Equity Trusts 3rd Edition Alastair Hudson Equity Trusts 3rd Edition Alastair Hudson Equity Trusts 3rd Edition Alastair Hudson

1. Equity Trusts 3rd Edition Alastair Hudson pdf
download
https://ebookfinal.com/download/equity-trusts-3rd-edition-
alastair-hudson/
Explore and download more ebooks or textbooks
at ebookfinal.com

2. Here are some recommended products for you. Click the link to
download, or explore more at ebookfinal
Understanding Equity and Trusts 3rd edition Alastair
Hudson
https://ebookfinal.com/download/understanding-equity-and-trusts-3rd-
edition-alastair-hudson/
Equity and Trusts Martin Dixon
https://ebookfinal.com/download/equity-and-trusts-martin-dixon/
Unlocking Equity and Trusts 5th Edition Mohamed Ramjohn
https://ebookfinal.com/download/unlocking-equity-and-trusts-5th-
edition-mohamed-ramjohn/
Equity Trusts Text Cases and Materials 1st Edition Paul S.
Davies
https://ebookfinal.com/download/equity-trusts-text-cases-and-
materials-1st-edition-paul-s-davies/

3. Cases and materials on equity and trusts 8th Edition John
Dyson Heydon
https://ebookfinal.com/download/cases-and-materials-on-equity-and-
trusts-8th-edition-john-dyson-heydon/
Principles of Australian equity and trusts cases and
materials Fourth Edition. Edition Cameron Stewart
https://ebookfinal.com/download/principles-of-australian-equity-and-
trusts-cases-and-materials-fourth-edition-edition-cameron-stewart/
Cases and Materials on Trusts 3rd Edition Mohamed Ramjohn
https://ebookfinal.com/download/cases-and-materials-on-trusts-3rd-
edition-mohamed-ramjohn/
Equity Asset Valuation 3rd Edition Jerald E. Pinto
https://ebookfinal.com/download/equity-asset-valuation-3rd-edition-
jerald-e-pinto/
Geoforensics 1st Edition Alastair Ruffell
https://ebookfinal.com/download/geoforensics-1st-edition-alastair-
ruffell/

5. Equity Trusts 3rd Edition Alastair Hudson Digital Instant
Download
Author(s): Alastair Hudson
ISBN(s): 9781859417294, 1859417299
Edition: 2
File Details: PDF, 5.80 MB
Year: 2003
Language: english

7. EQUITY & TRUSTS
Cavendish
Publishing
Limited
London • Sydney • Portland, Oregon

9. Cavendish
Publishing
Limited
London • Sydney • Portland, Oregon
Alastair Hudson, LLB, LLM, PhD
Barrister, Lincoln’s Inn, Reader in Equity & Law
Queen Mary, University of London
EQUITY & TRUSTS

10. Third edition first published in Great Britain 2003 by
Cavendish Publishing Limited, The Glass House,
Wharton Street, London WC1X 9PX, United Kingdom
Telephone: +44 (0)20 7278 8000 Facsimile: +44 (0)20 7278 8080
Email: info@cavendishpublishing.com
Website: www.cavendishpublishing.com
Published in the United States by Cavendish Publishing
c/o International Specialized Book Services,
5824 NE Hassalo Street, Portland,
Oregon 97213–3644, USA
Published in Australia by Cavendish Publishing (Australia) Pty Ltd
45 Beach Street, Coogee, NSW 2034, Australia
Telephone: +61 (2)9664 0909 Facsimile: +61 (2)9664 5420
© Hudson, Alastair 2003
First edition 1999
Second edition 2001
Third edition 2003
All rights reserved. No part of this publication may be reproduced, stored in a
retrieval system, or transmitted, in any form or by any means, electronic, mechanical,
photocopying, recording, scanning or otherwise, without the prior permission in
writing of Cavendish Publishing Limited, or as expressly permitted by law, or under
the terms agreed with the appropriate reprographics rights organisation. Enquiries concerning
reproduction outside the scope of the above should be sent to the
Rights Department, Cavendish Publishing Limited, at the address above.
You must not circulate this book in any other binding or cover
and you must impose the same condition on any acquirer.
British Library Cataloguing in Publication Data
Hudson, Alastair
Equity & trusts—3rd ed
1 Equity—England 2 Equity—Wales
3 Trusts and trustees—England 4 Trusts and trustees—Wales
I Title
346.4'2'004
Library of Congress Cataloguing in Publication Data
Data available
ISBN 1-85941-729-9
1 3 5 7 9 1 0 8 6 4 2
Printed and bound by MPG Books Bodmin, Cornwall

