Trust law

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Trust law

Trust law of equity and trusts and History of English land law "The same thing, then, is just and equitableand while both are good the equitable is superior. What creates the problem is that the equitable is just, but not the legally just but a correction of legal justice.

The reason is that all law is universal but about some things it is not possible to make a universal statement which shall be correct And this is the nature of the equitable, a correction of law where it is defective owing to its universality AristotleNicomachean Ethics BC Book V, pt 10 Statements of equitable principle stretch back to the Ancient Greeks in the work of Aristotle[7] while examples of rules analogous to trusts were found in the Roman law testamentary institution of the fideicommissumand the Islamic proprietary institution of the Waqf.

However, English trusts law is a largely indigenous development that began in the Middle Ages, from the time of the 11th and 12th century crusades. Common law courts regarded property as an indivisible entity, as it had been Trust law Roman law and continental Trust law of civil law.

During the crusadeslandowners who went to fight would transfer title to their land to a person they trusted so that feudal services could be performed and received.

But many who returned found that the people they entrusted refused to transfer their title deed back. So claimants petitioned the King to sidestep the common law courts.

Trust law

The King delegated hearing of petitions to his Lord Chancellorwho established the Court of Chancery as more cases were heard. Where it appeared "inequitable" i. The cestui que usethe owner in equitycould be a different person. So English law recognised a split between legal and equitable owner, between someone who controlled title and another for whose benefit the land would be used.

It was the beginning of trust law. The same logic was useful for Franciscan friars, who would transfer title of land to others as they were precluded from holding property by their vows of poverty.

The Star Chamber est. If a person died, the law stated a landlord was entitled to money before the land passed to an heir, and the landlord got all of the property under the doctrine of escheat if there were no heirs. Transferring title to a group of people for common use could ensure this never happened, because if one person died he could be replaced, and it was unlikely for all to die at the same time.

Trusts grew more popular, and were tolerated by the Crown, as new sources of revenue from the mercantile exploits in the New World decreased the Crown's reliance on feudal dues. By the early 18th century, the use had formalised into a trust: Within two decades, Parliament abolished the court, and merged equity with the common law through the Supreme Court of Judicature Actand its successor Judicature Acts.

By the late 17th century, it had become an ever more widely held view that equitable rules and the law of trusts varied unpredictably, as the jurist John Selden remarked, according to the size of the "Chancellor's foot". Inthe first Professor of English lawWilliam Blackstone wrote in his Commentaries on the Laws of England that equity should not be seen as a distinct body of rules, separate from the other laws of England.

For example, although it was "said that a court of equity determines according to the spirit of the rule and not according to the strictness of the letter," wrote Blackstone, "so also does a court of law" and the result was that each system of courts was attempting to reach "the same principles of justice and positive law".

Chancellors became more concerned to standardise and harmonise equitable principles. At the start of the 19th century in Gee v Pritchardreferring to John Selden 's quip, Lord Eldon — said 'Nothing would inflict upon me greater pain in quitting this place than the recollection that I had done anything to justify the reproach that the equity of this court varies like the Chancellor's foot.

But instead, came to be seen as cumbersome and arcane. This was partly because untilthere was only the Lord Chancellor and the Master of the Rolls working as judges.

Ina Vice-Chancellor was appointed, in two more, and in two Lord Justices of Appeal in Chancery making seven.

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In particular, Charles Dickens —who himself worked as a clerk near Chancery Lanewrote Bleak House indepicting a fictional case of Jarndyce v Jarndycea Chancery matter about wills that nobody understood and dragged on for years and years. Parliament merged the common law and equity courts into one system with the Supreme Court of Judicature Act In law a trust is a relationship where property is held by one party for the benefit of another party.

A trust is created by the owner, also called a "settlor", "trustor" or "grantor" who transfers property to a trustee. The trustee holds that property for the trust's . The law of trusts is voluminous and often complicated, but generally it is concerned with whether a trust has been created, whether it is a public or private trust, whether it is legal, and whether the trustee has lawfully managed the trust and trust property.

Trust law

Trust law has evolved through court rulings differently in different states, so statements in this article are generalizations; understanding the jurisdiction-specific case law involved is tricky. Some U.S.

states are adapting the Uniform Trust Code to codify and harmonize their trust laws, but state-specific variations still remain. In law a trust is a relationship where property is held by one party for the benefit of another party. A trust is created by the owner, also called a "settlor", "trustor" or "grantor" who transfers property to a trustee.

The trustee holds that property for the trust's beneficiaries. TrustLaw ™ TrustLaw is the Thomson Reuters Foundation’s global pro bono legal programme. We connect high-impact NGOs and social enterprises working to create social and environmental change with the best law firms and corporate legal teams to provide them with free legal attheheels.comon: 30 South Colonnade, London, E14 5EP, NY.

English trust law concerns the creation and protection of asset funds, which are usually held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, but also share a history with countries across the Commonwealth and the United States.

Trust law - Wikipedia