Equity and the Law of Trusts

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This combines elements from different trusts. For example, it might give the beneficiary a right to the income the trust. In simple words, what this means is that once the beneficiaries of a trust reach majority,

Set out if damages would be a suitable remedy. It must be impossible to quantify damages and must give an under taking which means in the event of an injunction not being granted they must compensate the other party for any losses. Furthermore, as mentioned above, some Tudor Chancellors like Wolseley had become increasingly antagonistic and dismissive towards the Common Law. The legal principles and rules contained within this study manual are stated as at 1 September 2023. wished to terminate the accumulation. Similarly, if the trusts are held for X for his life, and then of the trust at any time if they’re 18 years old or over (in England and Wales). This means the assets set asideThe word "equity" normally suggests justice and fairness i.e. to act equitably is to act fairly. However, in a legal sense “Equity” refers to a specific body of law, one which has a history that is quite distinct from the “Common Law”. Up to 1875, 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 1873 and 1875. equity is still secondary to Common Law insofar as it presupposes the existence of Common Law rights [Maitland: Common Law can exist without equity, but not the other way round]

Where two parties have the right to possess an object the first one with the interest will prevail. Baker has also identified the sheer volume of work that the Chancery was increasingly asked to undertake as a factor that contributed to this process of 'hardening'. As the Chancellors came to be "faced with thousands of petitions, they could not help but develop routine attitudes to commonly recurring cases." [47] Nonetheless, these 'routine attitude', built on an earlier tradition of a procedural 'course' that developed and that over the 16th century came to encompass doctrinal matters. [47]Ellesmere's death in 1617 and his replacement with Francis Bacon sought to foster better relations with the Common Law judges, preventing the open hostility from arising again. Thus even if the King James's ruling of 1616 would come to be seen as illegal, [42] the supremacy of Equity would eventually prevail when the different jurisdictions were amalgamated in the 19th Century into what today is are Senior Courts of England and Wales. [43] [44] Shift to Equity by rule [ edit ] 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)