The law of trusts and equitable obligationsPDF电子书下载

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PART Ⅰ INTRODUCTORY 1

Chapter 1 Historical introduction 3

1 What is equity? 3

2 The historical development of equity 4

3 The Judicature Acts 1873 and 1875 9

4 The fusion of law and equity 10

5 The maxims of equity 15

6 The creativity of equity 20

Chapter 2 Equitable remedies in modern English law 25

1 Introduction to equitable remedies 25

2 Specific performance 25

3 Injunctions 35

4 ‘Mareva’ injunctions 48

5 Anton Piller orders 53

6 Recission 56

7 Rectification 62

8 Account 63

Chapter 3 Equity and the law of property 70

1 Introduction 70

2 What is property? 70

3 Proprietary rights 71

4 Equitable proprietary rights 75

5 Priority of property rights 81

6 Trusts of land and the equitable doctrine of conversion 90

Chapter 4 Equity and the management of property 92

1 Introduction 92

2 Dealing with property 95

3 Hiding the real owner 96

4 Transferring property 96

5 Facilitating collective investment 103

6 Property holding of clubs and societies 105

7 Trusts arising informally 105

8 Remedial trusts 106

9 Trusts and tax avoidance 108

Chapter 5 Fundamental concepts 115

1 Introduction 115

2 Distinctions-other mechanisms separating the management and ownership of property 115

3 Key concepts of equitable mechanisms for the separation of management and ownership 119

4 Classi№ication of equitable obligations 123

PART Ⅱ ASSET MANAGEMENT 135

Chapter 6 Holding trusts and nominee holdings 131

1 The nature of nominee holdings 137

2 Rights and obligations of nominees 138

3 Execution and performance 140

4 Dealing with the equitable interest 141

Chapter 7 Management powers 145

1 Trusts with no management powers 145

2 The need for management 146

3 The extent of the powers 146

Chapter 8 Investment and reinvestment 157

1 Introduction 157

2 The purpose of investment 158

3 Powers of disposal 159

4 Authorised investments 161

5 Widening of powers of investment 167

6 Duties of trustees in relation to investment 169

Chapter 9 Collective assets and investments 175

1 Introduction 175

2 Incorporation of a company 175

3 Investment trusts 176

4 Friendly societies 176

5 Building societies 177

6 Members’ arrangements with companies and friendly societies 178

7 Endowment policies 179

8 Unit trusts 179

9 Investment club 180

10 Pension funds and provision for retirement 181

11 Clubs and societies 193

Chapter 10 Delegation by trustees 201

1 Introduction 201

2 Delegation prior to the Trustee Act 1925 201

3 Delegation after the Trustee Act 1925 204

4 Proposed reform 211

Chapter 11 Appointment, removal and retirement of trustees 212

1 The appointment of the original trustees of a trust fund 212

2 The appointment of replacement or additional trustees 215

3 Appointment under the Trustee Act 1925, s 36 217

4 Appointment under the Trustee Act 1925, s 41 223

5 Appointment of special trustees 226

6 The court’s inherent jurisdiction to remove trustees 229

7 Summary 229

Chapter 12 Accountability of trustees 231

1 Introduction 231

2 The duty of trustees to act unanimously 231

3 The trustees’ exercise of their discretion 233

4 Trustees duty to keep accounts and records 238

5 Beneficiaries entitlement to inspect trust documents 240

PART Ⅲ ALLOCATION OF FUNDS 243

Chapter 13 Introduction to allocation 245

1 General 245

2 Certainty of objects 245

3 Beneficial entitlement and ownership 248

4 Purpose trusts 249

5 Charitable and benevolent giving 257

6 The duty to act evenhandedly between beneficiaries 258

Chapter 14 Defined interests 263

1 Introduction 263

2 Defined interests under trusts 264

3 Beneficial entitlement to defined interests 266

4 Certainty of objects 266

5 Policy limits 271

Chapter 15 Powers of appointment and redistribution 277

1 Nature of powers of appointment 277

2 Essential validity of powers of appointment 280

3 Exercise of powers of appointment 286

4 Duties of the donee of a bare power of appointment 288

5 Failure to exercise the power 291

