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Welcome to the Equity and Trust Law module

Welcome to the Equity and Trust Law module. Add Tutor name and date. Before we get started, please run the Audio Setup Wizard

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Welcome to the Equity and Trust Law module

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  1. Welcome to the Equity and Trust Law module Add Tutor name and date Before we get started, please run the Audio Setup Wizard We recommend you run the Audio Setup Wizard to verify that your audio and video is set up correctly and you can hear the presenter. You will be guided through the selection of devices, and the adjustment of your speaker and microphone volumes. We recommend that you use your computer's built-in microphone and speakers. To open the wizard, select ‘Collaborate Panel’, select ‘settings’ and ‘set up your camera and microphone’. Follow instructions on screen.

  2. Report an issue to Blackboard! Before we get started…Let’s signpost important areas Chat Settings Profile – Raise your Hand – Audio - Video

  3. Collaborate 1 Outcomes • Explain in outline: • the development of equity • the concept of a trust • Introduction to the module

  4. What is equity? • Administered by the King, then Lord Chancellors, then the Court of Chancery • All courts can now use equitable principles • Supplements & remedies common law

  5. What is a trust? ‘An equitable obligation, binding a person (called a trustee) to deal with property (called trust property) owned by him as a separate fund, distinct from his own private property, for the benefit of persons (called beneficiaries…), of whom, he may himself be one, and any of whom may enforce the obligation.’ Underhill and Hayton, Law of Trusts and Trustees

  6. Creation of a trust transfers property Trustee(s) Settlor/Testator on trust for Bs Beneficiaries

  7. Ownership of trust property LEGAL INTEREST Settlor Trustee Beneficiary PROPERTY EQUITABLE INTEREST

  8. Tailoring the benefit of a trust • On trust for Anne for life remainder to Ben • On trust for Celia if she attains the age of 21 • On trust for such of David, Eric and Flynn as my trustees shall decide • On trust to relieve poverty in Africa

  9. When are lawyers involved in trusts? • Creation: • Settlor transfers property to the trustee • Settlor declares the trust • During the trust: advising on trustees’ powers and duties • Litigation: beneficiaries v trustees

  10. Equitable interventions • Implied trusts • Fiduciary relationships

  11. Course overview Introduction to trusts: Unit 1 Creation of trusts; • Express trusts: Units 2-3 • Implied trusts: Unit 4 During the trust: • Trustees’ powers & duties: Unit 5 • Fiduciary duties: Unit 6 Actions against trustees and third parties: Units 7 & 8 Trusts and insolvency & consolidation: Unit 9

  12. Assessment of Module • 3 hour, closed book written exam • Part A = 2 x essays • Part B = 4 x problem/essay/part-problem, part-essay questions • Answer 3 questions, at least one from Part A

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