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Equity and the Law of Trusts

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The statute was very successful in restoring the Crown's feudal revenues and its draftsmanship was later much admired. It was profoundly unpopular however. In particular, it contributed to the 1536 Pilgrimage of Grace. This was an uprising that started in Yorkshire and spread across the North which sought to reverse some of Henry VIII's most controversial policies, such as the Dissolution of the monasteries, the break with the Roman Catholic Church, but also the Statute of Uses. While the Pilgrimage was itself unsuccessful, the idea that a loophole or work around the prohibition of wills of land could be found began to take hold in legal circles. By 1540 it became clear that lawyers were close to finding a way to evade the Statute of uses and indeed some lawyers were even imprisoned in the Tower of London for advising Sir John Shelton on possible ways to achieve this. This fear of losing the revenues resulted in the King offering the House of Commons a compromise similar to the one he had offered in 1529. A bill was introduced and this time it would pass successfully through the House of Commons to become the Statute of Wills (1540). This piece of legislation gave landowners the explicit right to make common law wills over a maximum of two thirds of their land, forcing them to let their heirs-at-law inherit one third, thus preserving one-third of the feudal incidents. Birth of modern equity [ edit ] Supremacy over the Common Law [ edit ] Cardinal Wolseley, Lord Chancellor (1515-29) Under s25(11), equitable rule prevails so that the variation is upheld. But even pre1875, same outcome would have been arrived at - wife first goes to Common Law court with deed and gets judgment, and husband then goes to Court of Chancery for common injunction to restrain wife from enforcing Common Law judgment.

This maxim developed as common law had no new remedies only monetary damages. Maxim must be treated with caution as today’s laws are made by the Oireachtas. Maxim can be used by the beneficiary of a trust whose rights were not recognised by the common law. Equitable remedies such as injunctions or specific performance may be given. amp;quot;A disposition of an equitable interest or trust subsisting at the time of the disposition,

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Engage in a critical discussion and evaluation of the benefits of using equity and trusts as legal strategies (in the context of other legal the trust has been performed), then it is possible to prove that the settlor intended for the trustee to Megaw LJ—a trust could be valid, even with uncertain beneficiaries, if there was a "core number" The textbooks are used alongside other learning resources to prepare students not only for achievement of an academic qualification, but also for a future life in professional legal practice.

After an introduction to Equity and Trusts, the book guides the learner through the lifespan of a trust, from its creation, including certainty and formalities, and implied trusts, through to running a trust -duties and powers. The book then examines remedies against trustees, fiduciaries and third parties. These types of trusts arise by operation of law. They are not created expressly or deliberately by a wished to terminate the accumulation. Similarly, if the trusts are held for X for his life, and then While the Statute of Uses ended the practice of creating uses as a means of creating valid wills of land, the Statute was not held to execute all Uses. This would serve as the birthplace of the trust. Some Uses had active duties the feoffees had to fulfill, such as managing an estate or collecting and distributing income, or paying debts. [26] These 'active' Uses could not be executed automatically by the Statute and were thus excluded. Amongst these, charitable uses were able to continue undisturbed, directly becoming what are now called charitable trusts when the nomenclature changed. Another category of Use that was excluded from the application of the Statute of 1536 was the "double Use" [27] or the 'Use upon a Use'. There were two main variations of this type of Use. Under the first, land owned by A would be conveyed to X 'to the use of X himself to the use of B.' Alternatively, A could convey to X 'to the use of Y to the use of B'. Under either of these arrangements the Statute would execute the initial Use (ie either X or Y would immediately stand seised to the use of B), but the second Use was not, allowing therefore for the creation of Uses of land so long as an intermediary was inserted before the intended beneficiary. [27] [28] The first reported case where this arrangement was enforced in Chancery was Bertie v Herenden. In that case the dowager Duchess of Suffolk had fled to Poland to avoid persecution as a protestant during the reign of Mary and had conveyed land to a lawyer 'to his use' but secretly on trust to be reconveyed to her. [27]Almost all the work that I have been asked to do as a private equity trainee has been hands-on deal work. Although I have carried out research tasks, these have always been relevant to a specific point on a live transaction – on one particularly memorable occasion, I was asked to research a point of law that had come up at 1am a few days before closing of a big transaction. Other trainee tasks include carrying out due diligence, drafting and negotiating ancillary documents and generally coordinating the closing process of a deal. Hence, after the Earl of Oxford's Case, procedurally, C would have to bring his claim before the right court, depending on the nature of the right.

