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Equity and Trust

This document outlines several maxims and principles of equity, including: - Equity will not suffer a wrong to be without a remedy. - Equity follows the law, but seeks to achieve a just outcome over strict legal interpretation. - Where equities are equal, the first in time shall prevail. It also discusses how equity introduced ethical considerations to complement positive law, and contributed new procedures, exclusive rights, and remedies that expanded the law.

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Agitha Gunasagran
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238 views

Equity and Trust

This document outlines several maxims and principles of equity, including: - Equity will not suffer a wrong to be without a remedy. - Equity follows the law, but seeks to achieve a just outcome over strict legal interpretation. - Where equities are equal, the first in time shall prevail. It also discusses how equity introduced ethical considerations to complement positive law, and contributed new procedures, exclusive rights, and remedies that expanded the law.

Uploaded by

Agitha Gunasagran
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Equity & Trust I

Topic 1
• Equity will not suffer a wrong to be without a remedy;
• Equity follows the law;
• Where there is equal equity, the law shall prevail;
• Where the equities are equal, the first in time shall
prevail;
• He who seeks equity must do equity;
• He who seeks equity must come with clean hands;

Common Maxims of
Equity
• Delay defeats equities;
• Equality is equity;
• Equity looks to the intent rather than the form;
• Equity looks on that as done which ought to be done;
• Equity imputes an intention to fulfil an obligation;
• Equity acts in personam;
• Equity will not assist a volunteer;
• Equity will not perfect an imperfect gift;
• Equity will not construe a valid power out of an invalid trust;
• Equity will not permit the provisions of a statute intended to
prevent fraud to be used as an instrument for fraud;
• Equity will not aid deception on public administration;
• Equity leans towards equality;
• Equity will not allow an express trustee to rely on the Limitation
Enactment to defeat the rights of beneficiaries under the trust;
• Where there are conflicting equities, the first in time prevails;
• Equity will not allow a trust to fail for want of a trustee.
 Modern equity is a body of doctrines, principles and
rules developed by the Lord Chancellor, the Court of
Chancery and subsequently by the Chn
• It is used to mean application of standards to achieve a just
and right outcome as opposed to the concept of strictness of
law.
• Snell
- Equity introduces an ethical element into positive law by
holding the parties to a more sensitive & exacting standard
of justice. A higher level of justice instead of just following
the normal rule of law.
- They have often been called conscience or transcendent
principles of natural law. The idea, intention and will to give
justice to people before the law to solve the difficulties that
they are in.
- The result a more complete standard of justice.
• The equity system is attributed for contributing significantly
towards the development of law . These contributions are
particularly evident in the area of auxiliary (new procedures),
exclusive and concurrent jurisdiction. These 3 categories are
elaborated as follows :
1. Auxiliary Jurisdiction : equity had contributed to the rise of
new procedures created from discoveries made by the court
of chancery in testimonies made on oath.
2. Exclusive jurisdiction : these are new rights also created by
the court of chancery but which common law courts had
failed to enforce e.g administration of estates.
3. Concurrent jurisdiction : refers to the new wide range of
remedies that the equity system developed for the
enforcement of rights both at law and in equity.
Some examples include the following :
• Some examples include the following : (not important for this
sem)
1. Rectification : this is an order that requires the defendant to
promptly modify a document to reflect the agreement made
between the defendant and the claimant. This is an equitable
remedy.
2. Injunctions : refers to an order given by a court to restrain a
party from committing a wrong.
3. Account : refers to a court order requiring that a party which
has control of money belonging to the claimant, reports on
the way in which the funds have been spent. They have to
clearly state how they have spent the claimant’s money.
4. Specific Perfomance : this is an order that seeks to force the
defendant to fulfill his bargain. Instructed to somehow
perform such action.

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