Equity And Trust Law Notes Pdf

File Name: equity and trust law notes .zip
Size: 2525Kb
Published: 18.04.2021

Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They were developed by the English Court of Chancery and other courts that administer equity jurisdiction, including the law of trusts. Although the most fundamental and time honored of the maxims, listed on this page, are often referred to on their own as the 'maxims of equity' or 'the equitable maxims',The first equitable maxim is 'equity delights in equality' or equity is equality [1] [2] Like other kinds of legal maxims or principles , they were originally, and sometimes still are, expressed in Latin.

Equity & Trust

Equity has been defined as:. It connoted reasonable modification of the letter of the ordinary law. In a wide sense it means that which is fair, just, moral and ethical; but its legal meaning is much narrower.

Equity is the branch of law which, before the Judicature Act of came into force, was applied and administered by the Court of Chancery. Equity therefore has two meanings:. Ordinary or popular meaning. Technical meaning. For example, before a person is pronounced guilty of an offence by a court of law, he must be given a chance to defend himself. Equity in the technical sense refers to the body of rules or principles which are not and are distinct from the common law.

It is a body of rules or principles which form an appendage to the general rules of common law. It is necessary to understand the distinction between common law and equity which gives rise to the meaning that equity is that which is not the common law.

Such a distinction can only be obtained by examining the historical origin and development of equity in England. Before the evolution of equity, common law was the prevalent law in England. Common law developed over the years through case law. It dealt with both civil and criminal cases in which the King had an interest.

The Court of Common Pleas: This court heard civil cases brought by one individual or citizen against another. Later it acquired jurisdiction in cases of debt between one citizen and another citizen. It eventually took many cases of debt which should have been heard in the Court of Common Pleas.

The common law was rigid because before a person could get redress for his grievance, he had to be issued with a writ disclosing a cause of action. Fetters to the Common law. The common law courts were fettered by precedent. In addition, a statute referred to as the Provisions of Oxford of restrained the Chancellor from issuing new types of writ on his own initiative. These fetters prevented the common law from developing fast enough to do justice in all cases. Moreover, in the rough days of the 13 th century, a plaintiff was often unable to obtain a remedy in the common law courts even when he should have, owing to the strength of the defendant, who would defy the court or intimidate the jury.

Petitions to the King. Equity was therefore developed to mitigate the defects of ordinary law. The practice of petitioning the King continued, giving rise to the establishment of a Court of Chancery as an institution independent of the King and his Council. He exercised his powers on the ground of conscience. In theory , conscience was based on universal and natural justice rather than the personal opinion or conscience of the Chancellor. The Chancellor pronounced a remedy where the common law did not provide for one.

For example, the common law courts had no power to order specific performance or grant an injunction. The Chancellor would also provide a remedy where a common law rule resulted in substantial injustice in a particular case due to some unforeseen set of facts. Justice required that the rule be amended or modified. If the rule could not be amended or modified, justice required that there be a new rule to mitigate the harshness and severity of the common law rule.

This new body of rules is what came to be known as equity. The rigidity and deficiency of the common law led to the evolution of equity. Equity is distinguishable from the general body of law and from the common law, in particular, not because it seeks to achieve a different end, since both equity and the common law seek to achieve justice.

Rather, equity is distinguishable because it appears at a later stage of legal development. With time, Chancellors began to apply the same principles in all cases instead of following the inclination of the moment necessitated by circumstances under the notion of conscience. The Court of Chancery also became more organized. More judicial officers were appointed and a Court of Appeal in Chancery was established.

What had begun as an irregular process of petitioning the Crown in extraordinary circumstances had become a regular system of courts with a recognized jurisdiction. The systematization of the rules of equity in turn produced rigidity. They became as fixed as those of the common law. One of the most famous Chancellors, Lord Eldon said the following in Gee v. Pritchard 2 Swans at 36 E. R I cannot agree that the doctrines of this court are to be changed with every succeeding judge.

It must not therefore be assumed that every injustice or wrong was the subject of equitable intervention. Eventually, the Chancellor had to rely on well-settled principles of equity. Per Jessel, M. D at If the claim being made did exist,. Harman, L. Bridge [] 1 Q. Since the times of Lord Eldon the system of equity for good or evil has been a very precise one and equitable jurisdiction is exercised on well known principles.

The law of equity is therefore more concerned with the technical rather than the ordinary meaning of equity. Any definition of equity must have regard to two things, namely, firstly, form and history , and, secondly, substance or principle of equity. It is not entirely accurate to define equity solely in terms of natural justice.

The principles of equity administered in the courts are distinct from the rules of natural justice. Only a small fraction of the whole can be said to be rules of equity in the technical sense. No man shall be a judge in his own cause. From the above, it can be said that equity in the technical sense is entwined with the traditional rules of natural justice.

The Court of Chancery which was established following the systematization of equity. Soon the practice of having different courts became cumbersome and inconvenient. Often in the course of the same litigation, parties were driven to and fro between common law and equity courts. On the other hand, the Court of Chancery could not award damages. Some of the disadvantages of having separate courts were mitigated by the common law courts themselves.

For instance, when a rule of equity differed from a common law rule, the common law courts applied the rule of equity in order to save the parties the expense of separate proceedings in equity.

However, this would be done only when it was plain in the proceedings at common law what equity would do. Other disadvantages were mitigated piecemeal by statute. For example, the Common Law Procedure Act gave the common law courts a limited power of granting injunctions.

