{"title":"16. The Variation of Trusts","authors":"Graham Virgo","doi":"10.1093/HE/9780198726180.003.0016","DOIUrl":"https://doi.org/10.1093/HE/9780198726180.003.0016","url":null,"abstract":"This chapter considers issues concerning the process of changing the terms of a trust. It explains that a trustee cannot make any changes in the terms of a trust but the court can confer on the trustees a statutory power to vary the terms of the trust upon application of the trustee or a person beneficially entitled under the trust. This statutory power may not be used to alter any of the beneficial interests under the trust. This chapter also discusses the provisions of the Variation of Trusts Act 1958 which gives the court the power to approve by order any arrangement that revokes or varies a trust or enlarges the powers of the trustees to manage or administer the trust property.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"94 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132145876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"21. Equitable Orders","authors":"Graham Virgo","doi":"10.1093/he/9780198726180.003.0021","DOIUrl":"https://doi.org/10.1093/he/9780198726180.003.0021","url":null,"abstract":"This chapter examines various other equitable remedies to illustrate the significant impacts of Equity on the remedial landscape of English law, particularly in a commercial context. It discusses the key principles that influence the equitable jurisdiction to make orders. These remedies include various types of injunction, including freezing orders, search orders, specific performance, rescission, and rectification. In each case the nature and function of the order is examined and the requirements for obtaining each order is identified. The chapter particularly focuses on the remedy of rescission to determine when the remedy should be available and how it operates. The chapter identifies various principles relating to the award of equitable orders and makes connections to other fundamental equitable principles which have been recognized throughout the book.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121485392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"3. An Introduction to the Trust","authors":"Graham Virgo","doi":"10.1093/he/9780198726180.003.0003","DOIUrl":"https://doi.org/10.1093/he/9780198726180.003.0003","url":null,"abstract":"This chapter introduces the concept of the trust in England. It explains that the trust is a core element of Equity and its nature and function has developed over time. It discusses the fundamental principles relating to the trust, the classification of different types of trust, and identifies the rights and interests associated with them. This chapter suggests that, while many of the essential components of the modern commercial trust can be traced back to the medieval use, the context in which the trust arises today is completely different, and this has had a significant impact on the development of the contemporary law of trusts.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125932456","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"20. Personal Liability of Third Parties","authors":"Graham Virgo","doi":"10.1093/HE/9780198726180.003.0020","DOIUrl":"https://doi.org/10.1093/HE/9780198726180.003.0020","url":null,"abstract":"This chapter examines the personal liability of third parties when there is a breach of trust or breach of fiduciary duty. It explains that there are two types of personal liability of third parties. One is receipt-based liability when a third party has received property in which the beneficiary or principal has an equitable proprietary interest and the other is accessorial liability when the third party has encouraged or assisted a breach of a trust or fiduciary duty. The elements of different causes of action relevant to receipt-based liability and accessorial liability are examined, notably the action for unconscionable receipt and the action of dishonest assistance. The controversial question of whether liability should be strict or fault-based is considered and, if the latter, the nature of the fault requirement.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129699434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"17. Liability for Breach of Trust and Fiduciary Duty","authors":"Graham Virgo","doi":"10.1093/HE/9780198726180.003.0017","DOIUrl":"https://doi.org/10.1093/HE/9780198726180.003.0017","url":null,"abstract":"This chapter examines the nature of the liabilities of trustees for a breach of trust and fiduciary duty. The chapter particularly focuses on the operation of particular doctrines which may be engaged when a trustee or fiduciary may have breached their duty. The extent to which the liability of a trustee or fiduciary can be excluded is considered. The extent to which the court may, in the exercise of judicial discretion, determine that it is not appropriate to hold a trustee liable is examined. The law on the limitation of liability is also examined as regards different claims relating to breach of trust and breach of fiduciary duty. This chapter also explores issues concerning liabilities between trustees, liability of trustees to creditors, and their liabilities for breach of trust before appointment and after retirement.