Journal articles on the topic 'Equity and Trusts Law'
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1
Gretton, George L. "Trusts Without Equity." International and Comparative Law Quarterly 49, no. 3 (July 2000): 599–620. http://dx.doi.org/10.1017/s0020589300064381.
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“Perhaps the greatest difficulty the civilians have in accepting the trust is caused by what I have come to regard as an English peculiarity logically detachable from the trust, namely, the distinction between the legal and the equitable estate. In Scots law, which, even if it did not invent and develop the trust for itself but took it over from England—the point is doubtful—has accepted it without inhibitions or reservations, no such distinction has ever been known. There the trustee becomes owner and the beneficiary acquires a contractual right against him.”1
2
Angelo, A. H., and Ashleigh Allan. "Common Law Equity in a Civil Law Country." Victoria University of Wellington Law Review 44, no. 3/4 (November 1, 2013): 427. http://dx.doi.org/10.26686/vuwlr.v44i3/4.4992.
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This article serves to introduce an aspect of current research related to the review of the Seychelles Civil Code and the important question of the role of trusts. The Civil Code is based on the Code Napoléon and has therefore no provision for the trust of English law. The Courts of Seychelles have, however, a statutory equitable jurisdiction. That jurisdiction has given rise to the question whether the trust of England may be able to operate in Seychelles. The prime area of discussion of this possibility has been in relation to the property rights of the parties to a failed concubinage relationship. This article focuses on that discussion.
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Etherton, Terence. "CONSTRUCTIVE TRUSTS: A NEW MODEL FOR EQUITY AND UNJUST ENRICHMENT." Cambridge Law Journal 67, no. 2 (June 19, 2008): 265–87. http://dx.doi.org/10.1017/s0008197308000342.
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A comprehensive review, or what has been variously described as the classification or mapping or taxonomy, of constructive trusts would require analysis of areas of law as diverse as vendor and purchaser transactions, the perfection of imperfect gifts, fully secret and half secret trusts, breach of fiduciary duty, and accessory liability for breach of trust, among several others. The search for an acceptable, universally acknowledged, principle for the establishment of a constructive trust, which gives coherence to past decisions and provides a clear guide for the future, will certainly prove elusive in relation to the many different areas of law and fact in which constructive trusts arise.
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Reid, Kenneth G. C. "Patrimony Not Equity: the trust in Scotland." European Review of Private Law 8, Issue 3 (September 1, 2000): 427–37. http://dx.doi.org/10.54648/273249.
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While the distinction between legal and equitable ownership is of central importance to the historical development of the trust in England, the idea of trust does not depend on such a distinction. In the mixed legal systems, of which Scotland is an example, there is a fully developed doctrine of trust, but no corresponding doctrine of equity. This suggests that equity is not, after all, the main organising feature of the law of trusts. The argument of this paper is that the fundamental characteristic of the trust is not dual ownership, but dual patrimony. In the normal case a single person has only a single patrimony. But in a trust there are two patrimonies, for, in addition to his private patrimony, the trustee holds a trust patrimony consisting of all the assets and liabilities of the trust. The patrimonies are distinct in law, so that the assets of the trust patrimony cannot be used to meet the liabilities of the personal patrimony. This idea of dual patrimony explains much in the law of trusts that is otherwise puzzling. In particular it explains the substitution of assets when trust property is bought and sold, the protection given to the trust beneficiary against the personal insolvency of the trustee, and the identity of the trust in a manner distinct from those who, for the time being, are its trustees and beneficiaries.
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Macnair, M. R. T. "Equity and volunteers." Legal Studies 8, no. 2 (July 1988): 172–88. http://dx.doi.org/10.1111/j.1748-121x.1988.tb00548.x.
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It is a commonplace that ‘Equity will not assist a volunteer’, or ‘Equity will not perfect an imperfect gift’. One problem posed by this rule is the question: what is the attitude of equity to instruments which, though not effective at law to transfer property, may at law give the volunteer beneficiary, or a person named as a trustee for volunteers, a right of action in damages? This is the very well-trodden ground of covenants to settle property and Re Pryce, Re Kay’s Settlement, and Re Cook’s Settlement Trusts, and the apparent conflict between these cases and Fletcher v Fletcher and Re Cavendish-Browne’s Settlement Trusts.
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Fisher, James C. "Alastair Hudson, Equity and Trusts." Law Teacher 51, no. 1 (June 16, 2016): 104–5. http://dx.doi.org/10.1080/03069400.2016.1185266.
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Butler, Andrew S. "Simplicity and Innovation in the Law of Equity and Trusts: the Cooke Era." Victoria University of Wellington Law Review 39, no. 1 (June 2, 2008): 167. http://dx.doi.org/10.26686/vuwlr.v39i1.5458.
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This essay explores the contribution that Robin Cooke and his erstwhile colleagues on the Court of Appeal bench made in the field of equity and trusts. The survey of key equity and trusts cases of the Cooke era demonstrates a commitment to principle, with an emphasis on the purpose of individual equitable and trusts doctrines and a close examination of the individual facts of each case. The result is that the law of equity and trusts is now more principled in focus and simpler to state.
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Nwabueze, Remigius N. "Equitable Bases of the Nigerian Land Use Act." Journal of African Law 54, no. 1 (March 4, 2010): 119–42. http://dx.doi.org/10.1017/s0021855309990192.
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AbstractDo the terms of the Nigerian Land Use Act permit the application of equitable principles to transactions under it? More particularly, could equity be used to enforce null and void transactions under the Act? Although the Supreme Court answered these questions in the negative in Ajilo, other decisions of the Supreme Court, as well as some sections of the Act itself, suggest that the Act is not incompatible with equitable principles. Nor is it contrary to public policy to enforce null and void transactions under the Act through the intervention of equity. Two relevant equitable concepts are resulting and constructive trusts. While constructive trusts have found some fertile soil in Nigerian equity jurisprudence (despite the discordant tune in Ajilo), Nigerian courts seem to struggle with the principles of resulting trust. This article suggests that resulting and constructive trusts are proper instruments for the interpretation and application of the Act and that Ajilo should be overruled.
