70517 Equity and Trusts

This subject covers two related fields of study.

In 'equity' students examine the doctrines and remedies which were originally developed in the Courts of Chancery in England prior to 1873 to ameliorate the harshness of the common law and which are still applied today to the largely same effect, with some modification from time to time. Equitable doctrines and remedies do not replace the common law but supplement it in significant ways by recognising and enforcing obligations which are not known to the common law and by granting remedies in respect of those obligations which are not available at common law. These doctrines and remedies are now administered in the same courts in which the common law is administered. Many areas of law are touched by equitable doctrines and remedies. In particular, the law of contract and property law are significantly affected by equity. Through the study of equity, students examine the range of discretionary remedies which are available for breach of particular obligations.

In 'trusts' students explore the concept of a trust which was developed in the Courts of Chancery, whereby an interest in property is legally owned by one party but held for the benefit of another person or purpose permitted by law. The obligations of the party owning the interest at law, and the rights of the beneficiary to that interest, continue to be recognised and enforced in equity. Trusts are now commonly used in both private arrangements and for commercial purposes, having particular consequences for taxation and insolvency. The relevant principles and modern applications of trusts are considered.

Typical availability

Autumn semester, City campus
Spring semester, City campus