衡平法与信托

Three Certainties — An express trust requires certainty of intention (the settlor must intend to create a trust — Knight v Knight [1840]), certainty of subject matter (the trust property must be identifiable — Palmer v Simmonds [1854]), and certainty of objects (the beneficiaries must be ascertainable — McPhail v Doulton [1971]).

Constitution of Trusts — A trust must be properly constituted by transferring legal title to the trustee, or by the legal owner declaring themselves trustee. Equity will not assist a volunteer (Milroy v Lord [1862]), though the 'every effort' principle (Re Rose [1952]) and the unconscionability approach (Pennington v Waine [2002]) provide exceptions.

Resulting Trusts — Arise automatically where (1) an express trust fails or leaves a surplus (automatic resulting trust) or (2) one person pays for property in another's name without intending a gift (presumed resulting trust, though now less favoured in the domestic context — Pettitt v Pettitt [1970]).

Constructive Trusts — Imposed by law to prevent unconscionable conduct. Key categories include: common intention constructive trusts in the family home (Lloyds Bank v Rosset [1991]), trusts arising from a specifically enforceable contract, and the institutional constructive trust (Keech v Sandford [1726] — a fiduciary who profits from their position holds the profit on trust).

Fiduciary Duties — Trustees and other fiduciaries (directors, agents, solicitors) owe duties of loyalty, including the no-conflict rule and the no-profit rule (Boardman v Phipps [1967]). These duties are strictly applied.

Breach of Trust — Where a trustee acts in breach of the terms of the trust or their fiduciary duties, beneficiaries can claim equitable compensation, an account of profits, or proprietary remedies. Trustees may rely on defences including the Limitation Act 1980 (s.21), consent of beneficiaries, or s.61 Trustee Act 1925 (honest and reasonable conduct).

Tracing — Equity allows beneficiaries to follow trust property into the hands of third parties and into substitute assets. Equitable tracing can follow money through mixed funds (Re Hallett's Estate [1880]; Foskett v McKeown [2001]). The 'lowest intermediate balance' rule limits recovery where trust funds have been dissipated.

Charitable Trusts — Must be exclusively charitable within the meaning of the Charities Act 2011 (s.3: prevention of poverty, education, religion, health, arts, amateur sport, human rights, environmental protection, and other purposes beneficial to the community). Unlike private trusts, charitable trusts benefit from the cy-près doctrine and are exempt from the beneficiary principle.