The situation was therefore now ripe for a merger of the three common law courts with the Court of Chancery. The merger was accomplished through the enactment of the Judicature Acts of and The main purpose of these Acts was to amalgamate the numerous courts into one Supreme Court of Judicature.

The High Court had five divisions:. These were reduced to three by the Order in Council. The three were:. The Supreme Court Act affirmed the three divisions, namely:. The Supreme Court was directed to administer both law and equity. Rules of equity remained distinct from those of the common law but both systems were administered in the same courts. For the sake of administrative convenience, cases were allocated to the Divisions according to their general subject matter.

The Kenyan court system derived from this English system. Contribution of Equity to English Law. Equity has made the following contributions to English law:. Classification of the Jurisdiction of Equity. The jurisdiction of equity can be divided into three classes:. Equity did not come to replace or supplant the common law but to assist it. Lord Eldon in Lord Dudley v. Lady Dudley Pre.

John Selden, Talk of John Selden ed. Pollock, quoted in Holdsworth, H. There are certain general principles upon which the court of equity exercises its jurisdiction. Some of the maxims overlap. A particular maxim may contain by implication what another maxim contains. These maxims do not cover all the situations in equity.

The most notable maxims are as follows:. He who seeks equity must do equity. He who comes to equity must come with clean hands.

MLL405 EQUITY & TRUSTS EXAM NOTES

Topic Notes. Past Papers. Several models of the resulting trust have been set out in different contexts but each of them has significant problems. A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior.

Equity & Trusts law notes

There is a large equity problem worth a total of 30 marks 2. There is a large trusts problem worth a total of 30 marks 3. There are two short answer questions each worth 5 marks and a total of 10 marks. The exam result and the assignment result will be added together to determine the overall final result.! Definition A.

Equity has been defined as:. It connoted reasonable modification of the letter of the ordinary law. In a wide sense it means that which is fair, just, moral and ethical; but its legal meaning is much narrower. Equity is the branch of law which, before the Judicature Act of came into force, was applied and administered by the Court of Chancery. Equity therefore has two meanings:.

Equity and Trusts/Introduction

The origins of Equity Equity is a system of law historically developed in the Court of Chancery correcting unconsciousble conduct on the part of a defendant. It was developed by the Court of Chancery to solve deficiencies of the common law and correct unconsciousble conduct.

Консьерж покачал головой: - Невозможно. Быть может, вы оставите… - Всего на одну минуту. Она в столовой. Консьерж снова покачал головой: - Ресторан закрылся полчаса. Полагаю, Росио и ее гость ушли на вечернюю прогулку.

Каждый новый шифр после его вскрытия переводится на безопасное хранение из шифровалки в главную базу данных АНБ по оптико-волоконному кабелю длиной 450 ярдов. В это святилище существует очень мало входов, и ТРАНСТЕКСТ - один из. Система Сквозь строй должна служить его верным часовым, а Стратмору вздумалось ее обойти. Чатрукьян слышал гулкие удары своего сердца. ТРАНСТЕКСТ заклинило на восемнадцать часовМысль о компьютерном вирусе, проникшем в ТРАНСТЕКСТ и теперь свободно разгуливающем по подвалам АНБ, была непереносима.

 - Мы вместе спустимся.  - Он поднял беретту.  - Ты найдешь терминал Хейла, а я тебя прикрою. Сьюзан была отвратительна даже мысль об. - Разве нельзя дождаться звонка Дэвида о той копии, что была у Танкадо.

Она получит ваше письмо утром. - Спасибо, - улыбнулся Беккер и повернулся, собираясь уходить. Консьерж бросил внимательный взгляд в его спину, взял конверт со стойки и повернулся к полке с номерными ячейками. Когда он клал конверт в одну из ячеек, Беккер повернулся, чтобы задать последний вопрос: - Как мне вызвать такси. Консьерж повернул голову и .

И кто только распустил этот слух. Тело Колумба покоится здесь, в Испании. Вы ведь, кажется, сказали, что учились в университете. Беккер пожал плечами: - Наверное, в тот день я прогулял лекцию.

 Деление на ноль, - сказала она, пробегая глазами остальные данные.  - Средняя цена определяется как дробь - общая стоимость, деленная на число расшифровок. - Конечно.  - Бринкерхофф рассеянно кивнул, стараясь не смотреть на лиф ее платья. - Когда знаменатель равняется нулю, - объясняла Мидж, - результат уходит в бесконечность.

Ненавидел американскую еду, американские нравы, но более всего ему было ненавистно то, что американцы железной хваткой держали мировой рынок компьютерных программ. У Стратмора был смелый план - создать всемирный стандарт шифрования с черным ходом для Агентства национальной безопасности.

4 Response
  1. Kamil B.

    Equity and trusts is a unique branch of English law based on a body of principles made by the Courts of Chancery , that focusses on bringing balance to the legal system, particularly the Common Law.

  2. Hollie D.

    In jurisdictions following the English common law system , equity is the body of law which was developed in the English Court of Chancery and which is now administered concurrently with the common law.

  3. Varden T.

    A legal trust ownership is divided between two individuals that are called trustee and beneficiary. The role of management is vested in a person called.

  4. Karolin Z.

    India today tamil magazine pdf free download corporate finance 2e by jonathan berk and peter demarzo pdf

Leave a Reply