Equity And Trusts Notes Pdf

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To browse Academia. Skip to main content. By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. Log In Sign Up. Download Free PDF. Equity and Trusts lecturer series in uganda, by Mr. Mulalira Faisal. Download PDF. A short summary of this paper. Why do we need individual justice? Therefore purpose of equity is to mitigate the strict application of the law when it resulted in injustice for a particular case.

Further the common law remedy of damages was often inappropriate for particular circumstances. Jurisdiction of Equity: - Per Story, equity has a 3 fold division: o Exclusive jurisdiction: where the Ct of Chancery had alone had jurisdiction e.

It could only award monetary remedies in the form of restitution - No power existed to allow the transfer of cases from one jurisdiction to another; therefore there was a risk of commencing proceedings in the wrong court Carter v Smith. Walsh v Lonsdale Facts - L agreed in writing to grant a 7 yr lease of his mill to W at an agreed rent payable in quarterly arrears.

When L demanded the rent in advance, W refused to pay and L levied for distress at law. Held - There was no uncertainty of terms, the agreement btw the parties was in substance an agreement to grant a legal lease, therefore L is entitled to levy distress. But the District Ct now has equitable jurisdiction in a range of matters that are within the monetary jurisdiction of the court. Its precise scope is necessarily ill-defined and somewhat uncertain.

This is largely due to the need for justice and need for certainty in the law. The Main Equitable Maxims 1. Cts are unlikely to create entirely new equitable rights and interests nowadays. Re Diplock Breach of trust, beneficiaries have a right to correct property distribution, even against innocent 3rd parties Facts - D was a wealthy man who left various legacies to his friends and relatives in his will. Since the term of the trust was void, the executors had wrongly distributed the funds, even though it was in good faith.

The couple came, giving up a value tenancy in England, but the mother changed her mind. The couple sued the mother, but it was held that no consideration was provided for the promise by the couple.

No relief was granted. Equity follows the law - Equity will not override the common law. Since under common law no legal debt was payable, the writ cannot be granted in equity either. Therefore the woman was entitled to her share of the title to the property. Tasita v PNG - PNG govt misrep a lease and was thus estopped from denying that the lase had come to an end when the tenant had vacated the premises. Equity corrects the law 4. Therefore a plaintiff seeking specific perf under equity must be ready, able and willing to perform the k if remedy is granted.

Hewson v Sydney Stock Exchange re flexibility Facts - S was fairly exclusive and it was a privilege to be granted a seat in it. Ramsden v Dyson re reimbursement of defendant for improvements mistakenly erected Facts - Tenants tried to defeat proceedings against their ejectment from the land in question. They claimed that they had been assured that they would be granted a long term lease and not a customary lease terminable at will. But the case was appealed to the HL.

The shares were not fully paid for and the company demanded payment from the clerk. Beneficiary will only be free from burden if there is good reason for the trustee to bear it.

Lodge v National Union Investment Co Ltd re if maxims apply when a declaration is sought Facts - N lent L money in contravention of the money lending act and was unable to enforce the loan against L and thus did not take any action against L.

But the cancellation of the security is an equitable remedy, so in order to have that granted, L must pay back the benefits he gained from the loan, even if it is unenforceable in law.

When the business failed, it was held that the Makaronis were entitled to set adise the mortgage but had to repay the money borrowed at a lower rate. He who comes to equity must do so with clean hands - A plaintiff in equity must not be guilty of some improper conduct if they wish to gain relief.

Therefore specific perf of a k will be refused if the plaintiff procured the k a aresult of equitable fraud, even of the defendant has not rescinded the k. Although, general depravity by the plaintiff will not bar equitable relief.

But the entertainers wanted to change managers, so H tried to get an injunction to prevent them from doing so. The plaintiff was disqualified under the rules and not allowed to attend any more races on the grounds. Plaintiff entered the grounds and was ejected. Plaintiff tried to get an injunction to prevent his ejection from the grounds.

Held - The plaintiff, having been disqualified was not entitled to an injunction restraining the racecourse from ejecting him. Was the house a gift to her children? Held - If the case was decided in England, then following the case of Tinsley v Milligan would have meant that the mother did not have clean hands and is not entitled to the proceeds.

