Introduction

Question 1

1500s

Answer 1

Mid 1500s chancery develops equity jurisdiction that includes trusts and unique equitable remedies

Question 2

Equity courts initially

Answer 2

Equity was a conscious based legal system: Not a strict application of rules, whether or not it was in good conscious that a certain result was yielded

Question 4

How did Chancery start to change from 1600s

Answer 4

In theory chancery was based on conscience of who was in charge, but decisions started becoming reported so it started to look like a common law court – precedent. Chancery became procedural; instead of using conscience, it started using precedent

Question 5

Ellesmere equity quote

Answer 5

It is equity’s role to correct men’s conscience and soften and modify the extremities of the law Per Ellesmere

Question 6

English Judicature Acts of 1873 and 1875

Answer 6

Enacted to merge chancery and other court into a Supreme Court of Judicature.
Basis for our court system today.
These acts merged all many courts into one single court of judicature, now referred to High Court.

Question 7

Legal vs equitable interests

Answer 7

Equitable interests are not legal in on the basis that the law does not foresee an interest, when the law does not foresee an interest, equity intervenes

Question 8

Settlor

Answer 8

Person that makes the trust, takes property and puts the trust over it

Question 9

Trustee

Answer 9

Trustee, legal owner of the property, settlor gives the property to trustee, trustee owns property legally

Question 10

Trustee has duties to the

Answer 10

Beneficiary - fiduciary relationship

Question 11

Reasons to create a trust

Answer 11

Tax avoidance
Managing faming wealth under s family trust or will (family trust)
Managing property for those unable to do so (protective trusts
To attempt to protect assets against a former partner
To attempt to protect assets in the event of bankruptcy