11. PREFACE: THE STRUCTURE OF THE BOOK
This book takes a radically different approach to the subject of equity from other
books. The principal distinctions are its affection for equity in its purest sense (a
sense that would have been recognised by Aristotle and Hegel as a means of
balancing out the abstract rule-making of the common law, against achieving just
results on a case-by-case basis when those common law rules would otherwise
have proved unfair) and an ordering of many of the key categories of trusts law
based on the notion of conscience.
As such the trust is presented as being an equitable device, which on some
occasions reflects a purely equitable approach, while at other times exposing a
different tendency: that of hardening into a legal institution akin to contracts and
torts. The division of subjects is also novel in that it reflects the growing bifurcation
in the law of trusts between their commercial and their non-commercial uses. After
considering the nature of equity and the history of the trust, Part 2 considers the
nature of express trusts and the formalities necessary for their creation, arguing
that there is a difference between the institutional express trust and a form of implied
or unconscious express trust recognised by the courts. Part 3 considers the
administration of such express trusts and the responsibilities imposed on trustees
by case law and by statute.
It is in Part 4 that the scholarly debates over trusts implied by law are considered—
resulting trusts, constructive trusts and the treatment of fiduciary liabilities—by
reflecting on both the traditional equitable position and the emerging law of unjust
enrichment. This part aims at both explanation of the principles which underpin
these various doctrines, as well as discussion of the case law. It is not suggested
that these expositions are any the less controversial than those of any other
commentator, although they attempt both an impartial examination of the material
as well as evaluations of the extensive journal literature in this area.
Part 5 considers the interaction of principles of trusts law, a general equity (in
the form of proprietary estoppel), and family law in relation to the acquisition of
rights in the home. This is the most dynamic area of equity and trusts: the discussion
sets out a categorisation of the various streams of case law, both in England and
elsewhere in the Commonwealth, before contrasting in detail (in chapters 17 to 19)
the particular contexts of equitable estoppel, the allocation of property rights on
the breakdown of a relationship, and the interaction of human rights law with
property law through the lens of a philosophical model of social justice.
Part 6 considers the claims available on breach of trust, whether brought against
trustees in person, against persons who have received trust property or assisted in
a breach of trust, or whether simply brought to trace rights originally attaching to
the trust fund into other property. By juxtaposing these strains of discussion with
the reinvigorated doctrine of undue influence, the analysis advances a view of the
equitable treatment of wrongs and its enthusiasm for awarding proprietary claims
to right such wrongs in many circumstances. The close relationship between equity
and property law is generative of a large amount of interesting debate, as Part 6
aims to show.
To place the interaction between equity and trusts in a more viable social context
the subsequent parts take divergent and novel turns. The basic premise is that the
institutional express trust cannot claim to answer the requirements of both
commercial and non-commercial situations with one approach that purports to fit
all contexts. Instead, Part 7 considers the precise way in which commercial activities

12. Equity & Trusts
vi
deploy trusts (for security purposes and in loan contracts) and general equitable
principles (whether in the form of the floating charge or to give effect to informal
mortgages). The discussion covers the equitable aspects of retention of title in
commercial contracts, the nemo dat principle in commercial law, mortgages, and
mutual investment made through unit trusts. From this discussion emerges an
account of the uncomfortable assimilation of general equitable doctrine into
commercial activities juxtaposed with commerce’s enthusiastic acceptance of some
express trusts principles.
Part 8 considers the welfare uses of trusts. In fact, this approach is less novel
than it sounds. Family settlements—which have deployed trusts concepts to
maintain wealthy families for centuries—were concerned with the welfare of those
family members. However, within the discussion of welfare comes analysis of
occupational pensions schemes and charities: which have long formed part of the
coverage of trusts law textbooks. The common link between these institutions (there
is in truth no other) is their utility for providing for individual welfare in particular
situations. Similarly the discussion of co-operatives (which it is argued are closely
akin to the corporations which early 19th century Chancery courts recognised as
being trusts) demonstrates the means by which trusts concepts and basic principles
of the law of associations can be deployed for the common wealth. Similarly, Part 8
includes discussions of the use of the ‘trusts’ label and the fiduciary office to found
NHS trusts and other public interest trusts—which are identified as a future area of
growth for equitable principles.
Part 9 considers the established categories of equitable remedies, many of which
(aside from subrogation) are frequently overlooked in the calls made by restitution
lawyers to ‘replace equity’ with principles of unjust enrichment. Those remedies
are specific performance, injunctions, rectification, rescission and subrogation. What
emerges from this discussion is a demonstration of equity at is purest: discretionary,
imaginative and always in flux.
Part 10 sets out in four short essays a compilation of the main themes of the
book. First, a consideration of the theoretical underpinnings of the law of property
as put to work in the context of trusts and equity. Key philosophical debates as to
the nature of property in law are compared as equity veers between awarding rights
in rem, on occasion, while always purporting to act in personam against the conscience
of the defendant. Secondly, a necessarily brief consideration of the limitations of
the law on unjust enrichment based as it is on formulaic principles of disgorgement
and subtraction which do not reflect the scope and fluidity of pure, equitable
doctrine. In particular, the discussion focuses on the variety of approaches to
straightforward instances of unfairness where there is potentially no evident
financial loss to compensate nor any property right to vindicate. Thirdly, an attempt
to set out a taxonomy of trusts concepts in the light of the foregoing discussion as a
platform for future debate as to the role of trust. Fourthly, the final chapter of the
book argues for a conception of the equitable jurisdiction which will meet increasing
social complexity and a higher incidence of social, manufactured risk as experienced
by all of our fellow citizens. It is suggested that our natural tendency as human
beings to seek out precise legal rules to shore up our defences against chaos and
uncertainty threatens to leave us with a legal system which is incapable of reacting
generously to the thousand natural shocks to which flesh is heir.

