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Chapter

Cover Pearce & Stevens' Trusts and Equitable Obligations

31. Investment  

This chapter explores the powers and duties of trustees in relation to investment. It is in the context of investment that the concept of the trust fund is at its most apparent. The beneficiaries are entitled to share in the wealth which the trust assets represent. The component parts of that wealth are very much less important to the beneficiaries than its aggregate value. Thus, the issues which have to be addressed in the context of investment are first, when trustees are permitted to dispose of existing trust assets in order to substitute new assets; second, what assets may be substituted for the original ones; and third, the principles upon which those investments must be chosen. Over these issues, the chapter addresses a fundamental question on what the purpose of investment is.

Chapter

Cover Equity

3. Creating Property  

Celebrated for their conceptual clarity, titles in the Clarendon Law Series offer concise, accessible overviews of major fields of law and legal thought. For many, Equity's greatest contribution to the law has been its manipulation of traditionally accepted concepts of property. This chapter deals with two strategies that Equity adapted to achieve its radical ends. Equity's first strategy is straightforward. Equity would sometimes regard certain assets as property even when the Common Law did not. This meant that these assets could be traded; they became usable wealth, at least in Equity's eyes. Equity's second strategy for manipulating concepts of property is more complicated. Equity will sometimes say that A ‘owns’ a car (or a company share, or an insurance pay-out) even though the Common Law says that B does. The chapter considers what it means when Equity says that A ‘owns’ property, and why the assertion is so ingenious.

Chapter

Cover Pearce & Stevens' Trusts and Equitable Obligations

11. The family home in context  

This chapter starts by outlining some of the changes in society that have driven the development of the law on disputes regarding the family home. When a family is living happily together, there are unlikely to be disputes about the ownership of the family home. However, where the relationship fails, or one of the parties dies, the division of assets—including the family home—can be a deeply divisive issue. Where a couple are married, their dispute can often be resolved through the divorce legislation. Even then, the chapter shows how equity may have a part to play.

Chapter

Cover Business Law

16. Duties Relating to Corporation Finance and Capital  

This chapter discusses the details of the various obligations on companies that wish to issue and allot shares, provide debentures and charges over the company’s assets, and provide guidance on the maintenance of the company’s finances. It continues from the discussion of the administration of the company to consider the broad issue of corporate governance and identifies how a company may raise capital, while also considering the obligations placed on the directors to protect and maintain the capital of the company for its members. To appreciate the effects of the Companies Act (CA) 2006 on companies, it is important to understand the rules regarding the issuing of shares and granting of debentures to protect the company and the creditors from abuse, and how dividends are to be agreed upon and provided to shareholders.

Chapter

Cover Principles of Banking Law

16. Loan Sales and Securitization  

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

This chapter examines one context in which contracts and debts are transferred — as banks and bank subsidiaries ‘sell’ their own assets, i.e. their loans, mortgages, credit card receivables, and so on. Commercially speaking, this divides into loan sales and securitization. Among the various motivations for these transactions are to reduce risk, to meet capital requirements, to allow for new lending, and to take advantage of financial and commercial opportunities. Securitization was abused, with many risky loans repackaged and sold as highly rated securities. Its contribution to the global financial crisis in 2008 made it unpopular. However, it remains significant as a financing technique. Before examining loan sales and securitization, the chapter lays out the different legal techniques for transferring debts and contractual rights.

Chapter

Cover Equity & Trusts

12. The Administration of Trusts  

Paul S Davies and Graham Virgo

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter elaborates on the issues regarding the administration of a trust and its relation to the trustees. Trustees are responsible for the administration of the trust and are subject to certain duties and have a number of powers relating to trust administration. To assist with the administration of the trust, trustees have the option, collectively and individually, to delegate certain functions to others. They are required to perform their administrative responsibilities diligently, and are subject to a duty to comply with the standard of skill and care expected of all trustees. Trustees have a duty to act in the interests of all the beneficiaries, maintaining a fair balance between them. They are also responsible for safeguarding the trust assets for the benefit of all beneficiaries, and, as such, have a duty to invest trust assets in the best interests of present and future beneficiaries.

Chapter

Cover The Principles of Equity & Trusts

14. Dispositive Powers and Duties  

This chapter examines the powers and duties of trustees relating to the distribution of trust property to beneficiaries or objects. It explains that dispositive powers enable the trustees to exercise a discretion relating to the distribution of trust assets and dispositive duties requires them to act in a particular way or to make a particular decision. This chapter also discusses the underlying principles of the duty to distribute and the powers of appointment, maintenance, and advancement. The chapter further considers a variety of principles which are applicable to determine how powers of appointment should be exercised, what happens when the power is not exercised properly, and mechanisms to assist trustees in the exercise of these powers.

