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Chapter

Cover Equity & Trusts

10. Beneficiaries  

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 focuses on the beneficiary of a trust, and how this beneficiary possesses a variety of equitable rights arising from the trust, the nature of which will depend on the type of trust that has been created. Beneficiaries enjoy certain rights but do not have a right to inspect trust documents; however, disclosure of such documents can be ordered through the exercise of judicial discretion. In the case of a fixed trust, beneficiaries possess proprietary rights in the trust property and also a variety of personal rights. On the other hand, objects of a discretionary trust do not have any proprietary rights to trust property but have a variety of personal rights. To terminate the trust, its adult beneficiaries can unanimously agree to terminate it, but only if between them they are absolutely entitled to the beneficial interest.

Chapter

Cover Equity & Trusts

1. Introduction to Equity  

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 discusses the concept of Equity and defines it as the body of law that has been made and developed by judges in the Chancery courts to modify the rigid application of the common law. It is grounded on rules, principles, and doctrines that are strictly interpreted, but their application and the remedies awarded can be tempered by the exercise of judicial discretion to ensure a just and fair result. It plays an important role in many contemporary aspects of the law, including commercial and corporate law. A distinction between property rights and personal rights lie at the heart of Equity, and there exists no substantive fusion between Common Law and Equity as bodies of rules — even if their administration has been conjoined into a single procedural system. The chapter also discusses a variety of equitable maxims that are useful generalizations of complex law.

Chapter

Cover Essential Cases: Equity & Trusts

Coventry v Lawrence [2014] UKSC 13, Supreme Court  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Coventry v Lawrence [2014] UKSC 13, Supreme Court. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Coventry v Lawrence [2014] UKSC 13, Supreme Court  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Coventry v Lawrence [2014] UKSC 13, Supreme Court. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Equity & Trusts

7. Constructive 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 focuses on constructive trusts, which arise by operation of law without regard to the intentions of the parties. They are triggered by a defendant’s unconscionable conduct; however, in some cases, a constructive trust will be recognized even though the defendant has not acted unconscionably, such as the constructive trust that arises once a contract to sell land has been made. A remedial constructive trust is recognized by some jurisdictions, whereby equitable proprietary rights arise through the exercise of judicial discretion, but such a trust is not recognized in England and Wales. As with express trusts, title over particular property that is held on constructive trust is split between trustees and beneficiaries, but a constructive trustee is not subject to the same duties as an express trustee.

Chapter

Cover Pearce & Stevens' Trusts and Equitable Obligations

27. Discretionary trusts  

This chapter considers the key features of a discretionary trust. Unlike a fixed trust, which gives defined shares to the beneficiaries, a discretionary trust gives the trustees a discretion as to how to allocate the beneficial interests. They are mechanisms by which an owner of property can grant to others the power to allocate a fund among a defined class or group. As in a power of appointment, the allocator has complete discretion as to how the fund should be allocated, either, or both, in terms of the persons who should receive shares of the fund and the size of the shares they should receive. However, unlike mere powers of appointment, the allocator is under a mandatory duty to make allocations in accordance with the terms of the trust. The court will intervene to ensure that this duty is discharged.

Chapter

Cover The Principles of Equity & Trusts

2. The Characteristics of Equity  

This chapter analyses the essential characteristics of Equity. It identifies fourteen maxims that are useful and relevant today as guidelines for the operation of the equitable jurisdiction. The most important of the maxims are examined in some detail, namely that Equity is discretionary and is triggered by unconscionability. The meaning of discretion and the contemporary relevance of conscience and unconscionability are examined. Other maxims include that Equity will treat as done that which ought to be done and Equity responds to cynical conduct. This chapter explains the principles underlying these maxims and suggests that they are often subject to exceptions and sometimes it may even be necessary to redefine them to ensure that they are fit for purpose today.

Chapter

Cover Essential Cases: Equity & Trusts

American Cyanamid Co v Ethicon Ltd (No 1) [1975] AC 396, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in American Cyanamid Co v Ethicon Ltd (No 1) [1975] AC 396, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

American Cyanamid Co v Ethicon Ltd (No 1) [1975] AC 396, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision American Cyanamid Co v Ethicon Ltd (No 1) [1975] AC 396, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Co-operative Insurance Society Ltd v Argyll Stores (Holdings) Ltd [1998] AC 1, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Co-operative Insurance Society Ltd v Argyll Stores (Holdings) Ltd [1998] AC 1, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover An Introduction to the Law of Trusts

9. Dispositive Discretions  

Celebrated for their conceptual clarity, titles in the Clarendon Law Series offer concise, accessible overviews of major fields of law and legal thought. This chapter considers the questions that arise when trustees are given a dispositive discretion, i.e. the power to decide whom to pay, how much, and when. It first identifies five of the most important types of dispositive discretion: discretionary trusts; powers of appointment; powers of accumulation; powers of maintenance; and powers of advancement. It then turns to the duties and certainty requirements in trusts involving dispositive discretions. There are two main ones. The first is remaining within the terms of the disposition as laid down by the settlor (above all, paying only the right people). The other is handling the exercise of the discretion in a proper way. The chapter also discusses the proper bases for a decision and the depth of information with which trustees are required to equip themselves before making their decision.

