Summary of equitable maxims for Trusts and Equity. These notes got me a high 2:1 in Trusts and Equity. Includes the themes that are relevant throughout Trusts and Equity and should be included in essay questions. Complete with colours and pictures to aid memory.
Equity recognizes the legal estates, rights, interests and titles. For example, it can never say that
what the common law recognizes as a legal fee simple is not a legal fee simple.
If a common law remedy is adequate, equity will not substitute its own remedy, even if equity’s
remedy is more convenient to the claimant.
It can only prevent a legal owner from making an unconscionable use of the legal rights.
‘He who comes to equity must come with clean hands’
Person cannot receive equitable remedy if acted
unconscionably. Enforced in Coatsworth – was not entitled to
specific performance of a 21 yr lease over farm because had
breached covenant in that lease so had not come with clean
hands.
‘Equity sees as done that which ought to be done.’
Court will consider something to have been done if court believes it
ought to have been done. For example, Walsh – landlord had
contractually agreed to grant lease in equity so court recognised the
existence of that lease
‘Equity looks to the intent rather than the form’
Look at substance of transaction not its surface appearance. Look at party intentions not form and
wording. Does not ignore formalities altogether, for example very particular about formalities in
express trusts, but will generally look beyond surface appearance of the transaction.
‘Equity will not assist a volunteer’
Won’t help someone who has not given consideration for a transaction and is merely trying to
enforce a gift.
‘Equity will not permit a statute to be used as an instrument of fraud’
What it says on the tin. Seen in application of s53(1)(b) LPA, writing requirement will not be enforced
if being relied upon to make trust fail and gain property.
‘Equity will not perfect an imperfect gift’
If don’t comply with formalities, equity will not enforce the trust anyway. However, exceptions to
this. Re Rose, where settlor done everything they can to constitute the trust, trust will be enforced.
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