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Equity/Trusts > Key Features > Flashcards

Key Features Flashcards

1
Q

The characteristics of Equity are described in..?

A

Maxims

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2
Q

Equity will not suffer…

A

A wrong to be without a remedy

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3
Q

Equity follows…

A

The law

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4
Q

Equity corrects…

A

The law where the law is unjust

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5
Q

When the equities are equal,

A

The first in time prevails

Or

The law prevails

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6
Q

He who seeks…

A

Equity must do equity

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7
Q

He who comes to equity

A

Must come with clean hands

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8
Q

Equity assists..

A

The diligent not the tardy

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9
Q

Equity is..

A

Equality

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10
Q

Equity looks to

A

The intent, rather than the form

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11
Q

Equity looks on that

A

As done which ought to be done

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12
Q

Equity imputes..

A

An intention to fulfil an obligation

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13
Q

Equity acts..

A

In personam

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14
Q

An example of a common law claim is?

A

Breach of contract

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15
Q

An example of an Equity claim is?

A

Breach of trust

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16
Q

Remedies for negligent fraud in common law are? (3)

A

Damages, common law tracing and money had and received

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17
Q

Remedies for tracing property and claiming property in insolvency in Equity are? (10)

A

Compensation, equitable tracing, specific performance, injunction, rescission, rectification, imposition of constructive trusts or resulting trusts, subrogation and account

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18
Q

Give a brief (3 step) history of the Trust

A

Birth of use, abolition of most uses, revival of the use

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19
Q

The settlor is?

A

The absolute owner who transfers the legal title to the Trustee and the Equitable title to the beneficiary

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20
Q

List the 8 characteristics of a trust

A

A trust is equitable, an obligation, it binds the trustee, concerns property either tangible or intangible, it is for the benefit of a person, its beneficiary may enforce it, for charitable purposes it’s enforceable by attorney general, and exceptionally it may be for non-charitable purposes

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21
Q

A Trust is where..

A

One or more parties hold and can deal with the legal title of property on behalf of somebody else

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22
Q

Why is the legal title sometimes referred to as the paper title?

A

The actual benefits of the property belong to whoever the trustee is holding the legal title for

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23
Q

Typically trusts were for families, who else are the prevalent for today?

A

Pension funds and charities

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24
Q

Can a trustee be a beneficiary?

A

Yes

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25
Q

What does the beneficiary own?

A

The actual value of the property

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26
Q

Usually the beneficiary controls..

A

The actions of the trustee

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27
Q

What is a Fiduciary?

A

A relationship where one person reposes trust and confidence in another for that other to manage his/her affairs

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28
Q

What is the classic example of a fiduciary?

A

The relationship between a trustee and a beneficiary

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29
Q

What is a contemporary example of a fiduciary?

A

Company directors and companies

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30
Q

What is the common expression that is interchangeable with beneficiaries?

A

Objects of the trust

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31
Q

Trustees ownership is..?

The beneficiary’s interest is..?

A

Legal

Beneficial/ Equitable/ proprietary

32
Q

If A asks T to hold a property on trust for his underage children, what kind of trust is this?

A

Express trust

33
Q

What does s53 (1)(b) of the Law and Property Act 1925 stipulate?

A

That trusts of land have to be evidenced in writing

34
Q

A/B purchase a house in joint names and contribute equally to the purchase. The house is conveyed solely in A’s name. What is A, what is this situation called and why?

A

A is both trustee and beneficiary

Resulting trust

Because B’s beneficial ownership results back to B

35
Q

A asks B to hold a house on trust for C, but doesn’t comply with prescribed statutory formalities. B fraudulently tries to claim house for his own. What can the courts do to rectify this?

A

Impose a constructive trust on B, ensuring C is the beneficial owner

36
Q

What is a conveyance?

A

The formal transfer of property, usually used in connection with land

37
Q

What’s is a charitable trust?

A

Trust used to control property for purpose the law seems to be charitable in nature

38
Q

Who is the Attorney-General?

A

In equity/trust sense, the person designated to control charitable trusts

39
Q

What’s a Disposition?

A

A transfer of property

40
Q

What’s an assignment?

A

Transfer of property that is usually of intangible value

41
Q

What’s a testamentary disposition?

A

Property left by will

42
Q

What’s a Devise?

A

Land left by will

43
Q

What’s a Testamentary trust?

A

Trust created by a deceased person

44
Q

What’s a executor/executrix?

A

Person named in will in whom the legal title is vested until the property under the will is distributed by way of trust or gift

45
Q

What’s an administrator/administratrix?

A

When no one is named in the will they fulfil the same function as an executor

46
Q

What’s an intestate succession?

A

Where no will is left and the disposition of the property is administered under the inheritance act 1975 and subsequent legislation

47
Q

What governs trust law?

A

Statutory formalities

48
Q

What’s a Donee?

A

The recipient of a gift

49
Q

What is it called when a living person creates a trust?

A

Inter vivos trust

50
Q

What are Common law actions?

A

Personal rights to action (usually sue) for relief from the courts if there has been a breach of a common law right

51
Q

How do proprietary rights affect insolvency?

A

Bankrupt person can be sued by creditors (property to secure creditors) but property right will prevail above all others

52
Q

What can a beneficiary under a trust usually do in the event of insolvency?

A

Establish a property right, rights in rem

53
Q

What does real property consist of?

A

Land

54
Q

What is personal property?

A

Anything other than land

55
Q

What is tangible property?

A

Physical property

56
Q

What is non-physical property?

A

Intangible property

57
Q

An intangible property like the ownership of a right to sue is known as..?

A

Chose in action

58
Q

One who is sui juris is..?

A

Of full legal and mental capacity

59
Q

What are covenants?

A

Common law contracts which are legally binding because, in the absence of consideration, they comply with the formalities prescribed by the law of property

60
Q

Are covenants binding in equity?

A

No

61
Q

Why are Equitable remedies unlike common law actions?

A

They are discretionary in nature

62
Q

Someone who has not provided consideration for a contract is a..?

A

Volunteer

63
Q

What is specific performance?

A

An order of the court of equity to compel performance of a contract where there has been consideration given and the subject matter of the contract is unique goods

64
Q

What is Latin for the fact that agreements should be upheld?

A

Pacts sunt servanda

65
Q

What’s the Latin for the fact no man can obtain a better legal title?

A

Nemo dat quod non habet

66
Q

What is equity’s darling?

A

The bona fide purchaser for value of a legal estate without notice

67
Q

What’s the Latin for ownerless property?

A

Bona vacantia

68
Q

What is the name for the division between a capital assets and income derived therefrom?

A

Life and remainder interests

69
Q

What is an estoppel?

A

Where a person is stopped from going back on a promise or representation on which another has relied in the absence of formalities supporting the promise or representation and where it would be inequitable to do be allowed to resile on promise or representation

70
Q

If something is contrary to the established Equitable jurisdiction, what is it?

A

Inequitable

71
Q

What shocks the conscience of the court of equity?

A

Unconscionability and unconscionable conduct

72
Q

If A leaves 3 houses by will on trust for 2 people what must the trustee do and what is this called?

A

Sell the houses and divide the proceeds

Proceeds of sale

73
Q

What is a common law wife?

A

A misnomer

74
Q

What is perpetuity?

A

A period of time on which for policy reasons the law will not allow property to be outside the general circulation of the economy

75
Q

What is the academic terminology that denotes land and real property?

A

Blackacre and whiteacre

76
Q

What is a residuary estate?

A

Any property that is undisposed of after a number of special gifts on death

Equity/Trusts (1 decks)

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