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Platsas, Antonios E. "Sukhninder Panesar, Exploring Equity and Trusts." Law Teacher 44, no. 3 (November 23, 2010): 409–10. http://dx.doi.org/10.1080/03069400.2010.527137.
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Nield, Sarah. "Constructive trusts and estoppel." Legal Studies 23, no. 2 (June 2003): 311–31. http://dx.doi.org/10.1111/j.1748-121x.2003.tb00216.x.
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Repeated comments are made as to the similarity between the common intention constructive trust and proprietary estoppel, but there remains considerable confusion over the precise nature of this interrelationship. The constituent elements of each doctrine bear close comparison and, although their respective modes of operation remain distinct, they may lead to similar results. The recent redefinition of the Pallant v Morgan equity provides an opportunity to probe once more the interrelationship between these doctrines. The Pallant v Morgan1 equity explores the operation of the Rochefoucauld v Boustead2 doctrine in the context of the joint acquisition of land and demonstrates the enforceability of express oral intention based upon a wider range of unconscionablity than the detriment based conduct which dominates both the common intention constructive trust and estoppel.
11
Harpum, Charles. "The Uses and Abuses of Constructive Trusts: The Experience of England and Wales." Edinburgh Law Review 1, no. 4 (September 1997): 437–63. http://dx.doi.org/10.3366/elr.1997.1.4.437.
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This paper, which was first given on 19 October 1996 at a seminar on constructive trusts organised by the Universities of Edinburgh and Strathclyde with the Scottish Law Commission, examines the role that constructive trusts play in English law. It explains the amorphous nature of such trusts, how they are rooted in concepts of equity and conscience, and how they are often imposed in accordance with equity's traditional grounds for intervention. The central thesis of the paper is that a constructive trust, when imposed, will cause the trustee to become subject to one or more fiduciary obligations or incidents. One situation in which this is not the case— where a constructive trust is employed to impose an encumbrance on a transferee of property—is criticised. There is also a critique of the recourse to equitable maxims as a reason for the imposition of constructive trusts. The paper concludes with some reflections on the likely path of development of constructive trusts in English law and whether they ought to be more widely received into Scots law.
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Dunn, Alison. "As ‘cold as charity’? : poverty, equity and the charitable trust." Legal Studies 20, no. 2 (June 2000): 222–40. http://dx.doi.org/10.1111/j.1748-121x.2000.tb00141.x.
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It has often been assumed that the notion of altruism indicative in the ordinary use of the term ‘charity’ penetrates the rationale for equity's enforcement of charitable trusts for the relief of the poor. This article questions whether in the area of poor relief equity acts out of a humanitarian regard for those whose relief is the purpose of the trust, or whether there is a more pragmatic rationale for action. Examination through case law of equity's reasoning is placed against a backdrop of socio-historical development, and of present day political concerns with resource allocation and professional accountability. This article concludes that whilst the potential for humanitarian relief in charitable trusts for the poor is clear, the operation of equity's jurisdiction in this area has a more prosaic disposition, placing poverty within the practical context of broader economic, social, commercial and industrial political policies.
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Allan, Gregory. "Once a fraud, forever a fraud: the time-honoured doctrine of parol agreement trusts." Legal Studies 34, no. 3 (September 2014): 419–43. http://dx.doi.org/10.1111/lest.12024.
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This paper, through doctrinal analysis of the relevant case-law, examines the extent to which the prevention of fraud justifies equity's imposition of trusts that arise out of parol agreements. The authorities reveal that although there are a variety of circumstances in which equity will operate in such a manner, the nature of the fraud that prompts equity's intervention is always the same. Furthermore, it is argued that, since very early times, these trusts have been regarded as what are now best described as constructive trusts, and that all such trusts are enforced pursuant to a coherent doctrine of equity.
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Bennett, Mark. "The Illusory Trust Doctrine: Formal or Substantive?" Victoria University of Wellington Law Review 51, no. 2 (September 1, 2020): 193. http://dx.doi.org/10.26686/vuwlr.v51i2.6568.
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"A document is put before us. Does it or does it not create a trust?" This article considers the illusory trust doctrine (ITD) and claims that although the ITD has been criticised as doctrinally unfounded and therefore based in substantive, non-legal reasons rather than pre-existing law, there are formal reasons of trusts law to support it. It begins by considering Atiyah and Summers' concepts of form and substance, and then examines how they apply in the context of equity (in general), and then trusts law (in particular). It then briefly considers a number of recent decisions on the ITD: the four cases constituting the Clayton v Clayton litigation in New Zealand, Pugachev and the Cook Islands Court of Appeal and Privy Council decisions in Webb v Webb. Finally, it analyses these ITD decisions using the form and substance distinction, concluding that it is arguable that the ITD is grounded in principles of established trust law, as opposed to purely substantive reasoning.
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Stępkowski, Aleksander. "ROZWÓJ INSTYTUCJI TRUSTU W PRAWIE SZKOCKIM." Zeszyty Prawnicze 4, no. 1 (May 30, 2017): 91. http://dx.doi.org/10.21697/zp.2004.4.1.06.