13. Preface: The Structure of the Book vii
I am grateful to all who have helped me with this book—to all who have
weathered my enthusiastic jabbering on this and related topics with such fortitude
and good humour. So, I would like to thank my mother as we help one another
through this life—will trusts and all. ToAndy for being him, his unflagging support
and updates on Sunderland AFC. To Nick for his unerring sense of what is real and
what is unreal. To Helena for an extraordinary wisdom. And to my late father, who
made so much possible.
Thanks go, in particular, to two of my colleagues at Queen Mary College,
Professor Geraint Thomas and Professor Roger Cotterrell, for their comradeship,
generosity and insightful comments on many of my ideas. Also, to Professor David
Hayton who taught me trusts in the first place; to the late Jeffrey Price, Professor
Adrian Shipwright and Robert Venables QC, who taught me much about trusts,
taxation and other things. Mention should also be made of the work of all at
Cavendish Publishing, especially Ruth Massey and Cara Annett. My thanks must
also go to all those trusts law students who have observed me develop these ideas,
frequently by rolling their eyes at the ceiling as I banged on: there are too many of
them to list here. However, I would like to pick out a couple of them who helped
particularly with discussion of some of the ideas and with comments on parts of
what became this manuscript: Rebecca and Johanna.
To them my undying love and friendship. To the reader I present this little account
of the possibilities offered to us by equity and the trust.
Alastair Hudson
Queen Mary, University of London
Mile End, London
Midsummer Day 2003

15. PREFACE FOR THE STUDENT READER
Important information for the student reader
This subject has everything: birth, life, greed, sex, lies, truth, conscience, bitterness,
vengeance and death—and then what comes after death. The rules of equity and,
in particular, the trust are the ways in which English law deals with so many of
these things.
This book is meant to teach students of this subject and to deal forthrightly with
the issues this subject raises: both subtle technical issues and contextual, social issues.
To say that it is a teaching aid does not mean that it is not an academic book. On the
contrary, there are two aims: to explain the law of trusts in an accessible way and to
address all of the major academic debates that currently surround the complex
principles of equity and the law of trusts.
How to read this book
It is probably quite important that you read this preface before you start on the text.
It is then very important that you read the first two chapters, which will explain
the vital underpinnings for the whole of the rest of the text.
This book has been written in a way that is slightly different from other trusts
textbooks. This book is designed to be read first and foremost as any other book—
sitting back, with no pen in your hand, soaking up the words. Then you should
turn over that blank sheet of paper and begin to make your own notes.
We shall be doing something very intimate together, you and I: we will be
thinking.
Each of the core chapters begins with a summary of the relevant legal principles
in that area (the italicised areas of text). These summaries serve as a shorthand note
of the discussion that follows. Importantly, they give an outline of the subject matter
to come. The secret to reading textbooks and cases is to know what the core legal
principles are before you start to read. Without that knowledge, you will find it
very hard to understand the detail of the discussion. In this book, each major
principle is illustrated with a factual example to show how the ordinary world is
understood through a trusts law analysis. That way, the discussion that follows
makes more sense and the major issues stand out more clearly.
After the summary, the remainder of the section explains how those principles
work. Those sections act as problem-solving discussions—examining the real life
issues which have led to the development of the law of trusts and the principles of
equity. Discussion is primarily of leading cases set against accounts of the academic
analysis of each subject. For most of the major topics there are easy to follow
examples set out in the text so that the principles can be seen in practice.
Equity and trusts is a topic in which it is possible for a student to score very high
marks in essays and examinations because there are a number of very difficult
ideas bound up in it. If you deal with them well, you will shine. Therefore,
importantly for you, this text includes discussion of all of the major academic and
judicial debates in the area (with a few more besides). These ideas are usually
considered towards the end of each chapter, after the basic material has been
explained.

