Equity is a group of right and principles to prove fairness. Firstly, the term has been adopted by the English Court of Chancery to indicate the law. Currently, equity is associated with the common law.
In England, Australia, New Zealand and Canada, equity is a distinct body of law which includes the fiduciary law, the relief against punishments, the doctrine of contribution, the subrogation and marshalling, and the equitable estoppel.
In the late 20th century, different have been the debates over considering equity as a distinct body of law.
The term trust refers to a three-party relationship in which the first party, the trustor, transfers a property to a second party, the trustee, for a benefit of a third party, the beneficiary. Trustees can be people, businesses or public entities. Additionally, in this relationship, a single individual can have the role of different parties; as well as multiple people can share a single role.
A trust can be originated by using four elements: capacity, certainty, constitution and formality.
Capacity means that the person who originates the task is legally capable to originate it. Usually, every individual who owns a property is able to build a trust.
Certainty means that the trust must outline certainty of intention, subject matter and object.
Constitution means that the trust must be established by the transfer of the property to the trustee.
Formality means that the trustor must say orally or on a written form that he/she has an intention to create the trust. Formalities are subjected to exceptions.
The trust is governed by the terms under which it was generated and usually requires a contractual agreement.
A trust can be revocable or irrevocable. All the irrevocable trust can be revoked only by jurisdictions. Trusts are related to the Roman time and have become one of the most fundamental innovations in property law.
Browse this category to find a wide range of digital textbooks related to equity and trust. These eBooks will help you better understand the topics and succeed in your exams.
Still can’t find what you're looking for? Take a look at our other categories or different publishers or other authors. We have more than 500,000 ebooks to choose from. Enjoy reading with Kortext!