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Development of the Law of Trusts in ScotlandSummaryThe earliest indisputable traces of trusts law in Scotland may be found in reports from the first half of the XVH‘h century. There are several examples of even earlier dispositions to which a fiduciary character might be ascribed, coming from the XV,h and XVTh centuries. Nevertheless, we are not able to state categorically that these represent examples of trusts, since there is nothing about priority of beneficiary's rights in respect to trust property, before trustee’s personal creditors, whereas it seems to be today differentiam specificam discerning trust from contractual relations.According to the aforementioned case law, the main subject of trust dispositions was land (immoveable property, called in Scotland “heritable”). The main issue giving rise to legal controversies was the question of the manner in which the existence of a trust in land was allowed to be proved. The rules of evidence adopted by the Court of Session differed substantially from those of Scottish land law which were usually applied when proving titles in land. According to Scottish institutional writers, it seems to be most probable that the reason for such a favourable standing of land being subject to trust was that the Court of Session proceeded on the ground of its’ nobile officium, extraordinary equitable jurisdiction performed by this court, most probably since the very early stages of it’s activity, on the basis of a statutory provision from 1540.During the XVIIth century the first statutory regulations concerning trusts appeared, but more substantial progress in this respect took place in the XIXth century. Most often, it was statutory implementation of earlier common law principles and, in relation to trustees’ competences, of standards relating to the professional drafting of trust deeds. XIXth century legislation was consolidated in 1921 as the Trusts (Scotland) Act 1921 which was subsequently amended in 1961 and, together with the British Trustee Investments Act 1961 (which is still in force in Scotland although will be repealed soon, as it was already done in England in 2001), is partial codification of Scottish trusts law. Nevertheless it should be emphasised that Scottish trust law is still principally based on case law.As regards the influence of English Equity on the development of the Scottish law of trusts, it seems to be negligible in the early stage of the latter’s development. A considerable influence of the Chancery Court’s cases upon Scots law in respect of trusts only began in the fourth decade of the XIXth century, with a book by Charles Forsyth ( The Principles and Practice o f the Law o f Trusts and Trustees in Scotland (1844)), who had used intensively English case law as an illustration, he claimed, of Scottish law principles. Since this publication, nevertheless, English case law, as exposed in English textbooks, though not necessarily in the Chancery Reports, became an important source of inspiration for Scottish lawyers writing books on this subject and, subsequently, it was also used in the Court of Session as an important source of authority. Notwithstanding the above, Scottish judges were always more critical and generally have applied English principles in a less willing manner than has been seen from Scottish advocates and solicitors. Generally speaking, the English influence, although considerable, has not changed the very construction of Scottish trusts law. A beneficiary’s claim in respect of trust property is still considered to be a personal right, as opposed to a sui generis right in real estate.Contemporary Scottish jurisprudence considers trust property as a trustee’s special patrimony, distinct from his general patrimony and, as such, not accessible by his personal creditors. In this way, the Scots have worked out a civil law approach to trust, which was long considered to be hardly possible. This is also a reason why Scottish trusts law, as well as the whole of Scottish law, attracts so much attention from lawyers from Continental Europe.
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Atkins, Scott. "Solomon v McCarthy: unwritten trusts of land." Trusts & Trustees 26, no. 4 (April 12, 2020): 372–76. http://dx.doi.org/10.1093/tandt/ttaa013.
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Abstract Unwritten trusts of land have always been troublesome, given that they prima facie infringe the writing requirement set out in section 53 (1) (b) of the Law of Property Act 1925. Ways around the problem exist, so that an unwritten trust may be recognised, but those ways usually rely on an implied trust (which does not require writing under section 53 (2) of the Law of Property Act 1925) or the court to disapply the writing requirement by invoking the maxim that equity will not permit a statute to be used as an instrument of fraud. The latter principle has been recognised as applying where a settlor claims that he himself is also the beneficiary. Recently, the county court in Bristol considered whether that maxim might be used to support an unwritten trust of land made by a settlor in favour of a third-party beneficiary and, for the first time in a reported case, came to the conclusion that it could not.
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Karlović, Tomislav. "Transfer of Ownership in fiducia and Trust – Preliminary Considerations on the Possibilty of Application of the Hague Convention on the Law Applicable to Trusts and on their Recognition." Zbornik radova Pravnog fakulteta u Splitu 55, no. 3 (October 3, 2018): 579–605. http://dx.doi.org/10.31141/zrpfs.2018.55.129.579.
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Considering the main characteristics of fiducia in Roman law, as well as its functions and place within the real property law and the law of obligations, two features that are also prominent in the definition of anglosaxon trust stand out. These are the fiduciary nature of the relationship between the interested parties, as fides (trust) formed the initial basis of both institutes in the period before they were legally recognized, and the transfer of ownership made for specific purpose, different from the regular enjoyment of the object by the owner. However, there is a significant difference between the two (fiducia and trust) becuase of the duality between common law and equity in English legal system. While the mutual interests of the parties to fiducia in Roman law were protected only by personal actions (actiones in personam), parties’ proprietary interests in English trust were (and still are) recognized with the parallel existence of legal and equitable title. In contemporary Croatian law of real property the closest thing to the division of titles exists with regard to the conditionally transferred ownership as regulated in Art. 34 of Ownership and Other Proprietary Rights Act, entaling the division on prior and posterior ownership, both of which can be entered into Land registry and other registries. In the article it is analysed how this division and the following registration of both titles could allow for the effects to be given to trusts, in case it would be pondered on the benefits of accession of Croatia to the Hague Convention on the Law Applicable to Trusts and on their Recognition. Accordingly, after the exposition of Croatian law, it is given a short overview of English trust with emphasis on trusts of land and, subsequently, of the rules of the Hague Convention on the Law Applicable to Trusts and on their Recognition. In the conclusion it is argued that perceived incompatibility of trust with civilian legal system can be overcome in Croatia with the help of extant legal rules regarding conditionally transferred ownership. Also, this incompatibility has already been refuted in several European continental countries from which examples lessons should be studied and learned, what would be the next step in the deliberations on the accession to the Hague Convention on the Law Applicable to Trusts and on their Recognition.