16. Equity & Trusts
x
At the end of this preface is a glossary of essential terms, which may prove useful
in those dark early days.
Writing a book is a bizarre business. To see a writer through this extraordinary
process there is a need to seek the support of others: I mentioned the nearest and
dearest in the general preface. Their love, help and support has been invaluable.
Quite proudly, in fact, I would recognise any errors or anything which causes you
to sit up and exclaim ‘I cannot agree!’ as being entirely my own.
And so thanks to you, dear reader, as we embark on this odyssey through equity
and the law of trusts. Hold tight…!
Alastair Hudson
Queen Mary, University of London
Mile End London
Midsummer Day 2003

17. CONTENTS
Preface: Structure of the Book v
Preface for the Student Reader ix
Glossary xxi
Table of Cases xxv
Table of Legislation lxiii
PART I FUNDAMENTALS OF EQUITY AND TRUSTS
1 INTRODUCTION—THE NATURE OF EQUITY 5
1.1 Establishing a philosophical basis for equity 5
1.2 The birth of equity 10
1.3 Understanding equity 14
1.4 The core equitable principles 17
1.5 Equity in a broader context 26
2 UNDERSTANDING THE TRUST 31
2.1 The birth of the trust 31
2.2 Express trusts—the magic triangle 32
2.3 The classification of trusts 39
2.4 Trusts and other legal constructs 41
2.5 The benefits of trusts 44
2.6 Fundamental principles of trusts law 49
PART 2 EXPRESS TRUSTS
3 THE CREATION OF EXPRESS TRUSTS 63
3.1 Introduction 63
3.2 The three certainties 66
3.3 Certainty of intention 66
3.4 Certainty of subject matter 77
3.5 Certainty of objects 91
4 TRUSTS FOR PEOPLE, PURPOSES AND PERPETUITIES 109
4.1 The beneficiary principle 109
4.2 The rights of beneficiaries in the trust fund 124
4.3 Unincorporated associations 131

18. Equity & Trusts
xii
5 FORMALITIES IN THE CREATION OF EXPRESS TRUSTS 143
5.1 Specific formalities in the creation of a trust 144
5.2 Exceptions to the rules of formality 147
5.3 Constitution of the trust fund 150
5.4 Improperly constituted trusts 151
5.5 Perfecting imperfect gifts 160
5.6 Covenants and promises to create a settlement 164
5.7 Disposition of equitable interests 173
6 SECRET TRUSTS 191
6.1 Introduction 191
6.2 Fully secret trusts 196
6.3 Half-secret trusts 202
6.4 General principles 204
6.5 The probate doctrine of incorporation by reference 210
6.6 Categorising the secret trust 210
7 ESSAY—THE NATURE OF EXPRESS TRUSTS 219
7.1 Conclusions on the nature of express trusts 219
7.2 A future structure of the law of trusts? 226
PART 3 ADMINISTRATION OF TRUSTS
8 THE OFFICE OF TRUSTEE AND THE CONDUCT OF TRUSTS 235
8.1 Introduction 235
8.2 The office of trustee 236
8.3 Powers of maintenance and advancement 241
8.4 The conduct of trusts 245
8.5 Fiduciary responsibilities of trustees—in outline 245
8.6 Delegation of trustees’ duties 254
8.7 Control of trustees and provision of information 260
9 INVESTMENT OF TRUSTS 265
9.1 Introduction 265
9.2 Trustee Act 2000 267
9.3 General trusts investment principles 271

