Trusts and Equity

by Watt, Gary

• ISBN13: 9780198700616
• ISBN10: 019870061X
• Format: Paperback
• Copyright: 2003-07-17
• Publisher: Oxford University Press

Summary

This medium-length textbook has been designed to provide students with a clear step by step guide to the typical subject matter of an undergraduate course on trusts and equity. A number of critical perspectives, such as the tension between property and obligations approaches to the trust, aremaintained throughout to give overall theoretical coherence to the work. It is intended that by reading the introduction to each chapter in turn the student will appreciate the scope and boundaries of the subject and see connections between chapters even before he or she has engaged with thedetailed content. The major focus of the book is upon the law of trusts. Treatment of equitable principles, doctrines, and remedies is distributed throughout the text and illustrated by reference to practical examples involving trusts. This text seeks to give appropriate emphasis to modern trustsin commercial contexts, and contemporary developments in the areas of investment and breach of trust.

Author Biography

Gary Watt is Lecturer in Law at the University of Warwick. He was previously Lecturer in Law at Nottingham Trent University.

Table of Contents

Preface	vii
Table of Cases	xvii
Table of Statutes	xxxii
Table of Statutory Instruments	xxxvii
Table of Conventions and Agreements	xxxviii
PART I Introduction To Trusts and Equity
Foundations	3	(38)
Historical foundations	4	(7)
Equity	11	(16)
Trusts	27	(12)
Perspectives	39	(1)
Further reading	40	(1)
Trusts in Context	41	(42)
The social and economic significance of the trust	42	(12)
The trust in the context of laws	54	(18)
International trusts	72	(7)
Further reading	79	(4)
PART II Creation and Recognition of Trusts
Trusts Created Expressly	83	(39)
The three certainties	84	(22)
Trusts established for private purposes	106	(8)
Donations to unincorporated associations	114	(5)
Last thoughts on the construction of dispositions	119	(1)
Further reading	120	(2)
Effective Disposition of Benefit: Constitution of Trusts	122	(28)
Reasons behind the requirement of constitution	123	(1)
Modes of constitution of trusts	124	(23)
Concluding remarks	147	(2)
Further reading	149	(1)
Ineffective Disposition of Benefit: Resulting Trusts	150	(29)
The established factual categories of resulting trust	151	(1)
The theory behind resulting trusts	152	(7)
The Vandervell affair	159	(3)
Rebutting the presumption of a resulting trust	162	(1)
Resulting trusts of surplus benefits	163	(4)
The Quistclose trust	167	(6)
Pension fund surpluses	173	(5)
Further reading	178	(1)
Trust Creation and Public Policy 1: Formality and Perpetuity	179	(29)
Introduction to formality and perpetuity	180	(1)
Formality	181	(13)
Perpetuity	194	(12)
Further reading	206	(2)
Trust Creation and Public Policy 2: Illegality and Charity	208	(32)
Illegality	209	(12)
Charitable trusts	221	(18)
Further reading	239	(1)
Constructive Trusts and Informal Trusts of Land	240	(45)
The nature of constructive trusts	241	(8)
The operation of constructive trusts	249	(1)
Categories of constructive trusts	250	(12)
Informal trusts of land	262	(15)
Proprietary estoppel	277	(4)
Further reading	281	(4)
PART III The Regulation of Trusts
Flexibility of Benefit	285	(38)
Maintenance	286	(7)
Advancement	293	(6)
The Variation of Trusts Act 1958	299	(12)
Other modes of varying private trusts	311	(1)
Cy-pres	312	(8)
Administrative variations	320	(2)
Further reading	322	(1)
The Fiduciary Duty	323	(29)
The strict rule of exemplary fiduciary propriety	324	(1)
The duty of good faith	325	(2)
Fiduciary relationships and fiduciary duties	327	(2)
The fiduciary duty to avoid conflicts of interest	329	(10)
The fiduciary duty to account for unauthorized profits	339	(12)
Further reading	351	(1)
Fulfilling and Filling the Office of Trustee	352	(37)
The significance of the trust instrument	353	(2)
The duty of care	355	(4)
The duty to exercise a sound discretion	359	(7)
The duty to act fairly	366	(2)
The duty of personal service	368	(8)
Insurance	376	(1)
Filling the office of trustee	377	(11)
Fulfilling and filling the office of trustee	388	(1)
Further reading	388	(1)
Trustee Investment	389	(36)
A matter of choice	389	(1)
A matter of time	390	(1)
The goals of trustee investment	391	(1)
Trustees' investment powers	392	(7)
Trustees' investment duties	399	(14)
Liability for improper investment by trustees	413	(6)
Ethical investment	419	(4)
Conclusion	423	(1)
Further reading	424	(1)
Breach of Trust: The Personal Liability of Trustees	425	(34)
Locus standi	426	(1)
Breach without liability	427	(1)
Liability for breach of trust	428	(14)
Defences	442	(10)
Relief	452	(4)
Further reading	456	(3)
PART IV Trusts and Third Parties
Tracing and Recovering Trust Property	459	(39)
Remedies	460	(21)
Tracing	481	(16)
Further reading	497	(1)
The Equitable Personal Liability of Strangers to the Trust	498	(27)
Strangers---who are they?	498	(3)
The nature of liability	501	(1)
Trusteeship de son tort	502	(1)
Personal liability in equity for receipt	503	(11)
Equitable liability for assistance in a breach of trust	514	(9)
Further reading	523	(2)
Index	525