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Trusts and Patrimonies$
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Remus Valsan

Print publication date: 2015

Print ISBN-13: 9780748697748

Published to Edinburgh Scholarship Online: September 2017

DOI: 10.3366/edinburgh/9780748697748.001.0001

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PRINTED FROM EDINBURGH SCHOLARSHIP ONLINE (www.edinburgh.universitypressscholarship.com). (c) Copyright Edinburgh University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in ESO for personal use.date: 26 September 2021

Trust without Equity

Trust without Equity

Chapter:
(p.87) 5 Trust without Equity*
Source:
Trusts and Patrimonies
Author(s):

George L Gretton

Publisher:
Edinburgh University Press
DOI:10.3366/edinburgh/9780748697748.003.0005

This chapter examines an English peculiarity logically detachable from the trust: the distinction between the legal and the equitable estate. According to the Hague Convention on the Recognition of Trusts, ‘the trust, as developed in courts of equity in common law jurisdictions and adopted with some modifications in other jurisdictions, is a unique legal institution’. The unique nature of trust lies in the fact that it is founded on the division between law and equity and the consequent division of property rights into legal and equitable. The chapter first considers whether trust can be explained in terms of the law of obligations before discussing trust as agency and whether trust beneficiaries have rights in rem. It also analyses trust as patrimony, the relation between patrimony and personality, trusteeship as an office, and the Scots law on trust.

Keywords:   trust, legal estate, equitable estate, equity, law of obligations, trust beneficiaries, patrimony, personality, trusteeship, Scots law

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