Topic 6 slides - Assignment of Equitable Property.pptx -...

Equity & Trusts 70517
Topic 6:
Assignment of Equitable Property

Equity & Trusts 70517
Topic 1 - History and Nature of Equity
Topic 2 - Unconscionable Dealing and Undue Influence
Topic 3 - Equitable Estoppel
Topic 4 - Equitable Estates and Interests in Property
Topic 5 - Equitable Assignment of Legal Property
Topic 6 - Equitable Assignment of Equitable Property
Topic 7 - Fiduciary Obligations
Topic 8 - Accessory Liability
Topic 9 - Tracing/ Account of Profits
Topic 10 -Equitable Compensation
Topic 11 -Constructive Trusts
Topic 12 -Resulting Trusts
Topic 13 -Express Trusts
Topic 14 -Duties, Powers, Rights and Liabilities of Trustees; Rights of
Beneficiaries

Topic 6 - Assignment
Equity & Trusts 70517
LECTURE SUMMARY:
1.The first lecture covered the basic approach to an assignment
problem and the equitable rules that apply to failed dealings with
legal property – when will equity recognise an assignment which
is not valid at law?
2.This final assignment lecture will cover equitable assignment of
equitable property, and the assignment of future property.

Topic 6 - Assignment
Equity & Trusts 70517
Some Examples of Equitable Proprietary Interests
•
Beneficiary’s interest under a fixed trust
•
Partner’s interest in a partnership
•
Interest of a purchaser of land under a specifically enforceable
contract of sale
•
Equity of redemption
•
Equitable charges and liens

Topic 6 - Assignment
Equity & Trusts 70517
Examples of Equitable Choses in Action which can be assigned,
but which are not ‘proprietary’ interests.
•
Interest of a residuary beneficiary under a will in an
unadministered estate ( Livingston’s case )
•
Right to have a fraudulent exercise of a mortgagee’s power of
sale set aside ( Stump v Gaby )

Topic 6 - Assignment
Equity & Trusts 70517
HOW CAN EQUITABLE PROPERTY BE DEALT WITH/
DISPOSED OF?
1. Assignment;
2. Agreement to Assign;
3. Declare her/himself trustee of the property for another
(sub-trust);
4. Give direction to a trustee to
(i) hold the property on trust for another party;
(ii)transfer the property to another party (and wind up
the trust).

Topic 6 - Assignment
Equity & Trusts 70517
S. 23C Instruments required to be in writing
(1) Subject to the provisions of this Act with respect to the creation of
interests in land by parol:
(a) no interest in land can be created or disposed of except by writing
signed by the person creating or conveying the same, or by the
person’s agent thereunto lawfully authorised in writing, or by will , or
by operation of law,
(b) a declaration of trust respecting any land or any interest therein must
be manifested and proved by some writing signed by some person
who is able to declare such trust or by the person’s will
(c) a disposition of an equitable interest or trust subsisting at the time of
the disposition , must be in writing signed by the person disposing of
the same or by the person’s will , or by the person’s agent thereunto
lawfully authorised in writing.
(2) This section does not affect the creation or operation of resulting,
implied, or constructive trusts."
,

Topic 6 - Assignment
Equity & Trusts 70517
HOW CAN EQUITABLE PROPERTY BE DEALT WITH/
DISPOSED OF?
1.