Held - Kettles can only be patented not copyrighted. By doing this, K was defrauding the public and misrepresenting the patent. When she left the convent, she claimed that her property was transferred under undue influence and tried to get it back.

Where there is equal equity, the law prevails, and where the equities are equal, the 1st in time prevails - These relates to the law on priorities 8.

Equity is equality - I. Equity looks at intent or substance rather than form Re Bairnsdale Food Products Facts - The company sent dried fruits to troops overseas. The Q was what is the obligation of a liquidator in winding up a company when they have an optn to buy property under the VIC Company Act? Should the liquidator buy the property and then sell it to distribute the proceeds to the other debtors Held - Per Fullagar J equity is concerned with the substance of the legislation and not the form.

The contracts were to operate so that they would occur at the same time. That is, the property will essentially go from the vendor to purchaser 2. But this was later resolved and the property successfully transferred to P2. Held - Lack of the clause simply requires the k to be performed within a reasonable time.

A technicality should not prevent a substantially completed k from being invalid. Equity acts in personam - I. Maryland was granted to the Baltimores and Pennsylvania was granted to Penn. The problem was that the deeds were often granted by diff Kings who were vague about the land boundaries. Held - The UK Court of Chancery had jurisdiction to enforce an agreement on the boundaries of land situated outside England, since the B was properly served with the originating process in England.

They have done so as to land, in Scotland, in Ireland, in the Colonies, in foreign countries The trustee was an American corporation and the property consisted of foreign securities, stocks and shares. The income of the trust property was paid into an American bank account and no income was remitted to England.

Equity will not allow a statue to be a cloak for a fraud Equity does nothing in vain Once a mortgage always a mortgage Equity will not assist a volunteer i.

The exceptions are beneficiaries under a trust - Authority: Corrin v Patton. Here we need to see if A or B have priority in their claim whether by timeline or by type of interest i. Also in rem has more flexibility in that it follows the movt of the property being claimed.

This right only binds in the conscience of the defendant e. This right is propriety in nature and is only equitable in so far when damages at law would be inadequate for a breach of k. Consideration for the optn was provided but defendant tried to repudiate optn b4 plaintiff could ex it. He only holds the legal one and the incidental rights associated with it.

But is not free to use the rights for his own benefit as if no trust existed. He has an equitable obligation to act for the benefit of the beneficiary under the trust. In addition, it is impossible to est a rigid hierarchy of interests in which all equities will find a pre-determined place see e.

Latec re judges different characterisation of equity and rights. Here the owners of property do not divest their legal interest, but confers an equitable interest on others like financiers. The company went to the solicitor to get a new type of credit note system. As an example of the exercise of an equitable interest a beneficiary under a trust may - o Demand the transfer of the legal title from the trustee and thus become the legal owner of the property o Sell the beneficial interest in the trust o Trace the trust property into the hands of a third party if the trustee misappropriates it.

This is shown in Livingstone where it was clear that the right to compel the due administration of an estate was capable of being assigned by will even though the right did not confer any rights in a particular property. Any legacies can only be provided if there are residual assets left after the payment of the debts. If a debtor fails to make a claim by the deadline, the executor will being distribution. If she did, then the Stamp Duties Commissioner was entitled to the succession duty it does not matter if she did not register the title deed.

If C had a beneficial interest at death, then she is liable to the tax. But if the interest had to be located somewhere, then it was in NSW where the executors were domiciled not Qld. The right of the beneficiary in an unadmin or partly admin estate is not proprietary - Kitto J — beneficiary interests extended to all of the estate when it was in admin but this not entitle C to any particular asset in specie.

C can only get whatever is left when admin is completed.

Equity & Trust

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Oxbridge Notes uses cookies for login, tax evidence, digital piracy prevention, business intelligence, and advertising purposes, as explained in our privacy policy. Someone recently bought our. This is an extract of our Trusts document, which we sell as part of our Property, Equity and Trusts 1 Notes collection written by the top tier of University Of New South Wales students. Due to the challenges of extracting text from PDFs, it will have odd formatting:. Declaration - the person seeking to establish the trust retains the legal or equitable interest in the property but declared it is held on trust for the beneficiaries - thus passing them an equitable interst.