6 Fiduciary powers 295

7 Release of powers 299

Chapter 16 Powers of advancement and maintenance 305

1 Introduction 305

2 The trustee’s power of maintenance 305

3 The trustee’s power of advancement 310

Chapter 17 Discretionary trusts 313

1 Introduction 313

2 Essential validity of discretionary trusts 317

3 Rights of the beneficiaries of discretionary trusts 325

4 The duties of trustees of discretionary trusts 328

Chapter 18 Variation of beneficial interests 330

1 Introduction 330

2 Variation under the inherent jurisdiction of the court 332

3 Statutory powers of variation other than the Variation of Trusts Act 1958 334

4 The Variation of Trusts Act 1958 335

Chapter 19 Charities 345

1 Introduction 345

2 Privileges enjoyed by charitable trusts 347

3 Defining charitable trusts 351

4 Charitable purposes 353

5 Public benefit 375

6 Interpreting charitable gifts 383

Chapter 20 Winding up of funds 387

1 Introduction 387

2 Surplus funds on the failure of trusts 388

3 Surplus funds on the dissolution of unincorporated associations 396

4 Surplus funds on the failure of a charity 400

PART Ⅳ CHECKS AND CONTROLS 411

Chapter 21 Control of trusts and trustees 413

1 The need for control 413

2 The means of control 415

3 Controlling and supervising charitable trusts 420

Chapter 22 Remedies against the trustee for breach of trust 420

1 Meaning of breach of trust 430

2 The remedy for breach of trust 434

3 Defences to liability for breach of trust 443

4 Contribution and indemnity where the trustee is liable 455

Chapter 23 Fiduciary position of trustees 460

1 Fiduciary relationships 460

2 Unauthorised remuneration 466

3 Purchase of trust property 468

4 Incidental profits 472

5 Remedies against the fiduciary 485

6 Restitution and remedies for breach of fiduciary duty 491

Chapter 24 Remedies against strangers to the trust 494

1 Introduction 494

2 Strangers who take it upon themselves to act as a trustee 497

3 Strangers who receive trust property in breach of trust 499

4 Strangers who assist in a dishonest and fraudulent design 510

Chapter 25 Tracing 515

1 What is tracing? 515

2 Identifying specific property-the rules of tracing 517

3 The requirements for equitable tracing 532

4 Tracing and restitution 539

PART Ⅴ CREATING THE RELATIONSHIP 545

Chapter 26 Substantive and formal requirements for the creation ofexpress trusts 547

1 Introduction 547

2 Creating a valid trust 547

3 The requirement of certainty 549

4 Constitution of trusts 555

5 Formal requirements for the creation of trusts 576

Chapter 27 Secret trusts 588

1 Distributing property on death 588

2 Introduction to secret trusts 591

3 Requirements for the creation of secret trusts 592

4 Failure of secret trusts 598

5 Death or disclaimer by the secret trustee 599

6 The legal rationale for the enforcement of secret trusts 600

Chapter 28 Resulting trusts 607

1 Introduction to resulting trusts 607

2 Presumed resulting trusts 609

3 The presumption of advancement 617

4 Reform in the context of matrimonial property 624

Chapter 29 Constructive trusts 625

1 Introduction to constructive trusts 625

2 The constructive trust as a remedy available against fiduciaries 628

3 Constuctive trusts as a remedy available against strangers to a trust 629

4 Constuctive trusts imposed to prevent a criminal benefiting from his crime 629

5 Constuctive trusts where a vendor enters a specifically enforceable contract to sell property 633

6 Constuctive trusts where testators have made mutual wills 634

7 Constuctive trusts where a purchaser of land has expressly agreed to take subject to the interests of a third party 635

8 Constuctive trusts and the co-ownership of land 636

9 The ‘remedial constructive trust’ 654

Chapter 30 Proprietary estoppel 661

1 Introduction to proprietary estoppel 661

2 Establishing the equity 663

3 Satisfying the equity 673

Chapter 31 Mutual wills 683

1 The nature of mutual wills 683

2 Requirements of mutual wills 684

3 Operation of mutual wills 687

Index 693

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