!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! EQUITY'&'TRUSTS'SUMMARY' SUMMARY!
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1 EQUITY''TRUSTS'SUMMARY' SUMMARY
2 Equitable*Principles**Maxims* Amaximisasummarystateofequitableconceptandprinciple,assistinginthe operationofequitablerules:corinvpatton Theymaybeinvokedtojustifyorstrengthenjudicialdecisions:HammerWaster vqbe Types: 1 Equitywillnotsufferawrongwithoutaremedy 2 Equityfollowsthelaw a. TwoInterpretations: i. Equityoperatesonlytosupplementorfillgapsincommon lawoperation 1. AmevUDVFinancevAustin:Equityisessentialtothe commonlaw;however,itdoesnotintendto undermineoroverthrowthecommonlaw. ii. Certainequitabledoctrines/principlesaremodelledon analogousandequivalentcommonlawdoctrinese.g.court ofequitydevelopedequivalentequitablelawoflegal proprietaryinterests. 3 Thosewhoseekequitymustdoequity a. Example:Exemplaryapplicationofthismaximiswhenplaintiff claimsspecificperformanceofacontract;plaintiffmustalsobe ready,willingandabletoperformtheirsideofthebargain. 4 Apersonwhocomestoequitymustcomewithcleanhands(i.e.guiltyof legalimpropriety a. Application:Characterisetheconductreliedon mustbetowards thedefendant,haveimmediateandnecessaryrelationtotheclaim b. Plaintiffmay washtheirhands byshowingaceaseinthe improperconductbeforethesuitwasbroughttocourt,or,it occurredbyaccidentwillnotrecur. i. Washing maybeachievedthroughimpositionoftermson theplaintiffe.g.rhodesvbadenach[2000]heldtheplaintiff wasentitledtocompensation,butconditionallyonhim repayingallamountsofmoneyfraudulentlyreceived. 5 Equityaidsthevigilantandnotthetardy 6 Delaydefeatsequity a. Meredelayisnotenough,althoughwhereitisundueand unexplaineditmaybe. 7 Equalityisequity a. Basisfordoctrineofcontribution:liabilityforlossshouldbe sharedbeenthoseresponsible 8 Equitylookstointentratherthantoform a. Ifacourtofequityfindsthatinsistenceontheform(forexample, acontractwilldefeatthesubstance(theintentionsoftheparties,
3 Unconscionable+Transactions+ Undueinfluenceisacauseofactionfocusingontheunderlyingrelationshipof thepartiesatthetimethetransactionwasentered Unconscionabilityfocusesontheconductoftheallegedstrongerpartytothe transaction,providingreliefinsituationsof specialadvantage. Unconscionability Concernsitselfwiththeconductofthedominantpartyatthetimetheagreement wasentered.mereunfairnessofatransactiononitsfaceisinsufficienttowarrant intervention.(attorneygeneralofnswvworldbestholdings ElementsofUnconscionability CommercialBankofAUSvAmadio 1. Aspecialdisadvantage 2. Knowledgeonthepartoftheallegedstrongerparty a. Respondentkneworoughttohaveknown ExpandedinTurnervWindever.Abovenecessarilygivesrisetothefollowing: 3. Specialdisadvantagemustseriouslyaffecttheweakerparty scapacityto judgeorprotecttheirowninterests 4. Partymusttakeadvantageoftheopportunitypresented 5. Takingofadvantagemusthavebeenunconscientious Hastherebeenunconscionability? NO YES Noclaimandtheplaintiff DefencesApply fails Defences/rebuttingthepresumption Independentadvice(Amadio Sizeoftheestateortransaction Consideration,orlackof.(BlomleyvRyan Transparencyofinformation Lackofimprovidence Qualityoftheasset Unconscionabilitybalancedagainstthedefencestodeterminewhetherthealleged weakerpartymadethedecisiontotransactindependentlyandinaninformed fashion Remedy Recissionoftheagreementtoreturnthepartiestotheiroriginal predicamentasifthecontracthadneverbeenentered. Refusalofspecificperformance Remedyshouldbeproportionatetothebenefitobtainedandisnot designedtobepunitive(wilbyvstgeorgebank
4 Equitable*Property*and*Assignments* Whataretheprinciplesbyvirtueofwhichadealingwillbeheldtoaffect equitableownership? First,isthesubjectmatterofthedealingpropertywhichisinherently capableofbeingdealtwith? Normallyanswersinaffirmative.Butthereareexceptionsincluding:onecannot disposeofabarerighttolitigate Secondassumingthatthepropertyisinherentlycapableofbeingdealt with,isitpresentlyexistingorfutureproperty? Futurepropertyisa rightwhichonehasnotyetacquiredandlacksalegalright toacquirebutwhichonemayacquireinthefuture. Equitywillgivespecialeffecttoapurportedassignmentoffuturepropertyfor consideration,unlikecommonlaw. Third,isthesubjectmatterofthedealingalegaloranequitableinterestin property? Equitableinterestsinclude(ainterestofabeneficiaryunderatrust;(b mortgagor sequityofredemption;(cinterestofanequitablemortgagee;(da partner sinterestintheassetsifthepartnership;(eanequitablerightto rescindaconveyanceforlandforundueinfluence( MereEquity Fourth,wemustdeterminethenatureofthedealing. Mostcommon:(aassignments;(bagreementstoassign;and(cdeclarationsof trust. (band(ccan t,bythemselves,haveanyeffectonlegalownership. (a,however,ifproperlycarriedout,operatestotransferthelegal ownershiptotheassignee,whowilltherebybecometheabsoluteowner Principlesgoverningequitableassignmentsdependonwhetherassignmentis forvaluableconsiderationorbywayofgift;ifbygift,whetherthesubjectmatter is/isn tassignableatlaw. Ifunassignableatlaw,theymaybeassignableinequity,e.g.aspartofa legalchoseinaction Ifthesubjectmatterofthedealingisequitableinterest,wemustagainidentify thenatureofthedealing.