19. Contents xiii
9.4 Trustee’s duty to manage investments 278
9.5 Principles governing investment of trusts 281
10 VARIATION OF TRUST FUNDS 285
10.1 Introduction 285
PART 4 TRUSTS IMPLIED BY LAW
11 RESULTING TRUSTS 299
11.1 Introduction—what is a resulting trust? 299
11.2 Automatic resulting trusts 307
11.3 Quistclose trusts 313
11.4 Presumed resulting trusts 317
11.5 Mistake and resulting trust 334
11.6 Understanding the nature of the resulting trust 337
12 CONSTRUCTIVE TRUSTS 345
12.1 Introduction 346
12.2 Constructive trusts at large 349
12.3 Unconscionable dealings with property 353
12.4 Profits from unlawful acts 356
12.5 Fiduciary making unauthorised profits 366
12.6 Constructive trusts and agreements relating to property 378
12.7 Voluntary assumption of liability 383
12.8 Intermeddlers as constructive trustees 385
12.9 Personal liability to account as a constructive trustee 387
12.10 Issues with constructive trusts 392
13 ESSAY—FIDUCIARY RESPONSIBILITY—A MUTABLE CATEGORY 399
13.1 The role of the fiduciary 399
13.2 A question of definition 399
13.3 Established categories 400
13.4 The advantages of remedies based on fiduciary responsibility 401
13.5 Scope for the development of new categories? 404
13.6 Conclusions—the traditional context 409

20. Equity & Trusts
xiv
PART 5 EQUITY, TRUSTS AND THE HOME
14 TRUSTS OF HOMES 415
14.1 Introduction 416
14.2 Express trusts of homes 420
14.3 Resulting trusts—contribution to purchase price 421
14.4 Constructive trusts—acquisition of equitable interests by conduct or
agreement 427
14.5 The balance sheet approach 439
14.6 The family assets approach 447
14.7 Proprietary estoppel 452
14.8 The Commonwealth cases 458
14.9 Trends in the academic discussion of trusts of homes 467
15 EQUITABLE ESTOPPEL 477
15.1 Introduction 477
15.2 A single doctrine of estoppel? 478
15.3 Proprietary estoppel 480
15.4 Estoppel licences: from contract to property rights 487
15.5 Promissory estoppel 488
15.6 Other forms of estoppel in commercial contexts 489
15.7 In conclusion 491
16 TRUSTS OF LAND, FAMILIES AND CHILDREN 493
16.1 Introduction 493
16.2 Trusts of land—the legislative context 493
16.3 Family law and the law of the home 502
16.4 Social justice and rights in the home 509
17 ESSAY—HUMAN RIGHTS, EQUITY AND TRUSTS 517
17.1 Introduction 517
17.2 Human rights law and equity 518
17.3 Principles of human rights law 523

21. Contents xv
PART 6 BREACH OF TRUST AND EQUITABLE CLAIMS
18 BREACH OF TRUST 533
18.1 Introduction 533
18.2 Breach of trust 534
18.3 The nature of the remedy for breach of trust 545
18.4 Non-trustees’ liability to account in relation to breaches of trust 552
18.5 Equitable compensation 579
18.6 Allocating claims 584
19 TRACING 587
19.1 Tracing—understanding the nature of the claim 588
19.2 Common law tracing 594
19.3 Equitable tracing 598
19.4 Equitable tracing into mixed funds 604
19.5 Claiming: trusts and remedies 615
19.6 Defences 624
19.7 Conclusions 629
19.8 Summary 635
20 DOCTRINE OF NOTICE AND UNDUE INFLUENCE 637
20.1 The doctrine of notice 638
20.2 Undue influence 640
20.3 Misrepresentation and equitable wrongs 645
20.4 Setting mortgages aside—O’Brien and all that 646
20.5 A survey of the ‘new’ undue influence 661
PART 7 COMMERCIAL USES OF TRUSTS
21 COMMERCE, EQUITY AND DEALING WITH PROPERTY 671
21.1 Introduction 671
21.2 Equity and commerce 672
21.3 Allocating title 687
21.4 Giving good title: nemo dat quod non habet 687
21.5 Certainty of subject matter in commercial law 693
21.6 Partnership law and partnership property 695

22. Equity & Trusts
xvi
22 RETENTION OF TITLE, LENDING AND QUISTCLOSE TRUSTS 699
22.1 Introduction 699
22.2 Retention of title and pledge 700
22.3 Quistclose trusts 702
22.4 Categorising Quistclose 703
22.5 Eurobond trustees 707
22.6 Debenture trustees 709
23 MORTGAGES 711
23.1 Introduction 711
23.2 Fixed charges and floating charges 711
23.3 The mortgage as a security 717
23.4 The equity of redemption 718
23.5 Equitable mortgages and charges 721
23.6 The mortgagee’s power of repossession 723
23.7 The mortgagee’s power of sale 726
23.8 Setting aside mortgages in equity 731
24 UNIT TRUSTS 733
24.1 Introduction 733
24.2 Fundamentals of the unit trust 733
24.3 Fiduciary duties in a unit trust 738
24.4 Rights of the participants in a unit trust 742
24.5 Whether the unit trust is a trust 747
25 ESSAY—CORPORATIONS, COMMERCE AND EXPRESS TRUSTS 751
25.1 The development of the English company out of the law of trusts 751
25.2 How commercial lawyers think of property rights 753
25.3 New fiduciaries in the risk society 754
25.4 Globalisation—a means of understanding the fragmentation between
commercial and non-commercial trusts 757

23. Contents xvii
PART 8 WELFARE USES OF TRUSTS
26 OCCUPATIONAL PENSION FUNDS 765
26.1 Pension funds as investment entities 765
26.2 Occupational pension schemes 767
26.3 Investment of pension funds—the statutory scheme 768
26.4 The regulatory scheme—in outline 773
26.5 Settlors in pension funds 774
26.6 Trustees in pension funds 776
26.7 Equitable interests in pension funds 778
27 CHARITIES 789
27.1 Introduction 789
27.2 Relief of poverty 798
27.3 Education 805
27.4 Trusts for religious purposes 812
27.5 Other purposes beneficial to the community 816
27.6 Cy-près doctrine 824
28 CO-OPERATIVES, FRIENDLY SOCIETIES AND TRUSTS 831
28.1 Introduction 831
28.2 Industrial and provident societies 834
28.3 Credit unions 838
28.4 Friendly societies 842
29 PUBLIC INTEREST TRUSTS 851
29.1 Introduction 851
29.2 Public interest trusts 852
29.3 The legal nature of NHS trusts 855
29.4 Commentary on trusts used for welfare purposes 860
PART 9 EQUITABLE REMEDIES
30 SPECIFIC PERFORMANCE 867
30.1 The nature of specific performance 867
30.2 Contracts where specific performance is available 868

24. Equity & Trusts
xviii
30.3 Contracts where specific performance is unavailable 870
30.4 Defences to a claim for specific performance 874
31 INJUNCTIONS 879
31.1 Nature of injunction 879
31.2 Classification of injunctions 883
31.3 Interim injunctions 884
31.4 Freezing injunctions 887
31.5 Search orders 890
31.6 The interaction with the common law 891
32 RESCISSION AND RECTIFICATION 895
32.1 Introduction 895
32.2 Rescission 895
32.3 Rectification 903
33 SUBROGATION 909
33.1 Introduction 909
33.2 Simple subrogation 909
33.3 Reviving subrogation 910
PART 10 EQUITY, TRUSTS AND SOCIAL THEORY
34 THE NATURE OF PROPERTY IN EQUITY AND TRUSTS 921
34.1 Questions of property as they apply to trusts 921
34.2 Theories of property in law 925
35 RESTITUTION OF UNJUST ENRICHMENT 935
35.1 The roots of restitution 935
35.2 The main principles of restitution 942
35.3 Conclusion 947
36 AN ORDERING OF THE LAW OF TRUSTS 951
36.1 Introduction 951
36.2 Issues in the foundations of the law of trusts 952

25. Contents xix
36.3 Towards a new ordering of trusts 959
36.4 Thinking of the trust as an equitable response 969
36.5 Conclusions—the new landscape 973
37 EQUITY, CHAOS AND SOCIAL COMPLEXITY 975
37.1 Mapping the social role of equity 975
37.2 The legal notion of conscience 977
37.3 Social complexity 980
37.4 Equity and chaos 982
37.5 Other conceptions of equity in the social sciences 985
37.6 Equity, culture and politics 990
37.7 The goals of equity 994
37.8 In conclusion 995
Bibliography 997
Index 1011

