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Equity is a roguish thing: for law we have a measure, know what to trust to; equity is according to the conscience of him that is Chancellor, and as that is larger or narrower, so is equity. ‘Tis all one, as if they should make his foot the standard for the measure we call a Chancellor's foot; what an uncertain measure would this be!
In case 1 above, the donor must have done everything necessary to be done which is within his own power to do in order to transfer the gifted asset to the donee. If the donor has not done so, the gift is incomplete since the donee has no equity to perfect an imperfect gift, for which there is a long line of authority. [ 3 ]
Equity, he said, approaches liability for making good a breach of trust from a different starting point, but the same two principles are applicable as much in equity as at common law. Under both systems liability is fault-based: the defendant is only liable for the consequences of the legal wrong he has done to the plaintiff and to make good ...
In the US case, Beatty v Guggenheim Exploration Co, [167] Cardozo J remarked that the "constructive trust is the formula through which the conscience of equity finds expression. When property has been acquired in such circumstances that the holder of the legal title may not in good conscience retain the beneficial interest, equity converts him ...
Alastair Hudson, Professor of Equity and Law at Queen Mary, University of London, argues that Browne-Wilkinson's theory is flawed, primarily because if the trust can not be enforced against the trustee's wishes, it is a form of constructive trust. [9] Much of the case law is instead based on Megarry's classification. [10]
Landmark Cases in Equity (2012) is a book edited by Charles Mitchell and Paul Mitchell, which outlines the key cases in English trusts law and equity. Content [ edit ]
Pennington v Waine [2002] EWCA Civ 227 is an English trusts law case, concerning the requirements for a trust to be properly constituted, and the operation of constructive trusts. The case represents an equitable exception to the need for a complete transfer of property in law.
Saunders v Vautier [1841] EWHC J82, (1841) 4 Beav 115 is a leading English trusts law case. It laid down the rule of equity which provides that, if all of the beneficiaries in the trust are of adult age and under no disability, the beneficiaries may require the trustee to transfer the legal estate to them and thereby terminate the trust.