5 DiagramoftheProcessofdealingwithequitableownership Assignment Direction to Trustees Agreement toassign Declaration oftrust Direction to transfer legaltitle Disclaimer, release, nomination, dealingby beneficiary ofresulting trust Assignment Agreement toassign Declaration oftrust Constructive Trust Dealingsaffectingequitable ownership PresentlyExisting Property Propertyinherently capableofbeing dealtwith Propertythatcan tbe dealtwith Futureproperty LegalInterest Equitable Interest Equitable Assignment Legal assignment Gift Valuable consideration Unassignable atlaw Assignableat law
6 PropertyinCommonlawvs.PropertyinEquity CommonLaw Equity National Provincial Bank v Ainsworth [1965]: Before a right or interest can be admitted into the category of property or of a right affecting property, it must be: (i definable, (ii identifiable by third parties, (iii capable in its nature of assumption by third parties, and (iv have some degree of permanence or stability. Thus, at law, property has an almost tangible quality. Equitablepropertyisanyinterestin realorpersonalpropertythatisheld andwascreatedpursuantto applicationofequitableprinciples E.g.theinterestofabeneficiaryinthe propertyofanexpresstrust.inan expresstrust,thetrusteeholdsthe legaltitletotheproperty ie.the trusteeownsit.thebeneficiaries, however,haveanequitableinterestin theproperty thatis theyhavean interestwhichisenforceablein EQUITYbutNOTATLAW. Categories+of+Equitable+Interest++ Itisessentialtofirstlyidentifythenatureofequitableinterestinorderto determine: a. Natureofrightstoproperty b. Thenatureofanylitigationwhichmaybenecessarytodefendor pursuethoserights c. Whethertherightsaretransmissibleorassignable d. If so, what are the formal requirements for a valid assignment of thattypeofpropertyinequity;and e. Theobligations,ifany,underrevenueandotherstatutes:egstamp duties, bankruptcy, taxation or conveyancing.(thetrusteesofthe EstateMortgageFightingFundTrustvFCT( FCR15 1 Equitable+Proprietary+Interests++ Theholderofinteresthasaproprietaryclaim,enforceableinequity,against specificproperty.fourcharacteristicsinidentifyingthistype: (a Powertorecoverthespecificproperty,orbenefitderivingformthe property. (b Powertotransfertheinterest/benefittoanother (c Persistenceofequitableremediesinrespectoftheinterestagainstthose whoholdlegaltitle(e.g.trusteeorathirdpartywhoassumesthe burden;and (d Extenttowhichinterestmaybedisplacedinfavourofcompetingdealings bythegrantororotherswithinterestsinthesubjectmatter(i.e. priorities
7 Thestrongestequitableproprietaryinterest:Abeneficiaryunderafixed expresstrust,wherethetrusteeholdsthetrustpropertyforthebeneficiary absolutely:dklr*holdings*(no*2*pty*ltd*v.*commissioner*of*stamp*duties ( Mere+Equities++ Thisisarightancillaryorprerequisitetotherecognitionofequitableinterest: LatecInvestments(1965Itmayhaveproprietarycharacteristicsforsome purposes,butnotforothers. Examples: the right to claim an interest in property pursuant to the principles of proprietary estoppel the right to claim a constructive trust over property, pursuant to principles laid down: Barnes v Addy (1874; Muschinski v. Dodds (1985 Baumgartner v. Baumgartner (1987 the right to set aside some transaction on the grounds of unconscionable conduct: Latec Investments v. Hotel Terrigal Pty Ltd (1965 However,amereequitymaybecomeanequitableproprietaryinterestand thenalegalinterest. For example, A applies to a court of equity claiming that B holds Blackacre for her on constructive trust. At the time of the application, A has a mere equity. The court decides in favour of A, and declares that B holds Blackacre on constructive trust for A: A now has an equitable proprietary interest. The court also orders that B transfers all right, title and interest to the property to A. When this has been done, A will hold legal title to Blackacre. NOTE:Amereequitycannotprevailagainstanequitableinterest:Latec Investments(1965perKittoandMenziesJ Equity+of+Redemption++ Occurswhereapersonlendsmoneyinreturnforapromisetorepay,andthe borrowerdoesn tcomply.here,thelendermaysuetheborrowerincontract.in thecaseofimpecuniousborrowers,alendermayonlyreceiveaportionofthe amount.thisprinciplearisesfromthemomentthatamortgageisgranted, wherebyunderoldsystemtitle,onceamortgageisgrantedthemortgageehas legalinterest,andthemortgagorholdsequitableinterest,beinganequityof redemption:toomesvconset
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