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

Assignment Help:

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.


Related Discussions:- Equity -non-recognition of trusts

Register of directors shareholdings, Register of Directors' Shareholdings: ...

Register of Directors' Shareholdings: Section 196(1) requires every company to keep a register showing the number, description and amount of any shares or debentures which are

Explain the modes of acquiring territory, Explain the modes of  acquiring ...

Explain the modes of  acquiring territory There are certain modes of  acquiring territory. Before 1948, there were a  lot  of  territories available and mostly areas were unkno

Define a conflict of interest, Question  How does the RTL Code define ...

Question  How does the RTL Code define a 'conflict of interest'?  Give one example of how the RTL Code suggests a conflict of interest may arise.

Negotiable instruments, Negotiable Instruments A negotiable instrument...

Negotiable Instruments A negotiable instrument cannot be described regards precision, although can be explained like a commercial document that represents money. Whether it pa

Law society of england, Law Society of England However the Law Society...

Law Society of England However the Law Society of England is a body corporate constituted through the Law Society of England Act.  Therefore its objects or functions are, amon

District magistrate''s court - territorial jurisdiction, District Magistrat...

District Magistrate's Court - Territorial Jurisdiction Further in Section 7(3) of the Act giving that 'a district magistrate's court shall have jurisdiction all through the di

Explain the meaning of the term reverse logistics, Question 1: (a) What...

Question 1: (a) What do you understand by the term Logistics Management? (b) What are the three types of costing which come under storage? (c) Explain the role of Public

Qualified acceptance, Qualified Acceptance It might be as the drawee is ...

Qualified Acceptance It might be as the drawee is prepared for accept the bill since only subject to some adjustment. Any type of acceptance which varies the effect of such a bi

Condition for liquidation - winding up, Condition for liquidation: The...

Condition for liquidation: The liquidation itself may render a charge over the company's assets void in any of the following circumstances: (a)     the charge was not reg

Non renewal- time lines, 1. Please list and explain the non renewal- time l...

1. Please list and explain the non renewal- time lines for teachers. 2. Are there any changes to this under new legislation relative to House Bill 153 and or House Bill 555? An

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd