Equity & Trust



Equity & Trust

Introduction

The background of equity and trust are regarded by their persistent rise and fall between the competition and compatibility with the English or Common Law. Equity is said to alleviate the obstinacy of common law, which allows the courts to employ their tact and apply righteousness in compliance with the natural law. The equity was incomplete by procedural and substantive rules but at present its technical aspects are focused. For its completeness, twelve “vague ethical statements” are made which are known as the “Maxims of Equity” and they complete the application of the equity in the present law. In the English or Common law, trust is a relationship in which property that is, personal, real, tangible or intangible, is held by one party for the benefit of the other party. The concept of trust arises predictably when a property is transferred by a party to another party for the assistance of the third party. In this case it is possible for the legal owner to generate a trust of property without transferring it to somebody else and simply proclaim that the property from now on is held for the assistance of the beneficiary.

The English Trusts Law is the foundational and original law of trusts in the world as well as an exclusive contribution of the English Law to the legal system. Trust is a part of the law of property and occurs when a person that is settler, gives his possessions or property like land or shares, to another person that is trustee, to manage or keep safe on the behalf of another person that is the beneficiary. Equity is a broad ranged concept which appears in many forms in all the ancient books as well as in laws. Here the term equity is very narrowed down and precised only to the English Law and a particular branch of it. The English law is mostly said or referred as the Common Law. Equity, in the Common law is considered as a set of legal principles that enhance the strict rules of the law where there application operates ruthlessly. In the context of the Common law and the property law of the United Kingdom, both the trust and equity are considered and followed very strictly. The judges can use the equity law to make wise decisions in the cases and can conclude proper results. From the early centuries to the present time, both the equity and trust are vital characteristics of the English law or the Common Law.

Trust Law

According to the UK Family Trust Law, trust is means or concept of managing and holding the money or property for the people who are not able to manage or ready to manage the possessions for them. The concept of trust arises when a property is transferred by a party to another party for the assistance of the third party. In addition, with the help of a will, the people who are supposed to manage the possessions ...