Chapter

Cover Essential Cases: Equity & Trusts

Co-operative Insurance Society Ltd v Argyll Stores (Holdings) Ltd [1998] AC 1, House of Lords  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Co-operative Insurance Society Ltd v Argyll Stores (Holdings) Ltd [1998] AC 1, House of Lords. The document also includes supporting commentary from author Derek Whayman.

Book

Cover The Principles of Equity & Trusts
The Principles of Equity & Trusts offers a distinctive approach to this dynamic area of law. This book examines the law of Equity and Trusts in its contemporary context, offering a critical and insightful commentary on the law, its application, and future development. The text communicates both Equity and trust doctrine and theory and reflects the modern understanding of the subject, as propounded both by the judiciary and commentators in England and other Common Law jurisdictions, notably Australia, Canada, New Zealand, and Singapore. The book consists of eight parts. Part I considers the history and contemporary relevance of Equity. Part II is about the express trust. Part III considers purpose trusts. Part IV then examines resulting and constructive trusts. Part V is about beneficiaries. Part VI examines trustees’ powers and duties. Part VII examines variations of trusts. Part VIII is about breach of trust and fiduciary duty and the personal and proprietary remedies available for such breach.

Chapter

Cover Trusts & Equity

11. Fulfilling and filling the office of trustee  

As the legal owners of trust property, trustees enjoy all the legal powers of an absolute owner, including the power to sell, lease, mortgage, and otherwise manage and invest trust assets. However, trusteeship involves not only holding property belonging to another, but also the responsibility of managing trust property in accordance with the terms of the trust instrument and the general law. This chapter examines the duty of care and the duty to exercise a sound discretion in the context of trustee investment, arguing that the office of trustee must be filled if it is to be fulfilled. It also discusses the many different ways in which the law maintains a fine balance between the strict enforcement of trust duties and the need to attract persons to accept trust office. Furthermore, the chapter describes the duty to act fairly and the duty of personal service.

Chapter

Cover Essential Cases: Equity & Trusts

FHR European Ventures LLP v Cedar Capital Partners LLC [2014] UKSC 45, Supreme Court  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in FHR European Ventures LLP v Cedar Capital Partners LLC [2014] UKSC 45, Supreme Court. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Trusts & Equity

11. Fulfilling and filling the office of trustee  

As the legal owners of trust property, trustees enjoy all the legal powers of an absolute owner, including the power to sell, lease, mortgage, and otherwise manage and invest trust assets. However, trusteeship involves not only holding property belonging to another, but also the responsibility of managing trust property in accordance with the terms of the trust instrument and the general law. This chapter examines the duty of care and the duty to exercise a sound discretion in the context of trustee investment, arguing that the office of trustee must be filled if it is to be fulfilled. It also discusses the many different ways in which the law maintains a fine balance between the strict enforcement of trust duties and the need to attract persons to accept trust office. Furthermore, the chapter describes the duty to act fairly and the duty of personal service.

Chapter

Cover Essential Cases: Equity & Trusts

FHR European Ventures LLP v Cedar Capital Partners LLC [2014] UKSC 45, Supreme Court  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in FHR European Ventures LLP v Cedar Capital Partners LLC [2014] UKSC 45, Supreme Court. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Equity & Trusts Law Directions

11. The nature of trusteeship  

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. Trusteeship requires the proper discharge of a number of fundamental duties, such as the duty of undivided loyalty (the fiduciary duty), the duty of care for the trust fund (the duty of care) and the duty to exercise a sound discretion. The trustee must act in the interests of the beneficiaries rather than his own interest. More specifically, the trustee must serve the beneficiaries within their larger obligation to serve the trust in accordance with the terms of the trust instrument and the general law. This chapter examines the general nature of trusteeship. It considers how a trustee meets their fiduciary obligations to the trust, the standard of care which trustees must exercise in service of the trust, the discretionary nature of a trustee’s decision-making powers and the requirement that trustees must act unanimously. The chapter also discusses the self-dealing rule and fair-dealing rule, the Trustee Act 2000 and factors influencing the courts’ willingness to review trustee decisions.