Introduction to the Law of Trusts
A comprehensive, stimulating introduction to trusts law, which provides readers with a clear conceptual framework to aid understanding of this challenging area of the law. Aimed at readers studying trusts at an undergraduate level, it provides a succinct and enlightening account of this area of the law. Concise and clear, this book also identifies and discusses many analytical perspectives, encouraging a deeper understanding of the issues at hand. It offers an outstanding treatment of specific areas, in particular remedial constructive trusts and trusts of family homes. Ideal for providing a broad background to the issues before embarking on an in-depth study of trusts, it can also be used to help the reader to develop their understanding. For those looking to challenge themselves, detailedfootnotes highlight further issues and point the direction for future reading. Fully revised to take into account the Charities Act 2006, judicial developments through case law, and recent academic work in this area, this new edition in the renowned Clarendon Law Series offers a well-written, careful, and insightful introduction to the law of trusts
1 online resource (1574 pages).
9780191622137, 9780199545742, 9780199545759, 0191622133, 019954574X, 0199545758
1058487111
Cover Page
Title Page
Copyright Page
Preface
Contents
Table of Cases
Table of Statutes, Statutory Instruments, and International Conventions
1. The Nature of Trusts
1.1 A Definition
1.2 An Example
1.3 The Ways in Which Trusts Can Come About
1.4 The Settlor
1.5 The Beneficiary
1.6 The Trustee
1.7 The Trustee's Duties
1.8 The Objectives of the Trust
1.9 The Property
1.10 The Absence of a Personal Interest in the Trustee: Trustees as Fiduciaries
1.11 The Essentials of Trusts
1.12 The Trust as an Equitable Concept?
1.13 Knowledge by the Trustee?
2. Policies Shaping the Express Trust Concept
2.1 Express Trusts as Facilitative Devices
2.2 The Basis for the Facilitative Provision of a Trust Device
2.3 Paternalistic Considerations
2.4 Communitarian Considerations
2.5 Utilitarian Considerations
2.6 Rights Considerations
3. Finding Settlors' Intentions
3.1 The Normal Standard of Proof
3.2 Other Approaches
3.3 Family Provision
3.4 Precatory Words
3.5 Purpose Trusts
3.6 Contracts for Third Parties
3.7 Gratuitous Transfers
3.8 The Overall Picture
3.9 Replacement of Failed Transactions
3.10 Transfers Lacking Required Formalities
3.11 Payments to Clubs
4. Promises to Make Trusts
4.1 Revocable Undertakings
4.2 Contracts to Make Trusts
4.3 The Enforceability of Contracts to Make Trusts
4.4 The Unenforceability of Covenants to Make Trusts for Volunteers
4.5 The Policy Perspective
5. Formalities
5.1 The Function of Formality Requirements
5.2 The General Position in Trusts
5.3 Testamentary Trusts
5.4 Trusts of Land
5.5 Resulting and Constructive Trusts of Land
5.6 Non-Compliance with the Wills Act and Section 53(1)(b)
5.7 Dispositions of Subsisting Beneficial Interests
6. Charitable Trusts. 6.1 The Special Treatment
6.2 The Basis of the Special Treatment
6.3 Charitable Purposes
6.4 'Benefit'
6.5 'Public'
7. Stewardship
7.1 Trustees' Duties Generally
7.2 Safeguarding the Trust Property
7.3 General Management
7.4 Investment
7.5 The Primacy of the Objects' (Financial) Interests
8. Fixed Trusts
8.1 Distribution in Fixed Trusts
8.2 The Need for Certainty
8.3 Certainty of Subject Matter
8.4 Certainty of Objects
8.5 Diluting the Required Distribution
8.6 Duties, Certainty, and the Facilitative Project
9. Dispositive Discretions
9.1 Fixed Stipulations and Administrative and Dispositive Discretions
9.2 Varieties of Dispositive Discretions
9.3 Duties and Certainty Requirements in Trusts Involving Dispositive Discretions
9.4 Remaining Within the Terms of the Disposition
9.5 The Conduct of the Discretion
9.6 The Proper Bases for a Decision
9.7 Assembling Information
9.8 Certainty of Objects: A Summary
10. Modification
10.1 Modification by the Settlor
10.2 Trustee Act 1925 Section
10.3 The Consent Principle
10.4 Saunders v Vautier
10.5 The Variation of Trusts Act 1958
10.6 Charitable Trusts
11. Securing Performance
11.1 The Presence of Trustees
11.2 Ensuring the Supply of Trustees
11.3 Securing an Acceptable Performance
11.4 The Standards Required of Trustees
11.5 The Law's Accounts of Trustees' Duties
11.6 Elucidation of Trustees' Duties in Individual Cases
11.7 Background Factors Promoting Satisfactory Performance
11.8 Trustees' Characteristics
11.9 Disclosure and Scrutiny of Trustees' Activities
11.10 Rules against Distraction
11.11 Legal Enforcement
12. Trustees' Duties and Beneficiaries' Rights
12.1 The Nature of Trustees' Duties
12.2 Beneficiaries' Rights. The Beneficiary Rule and the Interest Thesis
12.3 Rights and Duties in the Current Law
12.4 Rights and Duties: Arguments of Principle
12.5 The Enforcement of Trustees' Duties
12.6 Must Trustees' Duties be Enforceable?
12.7 What Price Facilitation?
13. Breach of Trust and Remedies
13.1 Ordering Performance
13.2 Account
13.3 Account: Two Kinds of Duty?
13.4 Account: Breach
13.5 Account: 'Deficiency'
13.6 Account: A Summary
13.7 Account: A Response to the Principal-Agent Problem
13.8 Account: A Choice of Reactions
14. Liabilities of Strangers
14.1 Dishonest Assistance
14.2 Trusteeship de Son Tort
14.3 Knowing Receipt
15. Constructive Trusts 1
15.1 The Nature of Constructive Trusts
15.2 Why do Constructive Trusts Arise?
15.3 Remedial Constructive Trusts: What Are They?
15.4 Remedial Constructive Trusts: Their Place in the Law
15.5 Remedial Constructive Trusts: Their Desirability
16. Resulting Trusts
16.1 The Nature of Resulting Trusts
16.2 Westdeutsche: Types of Resulting Trust
16.3 Westdeutsche: The Rationale of Resulting Trusts
16.4 Proprietary Inertia
16.5 Proprietary Inertia and the Cases of Resulting Trusts
16.6 Proprietary Inertia: Further Explanation
17. Constructive Trusts
17.1 Unsatisfactory Transfers
17.2 Receipt of Illicitly Transferred Trust Property
17.3 Permitted Acquisitions by Fiduciaries
17.4 Wrongful Acquisitions by Fiduciaries
17.5 Unauthorized Exchanges and Mixtures
17.6 Anticipated Transfers
18. Constructive Trusts
18.1 Transfers Subject to an Undertaking
18.2 Further Reliance-Based Rules
18.3 Family Homes
18.4 Proprietary Estoppel
18.5 Duties in Constructive and Resulting Trusts
Index
Footnotes
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