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Hadjiargyrou, Zena. "A Conceptual and Practical Evaluation of Intergenerational Equity in International Environmental Law." International Community Law Review 18, no. 3-4 (October 6, 2016): 248–77. http://dx.doi.org/10.1163/18719732-12341336.
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The article addresses the unfolding of the concept of intergenerational equity, which aims to ensure the conservation of planetary resources amongst generations within the realm of the law of trusts. The article explicates the concept’s ambiguities through confronting its conflicting understandings in academia whilst elucidating how it operates and expresses itself in legal documents, constitutions and national and international courts. An afterthought follows which envisages intergenerational equity as a multifarious utopia, which is to be addressed uniformly for its potential attainment.
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Russell AM RFD QC, David. "2018 WA Lee Equity Lecture:." QUT Law Review 18, no. 2 (March 1, 2019): 137. http://dx.doi.org/10.5204/qutlr.v18i2.764.
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May I commence by acknowledging the honour done to me by asking me to give this, the nineteenth WA Lee lecture. I studied Equity, in part, under Professor Lee and he was a prominent member of the teaching community at my University College.
At that time, and later, I came to appreciate the extent to which his reputation was established, not just in Australia, but throughout the common law world. Perhaps the most telling of a number of indications, once publications such as the masterful Ford & Lee are put to one side, is the fact that when Donovan Waters QC, former Oxford don, STEP Honorary Member and one of the negotiators of the Hague Trust Convention,[1] visited Australia as a guest of STEP, the one Australian he specifically asked us to arrange for him to meet was Tony Lee.
So to give this lecture before an audience including Tony Lee, fills me with not a little trepidation. He – and no doubt many others of you – will be immediately aware of any errors or imperfections. It is small consolation that, on this occasion at least, he will not be marking the paper.
In choosing the topic for the paper, I had in mind a paper given by the Hon Dyson Heydon, AC QC, to the first STEP Australia Conference.[2] Mr Heydon QC observed that:
This paper is an edited version of a paper presented at the 2018 WA Lee Equity Lecture delivered on 21 November 2018 at the Banco Court, Supreme Court of Queensland, Brisbane.
* AM RFD QC; BA (UQ), LLB (UQ), LLM (UQ).
[1] Adopted by Australia and implemented in the Trusts (Hague Convention) Act 1991 (Cth).
[2] JD Heydon, ‘Modern Fiduciary Liability: the Sick Man of Equity’ (2014) 20 Trusts & Trustees 1006.
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Fargher, Ian. "Valuation and Service Trusts." Australasian Business, Accounting & Finance Journal 15, no. 2 (2021): 83–102. http://dx.doi.org/10.14453/aabfj.v15i2.6.
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The oblique nature of control over assets of a trust has always been challenging when personal asset distribution is at issue. This is no more apparent than in the context of Family Law. Complex organisational arrangements may make sense when considering tax planning or asset protection strategies, however, they may present difficulties for the application of sections 79 and 75 of the Family Law Act 1975. Specific difficulties are experienced when dissecting the economic structures of professionals, where the issues of professional and business intangible assets and tangible assets are held within service trust structures, intertwined with personal professional wages, incorporated professional entities, professional distributions and family distributions. Service trust arrangements have become popular for Australian professionals, such as, doctors, accountants, lawyers and engineers due to their tax effectiveness which passed the court’s test in the 1978 case FCT v Phillips. The Australian Taxation Office (ATO) has issued ‘safe harbour’ rules for the operation of service trust arrangements which may provide some, in principle, assistance to Family Law decision making. This paper investigates the Family Law issues with respect to partner distributions where a service trust structure is in place. In this regard, the paper considers the business structuring concepts including the rights and roles of those associated with trusts, particularly the exercising of control. Secondly, the paper reviews the courts decisions with respect to looking through business trust structures with reference to the reasoning expressed in past judgements. Finally, the paper considers the Family Law distribution effects of tangible and intangible assets when professional services are encased within a Philips Trust type structure. This paper should be of interest to those involved, or potentially involved, in Family Law asset distribution. Specifically, legal and professional advisors, such as lawyers, accountants and valuation professionals. The paper’s objective is to assist in clarifying the complex issues of understanding business structures underpinning the transaction based cash flows between entities and their potentially intertwined equity.
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Riches, Judith. "Emma Warner-Reed,Equity and TrustsCharlie Webb and Tim Akkouh,Trusts Law." Law Teacher 45, no. 3 (December 2011): 384–86. http://dx.doi.org/10.1080/03069400.2011.621620.
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Канашевский, Владимир, and Vladimir Kanashevskiy. "The Concept of Beneficial Ownership in Russian Judicial Practice (Private Law Aspects)." Journal of Russian Law 4, no. 9 (August 29, 2016): 0. http://dx.doi.org/10.12737/21218.
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The author studies the definitions and features of the concept of “beneficial ownership” and its application by Russian courts. Although the Russian civil law does not recognize the concept of beneficial ownership which comes from the English law of equity, this concept is beginning to be recognized by Russian judicial practice, in particular, in the recent resolutions of the Russian Supreme Court of the Russian Federation. The cases in question relate to the division of the joint property acquired by spouses during the marriage (the Russian courts consider the property (assets) of the offshore company or trust controlled by spouse (acting as a beneficiary) as a joint spouses’ property); recognition of the rights of beneficiary for challenging the decisions of the companies controlled by such beneficiary; levy of execution upon the property of the offshore companies and trusts controlled by beneficiary for the beneficiary’s debts. It is obvious that decisions of Russian courts are in the line with trends of development of foreign case law. One of the manifestations of the beneficial ownership concept in Russian law is the institute of “a person having factual right for the income”, fixed by Russian tax law. Considering the deoffshorization policy in Russia, it is obvious that this institute will continue to be reflected in the national tax law. The author attends to, inter alia, the questions of applicable law to beneficial ownership, including applicable law to the relations with offshore companies and trusts. In particular, the legal regime of foreign trust’s or offshore company’s property shall be determined by the law of the relevant foreign jurisdiction but not by the rules of Russian law.