at some point in time and the beneficiaries must be able to claim their rights under the trust. UNEXPRESSED TRUSTS (TABOLS) The range of equity and trusts titles we publish means there is something to fit all types of course and teaching approach. Most of our equity and trusts textbooks are on two or three year edition cycles so you and your students have access to the latest case law and developments. This growing 'course' became increasingly inflexible. In 1617 the Lord Chancellor, Francis Bacon, appointed an official reporter for the first time. This reporter sat at his feet and took notes of his judgements, allowing them to be easily and comprehensively cited. By the second half of the century, cases in the Chancery were being cited in argument regularly. While this was not universally accepted, the use of precedent in the Chancery was increasingly accepted and expected. Chancellors also reacted to this development by giving more detailed reasons for their decisions more and more often. This allowed cases that were alike to be treated alike. This process culminated with Lord Nottingham's famous statement that he could not decide cases according to his own private conscience, but that "the conscience by which I must proceed is merely civilis et politica and tied to certain measures." [48] Thus, Equity "hardened into a kind of law" such that large areas of its jurisdiction, like the law relating to mortgages were clearly regulated by rules as certain as those provided by the Common Law. [49] Early reforms: Commonwealth and Restoration [ edit ] Corruption and inefficiency [ edit ] shares on trust for the child until the child is of right age. Sometimes the courts may even create If a person completes an act that could be regarded as fulfilling an original obligation it will be taken as such.will receive the trust property at the end of the trust term or in what shares the trust property will By 1502, Frowyk CJ remarked that most English land was held subject to a use. The reason for this was that it enabled landowners to circumvent the Common Law's strict rules of succession. Under these rules land was not devisable by will but was instead always inherited by the heir-at-law. Uses, however, allowed for creative solutions. Eg, those excluded by the rules, such as younger sons, daughters, illegitimate children could be provided for. Likewise, the provisions for widows could be enlarged and charities could be gifted to as well as debts paid off from land. [14] This was achieved by a dying testator conveying land to feoffees, which could be friends, legal advisers or other local gentry, to the use of executing his will. [15] These rights were an important source of income for the often, cash-short English monarchs. Henry VII and Henry VIII, who often faced increasingly expensive foreign wars, were determined to protect and increase their revenue from these rights as lord. Some scholars have called this phenomenon, "Fiscal Feudalism". [17] In 1529, Henry VIII proposed a bill that would restore feudal incidents where land had been conveyed to the use of executing the ladnowners will, but only at one third of the levels that the Common Law demanded. The House of Commons rejected the bill in 1531, at which point the King threatened that if they would not accept his proposal he would seek to enforce his feudal rights as far as the Law allowed. Within the circles of the King's legal advisers the view came to prevail that Uses of land were deceitful and thus were actually contrary to conscience to enforce. To this end, in 1532, Thomas Audley was made Lord Keeper of the Great Seal [note 4] and Lord Chancellor the following year. Furthermore, the King's Secretary, Thomas Cromwell, was appointed Master of the Rolls in 1534. The early modern period and the 17th century in particular, was critical in the shifting from a system based purely on the Chancellor's conscience to one based on predicable (if perhaps sometimes flexible) rules as Equity is today. Indeed, the idea of the Chancellor's conscience being the sole deciding factor provoked the jurist John Selden to make the famous comment above, which is now commonly cited in legal circles as "The Chancellor's foot". [45] [46] The critiscm predated Selden, however. It is evident in the treatise Doctor and Student of the previous century. This intellectual pressure began to, slowly, harden Equity from purely based on the conscience of one man and to start to resemble a system of rules by the start of the 17th century18

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