Law of property equity and trusts

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Law of property equity and trusts

Fideicommissum Possible earliest concept of equity in land held in trust is the depiction of this ancient king trustor which grants property back to its previous owner beneficiary during her absence, supported by witness testimony trustee.

In essence and in this case, the king, in place of the later state trustor and holder of assets at highest position issues ownership along with past proceeds equity back to the beneficiary: On the testimony of Gehazi the servant of Elisha that the woman was the owner of these lands, the king returns all her property to her.

From the fact that the king orders his eunuch to return to the woman all her property and the produce of her land from the time that she left Roman law had a well-developed concept of the trust fideicommissum created by wills.

However, these testamentary trusts did not develop into the inter vivos living trusts which apply while the creator lives. This was created by later common law jurisdictions.

The waqf is a similar institution in Law of property equity and trusts lawrestricted to charitable trusts. Feudalism and Court of Chancery The law of trusts first developed in the 12th century from the time of the crusades under the jurisdiction of the King of England.

The " common law " regarded property as an indivisible entity, as it had been done through Roman law and the continental version of civil law. Where it seemed "inequitable" i. When a landowner left England to fight in the Crusadeshe conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on the understanding that the ownership would be conveyed back on his return.

However, Crusaders often encountered refusal to hand over the property upon their return. Unfortunately for the Crusader, English common law did not recognize his claim. As far as the King's courts were concerned, the land belonged to the trustee, who was under no obligation to return it.

The Crusader had no legal claim. The disgruntled Crusader would then petition the king, who would refer the matter to his Lord Chancellor. The Lord Chancellor could decide a case according to his conscience. At this time, the principle of equity was born.

The Lord Chancellor would consider it "unconscionable" that the legal owner could go back on his word and deny the claims of the Crusader the "true" owner. Therefore, he would find in favour of the returning Crusader. Over time, it became known that the Lord Chancellor's court the Court of Chancery would continually recognize the claim of a returning Crusader.

The legal owner would hold the land for the benefit of the original owner, and would be compelled to convey it back to him when requested.

Associate Professor in Equity and Trusts and/or Property Law – Southampton Law School

The Crusader was the "beneficiary" and the acquaintance the "trustee". The term "use of land" was coined, and in time developed into what we now know as a "trust". In medieval English trust law, the settlor was known as the feoffor to uses while the trustee was known as the feoffee to uses and the beneficiary was known as the cestui que use, or cestui que trust.Fortunately, s 53(2) of the Law of Property Act comes to the rescue of the non-legal owner.

If the non-l egal owner can establish a resulting or constructive trust in their favour, s 53(2) proves that such trusts need not be evidenced in writing.

The symposium is organised by Nick Piška and Hayley Gibson as part of the Equity & Trusts Research Network and is sponsored by the SLSA, KLS Research Group Social Critiques of .

The Law of Trusts. Tenth Edition. James Penner Core Texts Series. Todd & Wilson's Textbook on Trusts & Equity. Twelfth Edition.

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Law of property equity and trusts

English trust law concerns the creation and protection of asset funds, Over the 18th century English property law, and trusts with it, Within twenty years, separate courts of equity were abolished.

Parliament merged the common law and equity courts into one system with the Supreme Court of Judicature Act

The Law of Trusts - James Penner - Oxford University Press