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Evans, Steve. "Graham Virgo,The Principles of Equity and TrustsPhilip H. Pettit,Equity and the Law of Trusts Steve Evans." Law Teacher 47, no. 2 (July 2013): 284–87. http://dx.doi.org/10.1080/03069400.2013.791094.
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Fox, David. "EQUITIES TO RESCIND AND INTERESTS UNDER RESULTING TRUSTS." Cambridge Law Journal 59, no. 3 (November 16, 2000): 421–71. http://dx.doi.org/10.1017/s0008197300280203.
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Twinsectra Ltd. v. Yardley [1999] Lloyd’s Rep. Bank. 438, a unanimous decision of the Court of Appeal, illustrates the various liabilities of a fiduciary who obtains money by a fraudulent misrepresentation. Apart from liability at law for deceit, he may be liable in equity as a resulting trustee or the claimant may rescind the transaction for fraud. This note asks how real the differences are between these two equitable means of reversing the unjust enrichment of the fiduciary.
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Yip, Man, and James Lee. "The commercialisation of equity." Legal Studies 37, no. 4 (December 2017): 647–71. http://dx.doi.org/10.1111/lest.12167.
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This paper analyses the jurisprudence on the relevance of the commercial context to principles of the law of equity and trusts. We criticise recent UK Supreme Court decisions in the area (chiefly Williams v Central Bank of Nigeria, FHR European Ventures v Cedar Capital Partners and AIB Group v Mark Redler & Co) and identify a trend of the ‘commercialisation’ of the issues. The cases are placed in comparative context and it is argued that there is an unsatisfactory pattern of judicial reasoning, exhibiting a preference for some degree of unarticulated flexibility in commercial adjudication. But the price of that flexibility is a lack of doctrinal coherence and the development of equitable principles that will apply in, and beyond, the commercial context. We also argue that this trend has important implications for the coming rounds of Supreme Court appointments.
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Lister, Robin. "Equity and trusts: The international fallacy? Stack v. Dowden [2007] UKHL 17." Law Teacher 41, no. 3 (January 2007): 350–62. http://dx.doi.org/10.1080/03069400.2007.9959755.
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Lee, Natalie. "Inheritance tax – an equitable tax no longer: time for abolition?" Legal Studies 27, no. 4 (December 2007): 678–708. http://dx.doi.org/10.1111/j.1748-121x.2007.00065.x.
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Statistics from HM Revenue & Customs predict that receipts from inheritance tax will amount to some £3.56 billion in the tax year 2006/07. This compares to £1.68 billion in 1997/98. This paper explores the reason for the large increase in inheritance tax revenues and, in the light of those findings, together with a consideration of the recent public reaction to the changes to the inheritance taxation of trusts announced in the Budget 2006 and incorporated in the Finance Act 2006, argues that, whereas the justification for a tax on the value of property in a person’s estate on death (or within a certain number of years before death) was rooted in equity, equity now forms the argument for its abolition or, at least, its substantial reform.
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Edelman, The Hon J. "Understanding Tracing Rules." QUT Law Review 16, no. 2 (June 17, 2016): 1. http://dx.doi.org/10.5204/qutlr.v16i2.672.
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<p><em>This year is the 200</em><em>th </em><em>anniversary of one of the leading decisions concerning the law of tracing in equity. Celebrations have not been widely held. Two centuries after this decision, the rules of tracing in equity remain very difficult to understand and very difficult to justify. But they are of immense practical importance including to the law of trusts, claims based on fraud, and claims against remote recipients of property. This year, the United Kingdom Supreme Court has also returned to the topic in the context of a claim based on non-contractual subrogation. This article explains some of the persistent problems in the law of tracing and shows how to understand the operation of equitable tracing rules.</em></p>
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Hood, Parker. "What is so special about being a fiduciary?" Edinburgh Law Review 4, no. 3 (September 2000): 308–35. http://dx.doi.org/10.3366/elr.2000.4.3.308.
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The fiduciary label is not infrequently used. However, there has been little discussion of what it entails in Scots law, and what the consequences are of a party acting in breach of fiduciary duty. A fiduciary owes a duty of “loyalty” to his principal, which is a higher standard of conduct than a party in an “arm's length” transaction. This has the consequence that the remedies for breach of fiduciary duty are more severe. A fiduciary in breach of duty can be required to disgorge gains made as a result of that breach via a constructive trust and/or an account of profits. The constructive trust has, at times, received a somewhat hostile reception in Scots law, on two grounds. First, that it does not fit logically into the overall scheme of Scots law—being a creature of English law's Equity. Second, that it gives the beneficiary of such a trust an unfair priority in the fiduciary's insolvency, to the detriment of other creditors. However, as the constructive trust is a remedy to redress the unjustified enrichment of a fiduciary in breach of duty, its proper ‘home”, in Scots law, is the “enrichment family”, and not trusts. Moreover, by confining the constructive trust to breaches of fiduciary duty involving trust property, its impact on third parties will be reduced.
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Snow, Tamsin. "Trusts warned to comply with race equality law." Nursing Standard 20, no. 50 (August 23, 2006): 5. http://dx.doi.org/10.7748/ns.20.50.5.s2.
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Allan, Gregory, and Stephen Griffin. "Corporate personality: utilising trust law to invoke the application of the concealment principle." Legal Studies 38, no. 1 (March 2018): 79–102. http://dx.doi.org/10.1017/lst.2017.2.
