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 Instrumentsrequired to be in writing(1) Subject to the provisions of this Act with respect to the creation of interests in landby parol: (a) no interest in landcan be created or disposedof except by writing signed by the person creating or conveyingthe same, or by the person’s agentthereunto lawfully authorised in writing, or by will, or by operation of law, (b) a declaration of trust respecting any landor 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 dispositionof 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 agentthereunto 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.
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