Equity -non-recognition of trusts, Business Law and Ethics

Equity -Non-Recognition of Trusts

Therefore the common law did not recognize "trusts".  Like a case whether A conveyed property to B "on trust" for C the common law courts could not compel B to utilized the income from the property for the benefit and profit of C.  In fact the Lord Chancellor intervened in that cases and the overall effect of the intervention was the development of the body of principles and rules that constitute the basis of the current Law of Trusts.  Although in particular, the Court of Chancery would compel B to need the income from the "trust property" to the benefit of C.

Whereas it should be noted that equity is "a gloss upon the common law".  So however it was developed to supplement the common law but not to supplant it. So then it does this through  it were, as filling in the gaps left through the common law and, when appropriate, providing alternative remedies to litigants to whom the remedies obtainable at common law are inadequate. However, the substance of common law and the doctrines of equity are applicable in England only if the circumstances of England and its inhabitants permit and subject to such qualifications or modifications as those circumstances may render necessary.

Therefore the English Judicature Act 1873 gave that whether there is any conflict between common law and equity, equity is to prevail.  In fact there is no England statute to that effect.  Further the Act appears to be a statute of simple application that such was in force in England on 12th August, 1897 so it is prima facie applicable to England.  Whether so then any conflict between a rule of common law and a doctrine of equity, that arises in a England Court should be resolved through applying the doctrines of equity.

Posted Date: 1/21/2013 5:44:35 AM | Location : United States







Related Discussions:- Equity -non-recognition of trusts, Assignment Help, Ask Question on Equity -non-recognition of trusts, Get Answer, Expert's Help, Equity -non-recognition of trusts Discussions

Write discussion on Equity -non-recognition of trusts
Your posts are moderated
Related Questions
Reduction of Capital:   4.1 The general rule is that it is illegal for a company to reduce its capital. This is so because such a reduction would be tantamount to reducing

Standard of proof in criminal cases: Whenever the standard of proof in criminal cases is away from any reasonable doubt.  Further in the event of any reasonable doubt the accu

Dissolution by the Court Conversely Section 39 of the Act prescribes the state of affairs that the court will decree the compulsory dissolution about a partnership. They are: li

Duties of an Advocate First is, Duty to the Court Whether as an officer of court an advocate is bound to assist in administration of the justice.  Thus he must adv

what is void contract

What is the Theory of Contracts The specialized relationship between principal and agent and between agents themselves in the policy process has been explained with the economi

Question 1: (a) Bob works as a machinist in XYZ Ltd where Mr Rony is the director. Bob gets injured whilst using the machine. Explain the action to be taken by Mr Rony in that

Corgi was the breeder of prize-winning pedigree dogs that often sold for very high prices. Reynolds, a wealthy businessman who had recently retired, decided to purchase one of thes

Define the committee stage as parliamentary procedures. Committee Stage: Now the Bill is discussed and amended in detail through a committee made up of representatives in

1. Justices in the U.S. Supreme Court are appointed for life. Unless they choose to retire, they have the right to remain in office and cannot be removed by congress or by the Pres