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AbstractThe landmark Supreme Court judgment in Prest v Petrodel Resources Ltd provides a significant reassessment of the law relating to a court's ability to circumvent corporate personality. The Supreme Court considered that the application of ordinary legal principles (‘the concealment principle’) should ordinarily override a court's ability to apply an equitable veil-piercing doctrine (‘the evasion principle’). Whilst accepting the primacy of the concealment principle, this paper disputes the correctness of the Supreme Court's implied assertion that, in cases concerning ‘one-man type’ companies, the concealment principle should be advanced through application of agency-derived principles. Rather, this paper contends that the concealment principle should be progressed by adopting solutions derived from the law of constructive trusts and associated principles of equity. To an objective of providing a doctrinally sound framework for the development of the law in the post-Prest era, this paper further suggests that the constituent elements of the evasion principle could be consistent with the operation of a distinct species of constructive trust. Moreover, it is argued that, in future, this ‘evasion trust’ should, in complete abrogation of the equitable piercing doctrine, be developed so as to apply in all cases exhibiting intentional and fraudulent abuses of the incorporation process.
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Bennett, Thomas W. "Ubuntu: An African Equity." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 14, no. 4 (June 8, 2017): 29. http://dx.doi.org/10.17159/1727-3781/2011/v14i4a2583.
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In this paper the uses of ubuntu in constitutional law, criminal law, administrative law, the law of property, family law, delict and contract are investigated. Furthermore the theoretical objections to the use of ubuntu are stated and responded to. It is found that ubuntu provides the South African courts with a metanorm similar to the English notion of equity and that it is being deployed to give voice to something distinctively African. It promises to lay the foundations for a cohesive, plural, South African legal culture", characterised by notions such as reconciliation, sharing, compassion, civility, responsibility, trust and harmony.
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Brand, F. "Equity and certainty in contract law." Acta Juridica 2021 (2021): 141–76. http://dx.doi.org/10.47348/acta/2021/a6.
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The role of abstract values such as equity and fairness in our law of contract has been the subject of controversy for a number of years. In 2002 the Supreme Court of Appeal took the position that these values do not constitute self-standing grounds for interfering with contractual relationships. Despite this being consistently maintained by the SCA in a number of cases, some High Court judges deviated from this position on the basis that they were permitted to do so by some minority judgments and obiter dicta in the Constitutional Court. The uncertainty thus created has fortunately now been removed by the judgment of the Constitutional Court in Beadica v The Trustees for the Time being of the Oregon Trust.
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Lee, R. "Recent trends in equity and trusts law in Hong Kong: a review of notable developments in 2013." Trusts & Trustees 20, no. 4 (March 3, 2014): 315–23. http://dx.doi.org/10.1093/tandt/ttu013.
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Liu, Guoqing. "Trust without Equity: the Commercial Nature of Chinese Trust Law." Trusts & Trustees 22, no. 10 (October 19, 2016): 1118–33. http://dx.doi.org/10.1093/tandt/ttw185.
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Hsieh, Hui-Ching, Viona Claresta, and Thi Bui. "Green Building, Cost of Equity Capital and Corporate Governance: Evidence from US Real Estate Investment Trusts." Sustainability 12, no. 9 (May 2, 2020): 3680. http://dx.doi.org/10.3390/su12093680.
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Distinct from the existing literature, which mainly focuses on the impacts of green building practices on the owners’ benefits, this paper examines capital market participants’ perceptions of green building, specifically, the cost of equity capital. The study uses data regarding the United States Real Estate Investment Trusts (US REITs) from 2000 to 2016, employing a panel regression analysis and adopting a Price Earnings Growth (PEG) ratio model for the cost of equity capital estimation. We find a negative relationship between green building certification and the cost of equity capital. Our results encourage REITs to participate in green building certification and aim for higher green building rankings. In addition, we examine whether corporate governance could affect the intensity of green building practices in REITs. It is found that corporate governance practices implemented to align shareholders’ and managers’ interests, such as higher institutional holdings and a less dispersed ownership structure, positively impact firms’ resource allocation for green initiatives. The results suggest there could be mutual benefits for both economic profits and sustainable buildings.
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Tekin, Bilgehan. "The Factors Affecting the Market Value/Book Value and Profitability of REITs in Turkey." International Real Estate Review 24, no. 3 (September 30, 2021): 469–99. http://dx.doi.org/10.53383/100328.
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Increasing income level and the desire to live a more comfortable life in countries with an increasing population are constantly driving the demand for real estate. Real estate investment trusts (REITs) are capital market institutions that can invest in real estate, real estate-based capital market instruments, real estate projects, real estate-based rights and capital market instruments. In addition, they establish partnerships to realize specific projects, engage in other permitted activities, and are organized by the Capital Market Law in Turkey. In this study, the fixed effects panel data regression model is used to determine the financial indicators that affect the market value and profitability of the Turkey REITs that are traded in the Borsa İstanbul REITs Index. The study covers 21 REIT companies. The data set is in the period between 2010:Q1 to 2019:Q4 in the analyses. The results show that return on assets (ROA), return on equity (ROE), asset turnover, leverage, equity multiplier and current asset turnover are effective on the market to book ratio (MBR). The ratios that affect the ROA are MBR, ROE, acid-test, leverage, equity multiplier, EBITDA/sales and current asset turnover. Moreover, the ratios that affect the ROE are the ROA, MBR, acid-test, asset turnover, leverage, and equity multiplier.
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Marzec, Łukasz. "KILKA UWAG O SĄDZIE KANCLERSKIM I SYSTEMIE EQUITY W ANGLII." Zeszyty Prawnicze 5, no. 1 (June 10, 2017): 195. http://dx.doi.org/10.21697/zp.2005.5.1.08.