26. Discovering Diverse Content Through
Random Scribd Documents

27. 1.C. The Project Gutenberg Literary Archive Foundation (“the
Foundation” or PGLAF), owns a compilation copyright in the
collection of Project Gutenberg™ electronic works. Nearly all the
individual works in the collection are in the public domain in the
United States. If an individual work is unprotected by copyright law
in the United States and you are located in the United States, we do
not claim a right to prevent you from copying, distributing,
performing, displaying or creating derivative works based on the
work as long as all references to Project Gutenberg are removed. Of
course, we hope that you will support the Project Gutenberg™
mission of promoting free access to electronic works by freely
sharing Project Gutenberg™ works in compliance with the terms of
this agreement for keeping the Project Gutenberg™ name associated
with the work. You can easily comply with the terms of this
agreement by keeping this work in the same format with its attached
full Project Gutenberg™ License when you share it without charge
with others.
1.D. The copyright laws of the place where you are located also
govern what you can do with this work. Copyright laws in most
countries are in a constant state of change. If you are outside the
United States, check the laws of your country in addition to the
terms of this agreement before downloading, copying, displaying,
performing, distributing or creating derivative works based on this
work or any other Project Gutenberg™ work. The Foundation makes
no representations concerning the copyright status of any work in
any country other than the United States.
1.E. Unless you have removed all references to Project Gutenberg:
1.E.1. The following sentence, with active links to, or other
immediate access to, the full Project Gutenberg™ License must
appear prominently whenever any copy of a Project Gutenberg™
work (any work on which the phrase “Project Gutenberg” appears,
or with which the phrase “Project Gutenberg” is associated) is
accessed, displayed, performed, viewed, copied or distributed:

28. This eBook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this eBook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.
1.E.2. If an individual Project Gutenberg™ electronic work is derived
from texts not protected by U.S. copyright law (does not contain a
notice indicating that it is posted with permission of the copyright
holder), the work can be copied and distributed to anyone in the
United States without paying any fees or charges. If you are
redistributing or providing access to a work with the phrase “Project
Gutenberg” associated with or appearing on the work, you must
comply either with the requirements of paragraphs 1.E.1 through
1.E.7 or obtain permission for the use of the work and the Project
Gutenberg™ trademark as set forth in paragraphs 1.E.8 or 1.E.9.
1.E.3. If an individual Project Gutenberg™ electronic work is posted
with the permission of the copyright holder, your use and distribution
must comply with both paragraphs 1.E.1 through 1.E.7 and any
additional terms imposed by the copyright holder. Additional terms
will be linked to the Project Gutenberg™ License for all works posted
with the permission of the copyright holder found at the beginning
of this work.
1.E.4. Do not unlink or detach or remove the full Project
Gutenberg™ License terms from this work, or any files containing a
part of this work or any other work associated with Project
Gutenberg™.
1.E.5. Do not copy, display, perform, distribute or redistribute this
electronic work, or any part of this electronic work, without
prominently displaying the sentence set forth in paragraph 1.E.1

29. with active links or immediate access to the full terms of the Project
Gutenberg™ License.
1.E.6. You may convert to and distribute this work in any binary,
compressed, marked up, nonproprietary or proprietary form,
including any word processing or hypertext form. However, if you
provide access to or distribute copies of a Project Gutenberg™ work
in a format other than “Plain Vanilla ASCII” or other format used in
the official version posted on the official Project Gutenberg™ website
(www.gutenberg.org), you must, at no additional cost, fee or
expense to the user, provide a copy, a means of exporting a copy, or
a means of obtaining a copy upon request, of the work in its original
“Plain Vanilla ASCII” or other form. Any alternate format must
include the full Project Gutenberg™ License as specified in
paragraph 1.E.1.
1.E.7. Do not charge a fee for access to, viewing, displaying,
performing, copying or distributing any Project Gutenberg™ works
unless you comply with paragraph 1.E.8 or 1.E.9.
1.E.8. You may charge a reasonable fee for copies of or providing
access to or distributing Project Gutenberg™ electronic works
provided that:
• You pay a royalty fee of 20% of the gross profits you derive
from the use of Project Gutenberg™ works calculated using the
method you already use to calculate your applicable taxes. The
fee is owed to the owner of the Project Gutenberg™ trademark,
but he has agreed to donate royalties under this paragraph to
the Project Gutenberg Literary Archive Foundation. Royalty
payments must be paid within 60 days following each date on
which you prepare (or are legally required to prepare) your
periodic tax returns. Royalty payments should be clearly marked
as such and sent to the Project Gutenberg Literary Archive
Foundation at the address specified in Section 4, “Information

