......Page 280
 Small, unincorporated charities; alteration of purposes, transfer and expenditure of capital......Page 290
 Summary......Page 291
 Further reading......Page 292
 Introduction......Page 294
 Implied or resulting trusts?......Page 295
 Examples of resulting trusts......Page 296
 Categorisation of resulting trusts and the role of intention......Page 297
 Possible future roles for resulting trusts......Page 299
 Examples of situations where resulting trusts have come into being......Page 300
 Transfers into the names of others......Page 304
 Purchases in the names of others......Page 320
 Summary......Page 327
 Further reading......Page 328
 Introduction......Page 330
 Improper gains by persons in a fiduciary position......Page 333
 Mutual wills......Page 351
 Acting as executor or administrator......Page 365
 Acquisition of property by killing......Page 366
 Licences......Page 367
 Liability of strangers......Page 368
 Proprietary estoppel......Page 375
 Summary......Page 379
 Further reading......Page 380
 Introduction......Page 383
 Married couples: divorce, decree of nullity or decree of judicial separation......Page 388
 All other situations not involving marriage or civil partnership: the key issues......Page 389
 Proprietary estoppel......Page 416
 Property other than a home......Page 417
 Reform......Page 418
 Summary......Page 423
 Further reading......Page 424
 Introduction......Page 426
 Trustees’ fiduciary position......Page 427
 Standard of care......Page 436
 Restriction of liability......Page 439
 Who can be a trustee?......Page 442
 Number of trustees......Page 443
 Appointment......Page 444
 Ending trusteeship......Page 450
 Special types of trustees......Page 455
 Summary......Page 457
 Further reading......Page 458
 Introduction......Page 459
 Setting aside the exercise of a discretion......Page 460
 Power to sell......Page 471
 Power to insure......Page 473
 Power to compound liabilities......Page 474
 Power to claim reimbursement for expenses incurred......Page 475
 Power to delegate......Page 477
 Power to maintain a beneficiary......Page 478
 Power of advancement......Page 483
 Further reading......Page 488
 Duty to act personally......Page 490
 Duty to act unanimously......Page 496
 Duty to provide accounts and information......Page 497
 Duty to act impartially......Page 500
 Duty to distribute to those entitled......Page 507
 Duty to consult......Page 508
 Duty to safeguard trust property......Page 509
 Duty to invest......Page 510
 Further reading......Page 523
 Personal and proprietary claims......Page 525
 Personal liability......Page 526
 Relief from liability......Page 531
 Time limits on actions......Page 533
 Liability to account for gains......Page 535
 Tracing, and the remedies which may follow......Page 537
 Claims in personam under Re Diplock......Page 550
 Summary......Page 551
 Further reading......Page 552
 Conversion......Page 553
 Election......Page 563
 Satisfaction......Page 568
 Performance......Page 574
 Summary......Page 575
 Further reading......Page 576
 Objectives......Page 578
 Injunctions......Page 579
 Specific performance......Page 605
 Rescission......Page 610
 Rectification......Page 616
 Summary......Page 618
 Further reading......Page 619
Glossary......Page 622
Index......Page 628