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Remarks on the Court of Chancery and the Equity System in EnglandSummaryThe Court of Chancery was a significant element in the English judicial system which operated outside the sphere of com m on law. Throughout hundreds o f years, the Court of Chancery developed a unique branch of equity law, which co-existed with the com m on law. This was very similar to the Roman ius civile and the praetorian law. Although the Court was abolished in the 19th century, its jurisdiction is still applied by the Chancery Division of the High Court of Justice. The equity law, intended to be a remedy for the strict rules of com m on law, borrowed much from the Roman law. M any chancellors and masters in Chancery, having obtained a D. C. L or LL. D degree were open to adopt Rom an law rules into the C ourt’s practice. In the opinion of some scholars, some of the equity rules were borrowed from the Rom an law, like trust (fideicomissum) or elements of mortgage (equity o f redemption). M any „rules of equity” have also their origin in the Roman jurisprudence.
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Hudson, Jessica. "One Thicket in Fraud on a Power." Oxford Journal of Legal Studies 39, no. 3 (2019): 577–602. http://dx.doi.org/10.1093/ojls/gqz017.
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Abstract This article considers the effect of fraud on a power as it applies to private powers arising across a range of institutions, such as express trusts, agency and companies. The article makes two main arguments. First, the effect of fraud on a power is determined by the equitable nature of the doctrine and its interaction with a particular type of power. The significance is that the effect of fraud on a power cannot be described as either voidness or voidability. There is a more important question as to the priority of equity’s response to fraud on a power. The second argument is that equity calibrates its response to fraud on a power depending on the method by which the power is devolved. The article goes on to consider the justification for this calibration, including the risk profiles that inhere in the different ways that institutions devolve power.
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Bakibinga, D. J. "Equity and Trusts In Nigeria. ProfessorJ. O. Fabunmi. University of Ife Press Ltd. Ile-Ife, Nigeria, 1986. lii + 301 pp. Limp." Journal of African Law 33, no. 1 (1989): 133–34. http://dx.doi.org/10.1017/s0021855300008068.
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AUSTIN, R. P. "Commerce and Equity—Fiduciary Duty and Constructive Trust." Oxford Journal of Legal Studies 6, no. 3 (1986): 444–55. http://dx.doi.org/10.1093/ojls/6.3.444.
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Lee, Yunsoo. "Government for Leaving No One Behind: Social Equity in Public Administration and Trust in Government." SAGE Open 11, no. 3 (July 2021): 215824402110292. http://dx.doi.org/10.1177/21582440211029227.
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A great deal of ink has been spilled over attempts to increase trust in government. Surprisingly, the impact of social equity on trust in government has received relatively little attention. Particularly, insufficient attention has been paid to empirically connect the linkage between a country-level social equity and an individual-level trust in government. The purpose of this study is to examine the impacts of social equity on citizen trust in government. This study uses a multilevel analysis to take into account macro-country level social equity. The findings from analyzing the World Values Survey and the Rule of Law Index reveal that social equity in administrative processes is positively associated with trust in the courts and the police. It is imperative to consider social equity in public administration to get a better understanding of developing citizen trust in government.
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Debruche, Anne-Françoise. "What is "Equity"? Of Comparative Law, Time Travel and Judicial Cultures." Revue générale de droit 39, no. 1 (October 20, 2014): 203–28. http://dx.doi.org/10.7202/1026985ar.
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What is "equity"? Does it mean the same as the word "équité" in French ? Can the word "equity", used in an English or an American legal text, be translated readily by équité without being misleading? The answer to those two last questions is no. In the language of the common law, "equity" means something very specific and much more complicated than what we have in mind when we say équité in our civil law traditions. The present paper, adapted from a lecture given in Brasilia, attempts to shed some light on this awkward subject, as it compares the notion of équité in the French civil law tradition with the concept of equity indigenous to the English common law tradition. The mode of presentation used is that of the imaginary time machine: specialists of équité are thus interviewed one by one (Montesquieu, Portalis, Justice Magnaud) in chronological order, followed by English judges associated with the development of equity (Lord Coke, Chancellor Ellesmere and Lord Denning), Those historical figures use examples borrowed from their own time in order to illustrate the workings of équité/equity: in France the principle of liability for things and the abuse of rights theory, in England the trust, the estoppel and the injunction. As a conclusion, we discover that equity does not necessarily mean fair, and that équité has to express itself indirectly under the guise of judicial interpretation.
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Virgo, Graham. "Trusts and Equity. By Gary Watt. [Oxford: Oxford University Press. 2003. xxxviii, 523, and (Index) 25 pp. Paperback £24.99. ISBN 0–19–870061–X.]." Cambridge Law Journal 63, no. 2 (June 18, 2004): 513–15. http://dx.doi.org/10.1017/s0008197304236662.
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Tettenborn, Andrew. "Trust Property and Conversion: an Equitable Confusion." Cambridge Law Journal 55, no. 1 (March 1996): 36–42. http://dx.doi.org/10.1017/s0008197300097713.
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Suppose a collection of ictures is held by a trustee T on trust for beneficiary B. A picture is stolen by X, a thief; or alternatively, it is wrongfully sold by T to Y. What causes of action are open to B? At first sight this looks an easy question, involving straightforward application of the principles of equity and personal property. In the former situation (the theft example), T, who has the legal title, can clearly sue X in conversion. As for B, he in his capacity of equitable owner can no doubt force T to do so, if necessary by himself bringing proceedings against X and joining T as a party. In the second case, that of wrongful sale, T is clearly guilty of a breach of trust and liable to compensate B accordingly. As to the liability of Y, B will be able in equity to recover the picture from him in specie he has it, or its value if he does not (assuming Y's acts were sufficient to make him liable on the basis of “knowing receipt” of trust property).
