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GDL Law Notes GDL Equity and Trusts Notes

Intro To Equity Notes

Updated Intro To Equity Notes

GDL Equity and Trusts Notes

GDL Equity and Trusts

Approximately 631 pages

A collection of the best GDL notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through many applications from mostly first class students and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor". In short these are what we believe to be the strongest set of GDL notes available in the UK this year. You'll notice that we include several different authors' worth of notes. The first is our 2017 author...

The following is a more accessible plain text extract of the PDF sample above, taken from our GDL Equity and Trusts Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

  • - Development of equity: remedy to harshness of common law.

    • petitions: appeals to King, then delegated to Chancellor court of Chancery along common law courts.

    • conscience: basis of Chancellor’s decisions, but: unpredictable + uncertain.

    • system of equity: 16C/17C on – precedent in Chancery dev. into system.

    • developments:

      • 1. new procedues: e.g. subpoena

      • 2. new remedies: e.g. injunction, specific performance, rescission, rectification.

      • 3. new rights: e.g. equity of redemption, rights under trusts.

    • trust: equitable invention

      • legal + equitable ownership split: trustee (legal owner) + beneficiaries (equitable/beneficial owner).

    • relationship with common law: tension at first.

      • 1615 Earl of Oxford’s Case – James I decided equity should prevail in cases of conflict. principle still in s49(1) Senior Courts Act 1981.

      • 1873-75 Judicature Acts: all courts can apply rules of common law and equity.

    - Maxims of equity: statements of broad principles – may apply if no contrary authority.

    • 1. equity will not suffer a wrong to be without remedy.

    • 2. equity follows the law.

    • 3. where the equities are equal, the law prevails.

    • 4. where the equities are equal, the first in time prevails.

    • 5. he who seeks equity must do equity.

    • 6. he who comes to equity must come with clean hands.

    • 7. delay defeats equity.

    • 8. equality is equity.

    • 9. equity looks to the intent rather than the form.

    • 10. Equity looks on that as done which ought to be done. (N.B.: only applies where there is an enforceable contract in existence)

    • 11. equity imputes an intention to fulfil an obligation.

    • 12. equity actsin personam.

    • (13. equity will not assist a volunteer.)

    • (14. equity will not perfect an imperfect gift.)

    • (15. equity will not construe a valid power out of an invalid trust.)

    • (16. equity will not permit a statute to be used as an instrument for fraud.)

    • (17. equity will not permit a trust to fail for want of a trustee.)

    - Trust: method of dividing ownership of property – separates duties + obligations from benefits + rights of enjoyment.

    • settlor: person who creates a trust – transfers property to trustee to hold on trust for beneficiary.

    • trustee: legal title to property duties + obligations + legal powers of ownership.

      • equity imposes obligations: must carry out terms of trust to benefit beneficiary.

    • beneficiary (‘cestui que trust’): equitable/beneficial interest in property right to enjoy + benefit.

    - Trust property: trust can exist in relation to any form of property.

    • real property – realty: freehold land (action ‘in rem’ possible).

    • personal property – personalty: all property other than freehold land.

      • chattels real: leasehold land (personalty for historical reasons, even though action in rem now available to leaseholders).

      • chattels personal: all personal property other than leasehold land.

        • choses in possession: tangible personal property.

        • choses in action: intangible personal property, e.g. shares, debts, insurance, intellectual property (rights can be asserted by action in the courts).

    - Trusts distinguished from other concepts: contracts + administration of estates.

    • contracts:

      • creation: usually product of agreements between parties – vs. trusts: can arise from settlor’s unilateral decision.

      • parties with rights: usually only enforceable by parties to contract – vs. trusts: beneficiaries always obtain beneficial rights.

      • nature of rights: rights purely personal – vs. trusts: beneficiaries have proprietary rights to trust property (+ can also sue trustee personally for breach of duties).

    • administration of estates: property vested in executors to administer in accordance with will or statutory rules for intestacy.

      • rights: will beneficiaries: no enforceable rights during administration – vs. trusts: beneficiary has enforceable rights as soon as trust created.

      • time: administration: usually takes several months – vs. trusts: can last for many years.

    - Use of trusts today: has proved flexible + adaptable concept.

    • pension schemes: funded by company + employee contributions ‘pot’ for each employee, used to fund lump...

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