Topic 13 slides - Express Trusts(4).pptx - Equity Trusts 70517 Topic 13 Express Trusts Topic 13 Express Trusts Equity Trusts 70517 Topic 1 History and

Topic 13 slides - Express Trusts(4).pptx - Equity Trusts...

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Equity & Trusts 70517 Topic 13 Express Trusts
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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 Topic 5 - Equitable Assignment of Legal Property Topic 6 - Equitable Assignment of Equitable Property Topic 7 - Fiduciary Obligations Topic 8 - Accessory Liability for Breach of Fiduciary Duty or Trust Topic 9 - Tracing and 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 13 – Express Trusts
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Equity & Trusts 70517 Topic 13 – Express Trusts Part 1. Introduction to Trusts Part 2. Creation of Express Trusts Part 3. Variation and Termination and Failure of Express Trusts
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Equity & Trusts 70517 PART 1 – INTRODUCTION TO TRUSTS A. Introduction A trust is an equitable obligation , binding a person (who is called a trustee ) to deal with property over which he has control (which is called the trust property ) either for the benefit of persons (who are called the beneficiaries or cestuis que trust ) of whom he may himself be one, and any one of whom may enforce the obligation, or for a charitable purpose. Topic 13 – Express Trusts
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Equity & Trusts 70517 PART 1 – INTRODUCTION TO TRUSTS A. Introduction Trust: developed from the medieval use of land (first half of 13 century: feudal times): The practice developed of conveying land to “ feoffees to use ” (“trustees”) to be held by them “to the use of the cestui que ” (“beneficiaries”). In English law, feoffment was a transfer of land or property that gave the new holder the right to sell it as well as the right to pass it on to his heirs as an inheritance. It was total relinquishment and transfer of all rights of ownership of an estate in land from one individual to another. In feudal England a feoffment could only be made of a fee (or "fief"), which is an estate in land , that is to say an ownership of rights over land, rather than ownership of the land itself, the only true owner of which was the monarch under his allodial title . Most property ownership in common law jurisdictions is fee simple . Allodial title in modern times vests in state governments. Statute of Uses 1535 (27 Hen 8 c 10). Statute of Uses 1535 : operated to execute the use so that the beneficiary became seised of a legal estate equivalent to the estate held under the use. Cook v Fountain (1676) 3 Swans 585 Lord Nottingham LC (1673) eventually enforced a second use (“trust”) and his decisions established the Trust along modern lines: Cook v. Fountain (1676) 3 Swans 585. Topic 13 – Express Trusts
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Equity & Trusts 70517 PART 1 – INTRODUCTION TO TRUSTS B. Elements of a Trust The Four Indicia – Essential Elements of Trusts: (i) legal or equitable title vested in Trustee ; (ii) that obligation relates to the Trust property held by trustee (iii) there must be a cestui que trust or beneficiary (iv) A personal obligation is annexed to the property ; i.e., breach attracts proprietary remedies in Express Trust: beneficiary has both personal & proprietary remedies against Trustee Topic 13 – Express Trusts
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