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.
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Coventry v Lawrence [2014] UKSC 13, Supreme Court
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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.
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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.
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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.
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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.
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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.
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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.
Book
Graham Virgo
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.