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. This includes the way that charities are run or the way that money left to somebody in a will is governed. Equity stretches across all areas of law. If you specialise in equity and trusts, you may find yourself making sure charities are correctly spending donated funds or resolving conflicts between families. It may often involve dealing with the affairs of people who are no longer around and therefore you will need to be sensitive to the situation of your clients.


A legal trust ownership is divided between two individuals that are called trustee and beneficiary. The role of management is vested in a person called a trustee.


Equity & Trusts

There is a large equity problem worth a total of 30 marks 2. There is a large trusts problem worth a total of 30 marks 3. There are two short answer questions each worth 5 marks and a total of 10 marks. The exam result and the assignment result will be added together to determine the overall final result.!

MLL405 EQUITY & TRUSTS EXAM NOTES

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Equity & Trusts law notes

The history of equity and trusts concerns the development of the body of rules known as equity , English trust law and its spread into a modern body of trust law around Commonwealth and the United States. The law of trusts was constructed as part of " equity ", a body of principles made by the Courts of Chancery , which sought to correct the strictness of the common law. The trust was an addition to the law of property , in the situation where one person held legal title to property, but the courts decided it was fair, just or "equitable" that this person be compelled to use it for the benefit of another.

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Equity & Trusts law notes

Topic Notes. Past Papers. Several models of the resulting trust have been set out in different contexts but each of them has significant problems. A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior.

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. It was developed by the Court of Chancery to solve deficiencies of the common law and correct unconsciousble conduct. The Chancellor recognized the inability of the common law to deal with social and economic changes taking place in society. It administered equitable relief by asking the defendant to personally appear before him personam. It is a system of principle and precedent rather than a system of ad hoc justice.

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Через тридцать секунд она уже сидела за его столом и изучала отчет шифровалки. - Видишь? - спросил Бринкерхофф, наклоняясь над ней и показывая цифру.  - Это СЦР. Миллиард долларов.

Пользуются ли писсуаром в дамском туалете -неважно, главное, что сэкономили на лишней кабинке. Беккер с отвращением оглядел комнату. Грязь, в раковине мутная коричневатая вода. Повсюду разбросаны грязные бумажные полотенца, лужи воды на полу.

Он задерживается.

Куда бы ни падал его взгляд, всюду мелькали красно-бело-синие прически. Тела танцующих слились так плотно, что он не мог рассмотреть, во что они одеты. Британского флага нигде не было. Ясно, что ему не удастся влиться в это море, которое раздавит его, как утлую лодчонку.

У Сьюзан свело желудок. Она подняла голову. - Не поддающийся взлому алгоритм? - Она выдержала паузу.  - Ах да… Я, кажется, что-то такое читала. - Не очень правдоподобное заявление.

 Не знаю. Может быть, Стратмор прогоняет что-то в ТРАНСТЕКСТЕ и на это ушло все аварийное питание. - Так почему он не отключит эту свою игрушку.

Он тихонько толкнул дверь, и та отворилась. Беккер с трудом сдержал крик ужаса. Меган сидела на унитазе с закатившимися вверх глазами. В центре лба зияло пулевое отверстие, из которого сочилась кровь, заливая лицо. - О Боже! - воскликнул он в ужасе.

Рванувшись вниз за своей жертвой, он продолжал держаться вплотную к внешней стене, что позволило бы ему стрелять под наибольшим углом. Но всякий раз, когда перед ним открывался очередной виток спирали, Беккер оставался вне поля зрения и создавалось впечатление, что тот постоянно находится впереди на сто восемьдесят градусов. Беккер держался центра башни, срезая углы и одним прыжком преодолевая сразу несколько ступенек, Халохот неуклонно двигался за. Еще несколько секунд - и все решит один-единственный выстрел. Даже если Беккер успеет спуститься вниз, ему все равно некуда бежать: Халохот выстрелит ему в спину, когда он будет пересекать Апельсиновый сад.

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