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
State Preamble of the United Nations Charter 'We the Peoples of the United Nations determined to save succeeding generations from the scourge of war...and to reaffirm faith in fu

Article 8 - State Responsibilty Article 8. Act of person or group of persons are presumed to be acting on the instructions of a state therefore even in such a situation the sta

Question: (a) Define democracy. How far is the famous saying of former president of USA, Abraham Lincoln valid today? (b) Argue the case for and against the introduction

Warranties - Terms of a Contract However there is no precise legal definition of such "warranty" that in legal nomenclature, where is susceptible for a variety of interpretati

Resident Magistrate's Court Establishment Further Resident Magistrate's Court is constituted through S.3 (1) of the Magistrate's Courts Act that is provides that 'ther

Legal Pyramid: However the sources of England law mentioned above may be described through the aid of the following diagram or "legal pyramid"; NOTE: there as;

Q. Evaluate nature of phoenix activity? The literature on phoenix activity and the stakeholders consulted in this project emphasised that phoenix activity has evolved significa

Determine the kinds of advocacy tactics The kinds of advocacy tactics employed by policy entrepreneurs in setting agendas and generating support for their proposals may often

I. Sammy has been under continuous employment with World Entertainment Ltd for 5 years. Last Friday Sammy was called to the Director's Office and verbally informed that h

Question 1: Why are some activities organized through private collective action, that is, the market whereas other activities are organized through public collective action?