Chapter

Cover A Practical Approach to Civil Procedure

43. Freezing Injunctions  

This chapter discusses the rules on freezing injunctions. A freezing injunction is an interim order restraining a party from removing assets located within the jurisdiction out of the country, or from dealing with assets whether they are located within the jurisdiction or not. The order is usually restricted to assets not exceeding the value of the claim. The main purpose of a freezing injunction is to prevent the injustice of a defendant’s assets being salted away so as to deprive the claimant of the fruits of any judgment that may be obtained.

Chapter

Cover Family Law

4. Financial Provision on Divorce  

One of the main issues that the parties need to consider when a marriage or civil partnership ends is the financial consequences of the divorce, dissolution, or judicial separation. Amongst other things, they need to consider where they are going to live and what money they need to live on in the future. Their current assets will need to be evaluated and divided accordingly. The parties do not always agree on how to do this. Whatever they decide, the court has to approve of the decision. The chapter looks at the courts' powers, the legal principles they apply, the practical implications, and the problems that may arise in financial remedy practice. A number of different scenarios are used to help with this analysis.

Chapter

Cover Introduction to Company Law

1. Introduction  

This chapter analyses the organisational structure created by company law for the conduct of business through its five core features: recognition of the company as an entity distinct from all its shareholders; limited liability for shareholders; specialised management, separate from the shareholders; the lock-in of the shareholders’ contributions coupled with ease of transfer of the shareholder interest; and free allocation of rights of control over the company to the members of the company. At the same time, the chapter identifies the agency problems created by this structure, the regulation of which is discussed in the following chapters. The chapter also briefly sketches the multiple sources of company law.

Chapter

Cover The Principles of Equity & Trusts

14. Dispositive Powers and Duties  

This chapter examines the powers and duties of trustees relating to the distribution of trust property to beneficiaries or objects. It explains that dispositive powers enable the trustees to exercise a discretion relating to the distribution of trust assets and dispositive duties requires them to act in a particular way or to make a particular decision. This chapter also discusses the underlying principles of the duty to distribute and the powers of appointment, maintenance, and advancement. The chapter further considers a variety of principles which are applicable to determine how powers of appointment should be exercised, what happens when the power is not exercised properly, and mechanisms to assist trustees in the exercise of these powers.

Chapter

Cover Equity & Trusts Law Directions

2. Understanding trusts  

Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. There are many kinds of trusts performing different functions. Private family trusts of the orthodox type are different from special trusts such as pension trusts and charitable trusts, and the so-called ‘NHS trust’. The diversity of functions performed by trusts explains why there is diversity within the law of trusts. This chapter provides an overview of trusts, including their usefulness, how they differ from other legal concepts (contracts, debt, powers, agency), the different trust types, the role of trusts in asset protection and the social significance of trusts. It looks at special categories of trusts and trustees, including bare trusts, protective trusts, pension fund trusts and asset protection trusts.

Chapter

Cover Concentrate Questions and Answers Equity and Trusts

8. Implied and Resulting Trusts  

The Concentrate Questions and Answers series offer the best preparation for tackling exam questions. Each book includes typical questions, bullet-pointed answer plans, suggested answers, and author commentary. This book offers advice on what to expect in exams and how best to prepare. This chapter covers questions on implied and resulting trusts.

Chapter

Cover Company Law

17. Corporate rescue and liquidations in outline  

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter deals with the regulatory regime governing corporate rescue and liquidations. It first considers two procedures that were introduced by the Insolvency Act 1986 aimed at implementing the objective of corporate rescue: the administration order and the company voluntary arrangement, the former of which has been fundamentally reformed by the Enterprise Act 2002. It then discusses voluntary winding-up by companies, members, and creditors under the 1986 Act, as well as the grounds on which the court may initiate compulsory winding-up. The chapter also examines the consequences of a winding-up petition on dispositions of company property; winding-up in the public interest; the duties and functions of the liquidator; provisions allowing avoidance of transactions entered into prior to liquidation; the personal liability of directors under the Insolvency Act 1986; and distribution of surplus assets following liquidation. Finally, it outlines a number of amendments to the 1986 Act.