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125849894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"11. Beneficiaries","authors":"Graham Virgo","doi":"10.1093/he/9780198854159.003.0011","DOIUrl":"https://doi.org/10.1093/he/9780198854159.003.0011","url":null,"abstract":"This chapter examines the nature of the rights of the beneficiaries of a trust, particularly where there is an express trust. It explains that the beneficiary gains equitable rights once a private trust has been validly created and they can enforce these rights against the trustee. It emphasizes that the nature of the right that is enforceable by the beneficiary depends on the nature of the trust that has been established and that the rights of beneficiaries under resulting and constructive trusts are limited. This chapter also considers the formality requirements for the disposition of equitable interests and when it is possible for the beneficiaries to terminate the trust.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114183942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"10. Informal Arrangements Relating to Property","authors":"Graham Virgo","doi":"10.1093/HE/9780198726180.003.0010","DOIUrl":"https://doi.org/10.1093/HE/9780198726180.003.0010","url":null,"abstract":"This chapter considers the situations where the parties have entered into informal arrangements relating to property. It examines three different scenarios where the trust may be applicable. The first concerns the so-called common intention constructive trust, which is especially significant where the relationship of a cohabiting couple breaks down. This raises difficult issues of property ownership where the couple’s home is registered in the name of one party or of both. The rights of the parties may be modified by virtue of their common intention, whether implied or imputed. Secondly, the chapter considers the so-called joint venture constructive trust and also the relevance of the constructive trust where the doctrine of proprietary estoppel is engaged.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114620965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"9. Constructive Trusts","authors":"Graham Virgo","doi":"10.1093/he/9780198726180.003.0009","DOIUrl":"https://doi.org/10.1093/he/9780198726180.003.0009","url":null,"abstract":"This chapter examines the nature of the constructive trust. It explains that a trust is considered constructive when it arises by operation of law, typically as a result of the defendant’s unconscionable conduct. The chapter discusses the theoretical foundations of constructive trusts and describes different interpretations of the constructive trust, which include institutional and remedial constructive trusts. This chapter also considers the conditions under which institutional constructive trusts will be recognized and explains that, though a constructive trust is a real trust, it does not follow that a constructive trustee is under the same obligations as any other type of trustee. The chapter also examines whether the remedial constructive trust should be recognized in English law or whether a different interpretation of the trust should be recognized involving a modified institutional constructive trust.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125445354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"12. Trustees","authors":"Graham Virgo","doi":"10.1093/he/9780198854159.003.0012","DOIUrl":"https://doi.org/10.1093/he/9780198854159.003.0012","url":null,"abstract":"This chapter examines the duties and powers of trustees. It considers how trustees can be appointed to and removed from office. It explains that trustees have a wide variety of powers but misuse of these powers will constitute a breach of trust. It also highlights the fact that, while trustees have the primary rights of ownership in trust property, they are not able to exploit the beneficial incidents of this ownership for themselves in their capacity as trustees, since they hold the property for other people or sometimes for particular purposes. This chapter also discusses the essence of trusteeship, the different types of trustees, and payment to trustees.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124629792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"15. Fiduciary Duties","authors":"Graham Virgo","doi":"10.1093/HE/9780198726180.003.0015","DOIUrl":"https://doi.org/10.1093/HE/9780198726180.003.0015","url":null,"abstract":"This chapter examines the nature of fiduciary duties and how a fiduciary relationship can be identified. It emphasizes that trustees are fiduciaries, and so are subject to fiduciary duties, but also considers other fiduciary relationships. The chapter analyses the nature and function of fiduciary obligations. It examines in detail the two core fiduciary duties of ensuring that there is no conflict between a fiduciary’s personal interest and their duty to the principal and also that a fiduciary should not profit from their fiduciary position. The chapter discusses the consequences of a breach of fiduciary duty and the available remedies for such a breach. In particular, the chapter considers when and why profits obtained by a fiduciary in breach of a fiduciary duty should be held on constructive trust for the principal, with particular reference to the receipt of bribes and secret commissions.","PeriodicalId":181437,"journal":{"name":"The Principles of Equity & Trusts","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131208917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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