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Russell, David. "2018 WA Lee Equity Lecture: Equity in an Age of Uncertainty." QUT Law Review 18, no. 2 (March 13, 2019): 137. http://dx.doi.org/10.5204/qutlr.v18i2.771.
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May I commence by acknowledging the honour done to me by asking me to give this, the nineteenth WA Lee lecture. I studied Equity, in part, under Professor Lee and he was a prominent member of the teaching community at my University College.
At that time, and later, I came to appreciate the extent to which his reputation was established, not just in Australia, but throughout the common law world. Perhaps the most telling of a number of indications, once publications such as the masterful Ford & Lee are put to one side, is the fact that when Donovan Waters QC, former Oxford don, STEP Honorary Member and one of the negotiators of the Hague Trust Convention,[1] visited Australia as a guest of STEP, the one Australian he specifically asked us to arrange for him to meet was Tony Lee.
So to give this lecture before an audience including Tony Lee fills me with not a little trepidation. He – and no doubt many others of you – will be immediately aware of any errors or imperfections. It is small consolation that, on this occasion at least, he will not be marking the paper.
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Raj kumar Verma and Ramesh Kumar. "Role of Para-Legal Services in Administration of Justice: An Empirical Study of Ashok Nagar District." Legal Research Development: An International Refereed e-Journal 2, no. I (September 30, 2017): 01–18. http://dx.doi.org/10.53724/lrd/v2n1.02.
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In present era, rule of law exists, subjecting to principle of natural justice, equity, justice, good conscious & morality in democratic, secular, sovereign and republic India. The Legal & Para- Legal Services have got the most special and primary role in administration of justice in delivery of justice. Law is the medium & it is has the highest goal of justice. This Research paper has been emphasized on The Role of Para-Legal Services in Administration of Justice: An Empirical Study of Ashok Nagar District which is situated in heart of India namely The State of Madhya Pradesh. This Research has been conducted in respect to Institutions/colleges/universities where LL.B./B.A.LL.B./ B.Com.LL.B./ B.B.A.LL.B.(5Ydc) &/ LL.B(3Ydc) namely Legal/Law education are being conducted in accordance with UGC rules & regulations& approval of Bar Council of India‟s rules & regulations. In this regard, this research shows the genuine/ real/ actual conditions or other related facts of Legal & Para-Legal Services, its conduction, legal aid clinics Para-Legal Aid clinics, Para- Legal Training, Education, Literacy, Awareness, Accessibility, Paralegals, Volunteers & other connected things with it. This research paper is helpful for professors, Lecturers, teachers, researchers, students, NGO‟s, Trusts, Governments, Organizations, Commissions, Institutions, Colleges, Universities, Establishments and others connected with the same.
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Winit, Warat, and Sooksan Kantabutra. "Enhancing the Prospect of Corporate Sustainability via Brand Equity: A Stakeholder Model." Sustainability 14, no. 9 (April 21, 2022): 4998. http://dx.doi.org/10.3390/su14094998.
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Given that brand equity is increasingly recognized as a measure of corporate sustainability, in the present study, we examine the relationships among stakeholder benefits, stakeholder trust and brand equity. Derived from a sample of 433 stakeholders from 115 companies in Thailand, the findings indicate that functional benefits improve brand equity indirectly and directly via stakeholder trust and psychological benefits. On the other hand, psychological benefits improve brand equity indirectly and directly via stakeholder trust. Psychological benefits create more direct, positive effects on brand equity than functional benefits. The effects of functional benefits on brand equity are enhanced through psychological benefits. Directions for future studies and practical implications are also discussed.
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Raj kumar verma and Ramesh Kumar. "Role of Para-Legal Services in Administration of Justice: An Empirical Study of Gwalior District." Legal Research Development: An International Refereed e-Journal 1, no. IV (June 30, 2017): 65–77. http://dx.doi.org/10.53724/lrd/v1n4.06.
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In today‟s context, rule of law is in existence, subjecting to principle of natural justice, equity, justice, good conscious & morality in Democratic and republic India. Para-Legal Services have got the most specific in primary role in administration of justice as a back bone in delivery of justice. Law is the means & it is having the highest goal of justice. This Research paper has been focused and emphasized on The Role of Para-Legal Services in Administration of Justice: An Empirical Study of Gwalior District. Gwalior is situated in heart of India namely The State of Madhya Pradesh. Gwalior is a division including Gwalior itself. This Research has been conducted with respect to Institutions/colleges/universities where LL.B./ B.A.LL.B./ B.Com.LL.B./ B.B.A.LL.B.(5Ydc) & LL.B (3Ydc) namely Legal/Law education are being conducted in accordance with UGC rules & regulations& approval of Bar Council of India‟s rules & regulations. With this respect this research reveals the genuine conditions or other related facts of Para-Legal Services, Its conduction, legal aid clinics Para-Legal Aid clinics, Para-Legal Training, Education, Literacy, Awareness, Accessibility, Paralegals, Volunteers & other connected things with it. This research paper is beneficial, useful and helpful for professors, Lecturers, teachers, researchers, students, NGO‟s, Trusts, Governments, Organizations, Commissions, Institutions, Colleges, Universities, Establishments and others connected there with.
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Roxburgh, Alan. "Knowing receipt: a question of priorities." Trusts & Trustees 27, no. 4 (May 1, 2021): 344–52. http://dx.doi.org/10.1093/tandt/ttab019.
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Abstract The recent judgment of Fancourt J in Byers v Samba Financial Group considers whether a transferee of trust assets who has taken free of the beneficiary’s proprietary interest under the applicable foreign law of property can nevertheless be exposed to personal liability under the English law of knowing receipt. The issue, as the Judge observed, may be of considerable importance to equity lawyers.