Equity and Trusts

One of our compulsory modules next year is Equity and Trusts. I'm quite embarrassed to say that I don't really understand what this will involve [obviously I have a rough idea], and looking at the online module handbook made me none the wiser :redface:

Is it boring? It sounds it. We study Equity and Trusts for the whole year, surely there's only so much you can know about trust law?

Reply 1

mspfan

A bog-standard example of a trust is set up where property is held on trust for someone, ie. I hold my house on trust for my kids. This involves a splitting of ownership of property into legal ownership and beneficial ownership; ie. I am the legal owner of the house, but my kids own it beneficially, that is to say, in equity.

Trusts can also exist even without being formally set up, for example when it's unfair to adhere to the law strictly. So, if Bob has a beneficial ownership in my house, and I sell the house to Charlie who knows that Bob has beneficial ownership, Charlie will hold the house on trust for himself and Bob.

Gets a lot more complex, but there are some interesting areas, such as Charitable Trusts, and Imperfect Gifts.

Trusts actually is the largest syllabus out of any subject, so much that the exam paper is split into Part A and Part B to ensure that teachers know what to teach out of the 15 or so parts.

Reply 2

dragon_1706

Is it boring? It sounds it. We study Equity and Trusts for the whole year, surely there's only so much you can know about trust law?

I found it a bit boring and also quite hard at first. In fact, I had my one and only proper 'why am I doing this?' moment of the CPE during my first trusts seminar! In the end I thought it was ok though, except for constructive trusts.

Reply 3

ellewoods

I actually really enjoyed it.

It took a bit more work for me to establish my understanding than some other modules, but I enjoyed it thoroughly.

I found the Nutshell a good place to start with this specific topic, just in case you're really stuck. Maybe have a read of the Nutshell over the summer if you get really bored!!

Reply 4

Ethereal

ellewoods

Heathen!!!!!! :p:

Reply 5

ellewoods

Ethereal

Heathen!!!!!! :p:

Oh get off your academic high horse Eth, I got my 1:1 didn't I???!!!!!! :p:

Nutshells are a perfectly acceptable place to start provided you actually continue onto decent textboks lol!!!!!! :biggrin:

Reply 6

Ethereal

ellewoods

Oh get off your academic high horse Eth, I got my 1:1 didn't I???!!!!!! :p:

Nutshells are a perfectly acceptable place to start provided you actually continue onto decent textboks lol!!!!!! :biggrin:

Your penance is buying moccha :p:

Reply 7

Onearmedbandit

Hmm... we only studied trusts a little bit at the end of our Property I course and based on that I would say yes, it's a nightmare. However, some people really do enjoy it :smile:

Reply 8

ellewoods

Ethereal

Your penance is buying moccha :p:

Ok ok, one skinny latte, one moccha and two bits of cake coming right up.....

Reply 9

Kerrigan

I'd recommend reading The Law of Trusts by J.E. Penner - only Equity book which made sense to me!

Reply 10

Lewisy-boy

Trusts is something I will do in fourth year but surely those trusts which were mentioned above involving property are the ones which we have alreadyy studied in Land/Property Law and therefore surely wont be examined again?

Also, Nutshells I have never looked at in my life! Dont know why but its my personal preference to just read straight from hardcore text... hence why I never have exam revision notes either but its just a personal preference, I know loads of people who use them, altho some ppl slip into the "all the detail I need is there!!!" trap, wrong.