Equity and trusts problem question answers - UK Essays.
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Equity and Trust Law. You should only use footnotes for referencing. Footnotes which are only references are not included in the word count. Footnotes which are attempting to make points or explain the law are included in the word count.
Within trust law, equity is an important doctrine. Equity was designed to supplement the common law and often intervenes to prevent unjust results happening. Before delving into the complexities of trust law, it is important to know the different equitable maxims which could be applied.
There are several types of trust and the most common is an express trust. Within this category of trusts are both fixed trusts and discretionary trusts. A fixed trust is where the trustees have no choice as to who the beneficiaries are or how much they receive.
Sample Essay Questions Question 1. In order for a settlor to create a valid inter vivos trust of property he owns absolutely, it is necessary both to constitute the trust perfectly and to meet certain statutory requirements. Discuss. Answer Plan. Brief summary of the concept of a trust. The need for title to the trust property to be effectively conveyed to the trustee, if not already present.
A resulting trust is defined and described as “a situation in which a transferee is required by equity to hold property on trust for the transferor; or for the person who provided the purchase money for the transfer” (Martin 1993, p. 233). Thus, a resulting trust arises when a person holds a property for another notwithstanding the fact.
English law development on equity and trusts states that the subject matter of a trust should be separated from a larger bulk to be valid. This applies to tangible property. A trust would still be valid if the subject matter is not separated from a larger bulk of property that is intangible.