30. about donations to the Project Gutenberg Literary Archive
Foundation.”
• You provide a full refund of any money paid by a user who
notifies you in writing (or by e-mail) within 30 days of receipt
that s/he does not agree to the terms of the full Project
Gutenberg™ License. You must require such a user to return or
destroy all copies of the works possessed in a physical medium
and discontinue all use of and all access to other copies of
Project Gutenberg™ works.
• You provide, in accordance with paragraph 1.F.3, a full refund of
any money paid for a work or a replacement copy, if a defect in
the electronic work is discovered and reported to you within 90
days of receipt of the work.
• You comply with all other terms of this agreement for free
distribution of Project Gutenberg™ works.
1.E.9. If you wish to charge a fee or distribute a Project Gutenberg™
electronic work or group of works on different terms than are set
forth in this agreement, you must obtain permission in writing from
the Project Gutenberg Literary Archive Foundation, the manager of
the Project Gutenberg™ trademark. Contact the Foundation as set
forth in Section 3 below.
1.F.
1.F.1. Project Gutenberg volunteers and employees expend
considerable effort to identify, do copyright research on, transcribe
and proofread works not protected by U.S. copyright law in creating
the Project Gutenberg™ collection. Despite these efforts, Project
Gutenberg™ electronic works, and the medium on which they may
be stored, may contain “Defects,” such as, but not limited to,
incomplete, inaccurate or corrupt data, transcription errors, a
copyright or other intellectual property infringement, a defective or

31. damaged disk or other medium, a computer virus, or computer
codes that damage or cannot be read by your equipment.
1.F.2. LIMITED WARRANTY, DISCLAIMER OF DAMAGES - Except for
the “Right of Replacement or Refund” described in paragraph 1.F.3,
the Project Gutenberg Literary Archive Foundation, the owner of the
Project Gutenberg™ trademark, and any other party distributing a
Project Gutenberg™ electronic work under this agreement, disclaim
all liability to you for damages, costs and expenses, including legal
fees. YOU AGREE THAT YOU HAVE NO REMEDIES FOR
NEGLIGENCE, STRICT LIABILITY, BREACH OF WARRANTY OR
BREACH OF CONTRACT EXCEPT THOSE PROVIDED IN PARAGRAPH
1.F.3. YOU AGREE THAT THE FOUNDATION, THE TRADEMARK
OWNER, AND ANY DISTRIBUTOR UNDER THIS AGREEMENT WILL
NOT BE LIABLE TO YOU FOR ACTUAL, DIRECT, INDIRECT,
CONSEQUENTIAL, PUNITIVE OR INCIDENTAL DAMAGES EVEN IF
YOU GIVE NOTICE OF THE POSSIBILITY OF SUCH DAMAGE.
1.F.3. LIMITED RIGHT OF REPLACEMENT OR REFUND - If you
discover a defect in this electronic work within 90 days of receiving
it, you can receive a refund of the money (if any) you paid for it by
sending a written explanation to the person you received the work
from. If you received the work on a physical medium, you must
return the medium with your written explanation. The person or
entity that provided you with the defective work may elect to provide
a replacement copy in lieu of a refund. If you received the work
electronically, the person or entity providing it to you may choose to
give you a second opportunity to receive the work electronically in
lieu of a refund. If the second copy is also defective, you may
demand a refund in writing without further opportunities to fix the
problem.
1.F.4. Except for the limited right of replacement or refund set forth
in paragraph 1.F.3, this work is provided to you ‘AS-IS’, WITH NO
OTHER WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED,

32. INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR ANY PURPOSE.
1.F.5. Some states do not allow disclaimers of certain implied
warranties or the exclusion or limitation of certain types of damages.
If any disclaimer or limitation set forth in this agreement violates the
law of the state applicable to this agreement, the agreement shall be
interpreted to make the maximum disclaimer or limitation permitted
by the applicable state law. The invalidity or unenforceability of any
provision of this agreement shall not void the remaining provisions.
1.F.6. INDEMNITY - You agree to indemnify and hold the Foundation,
the trademark owner, any agent or employee of the Foundation,
anyone providing copies of Project Gutenberg™ electronic works in
accordance with this agreement, and any volunteers associated with
the production, promotion and distribution of Project Gutenberg™
electronic works, harmless from all liability, costs and expenses,
including legal fees, that arise directly or indirectly from any of the
following which you do or cause to occur: (a) distribution of this or
any Project Gutenberg™ work, (b) alteration, modification, or
additions or deletions to any Project Gutenberg™ work, and (c) any
Defect you cause.
Section 2. Information about the Mission
of Project Gutenberg™
Project Gutenberg™ is synonymous with the free distribution of
electronic works in formats readable by the widest variety of
computers including obsolete, old, middle-aged and new computers.
It exists because of the efforts of hundreds of volunteers and
donations from people in all walks of life.
Volunteers and financial support to provide volunteers with the
assistance they need are critical to reaching Project Gutenberg™’s
goals and ensuring that the Project Gutenberg™ collection will

33. remain freely available for generations to come. In 2001, the Project
Gutenberg Literary Archive Foundation was created to provide a
secure and permanent future for Project Gutenberg™ and future
generations. To learn more about the Project Gutenberg Literary
Archive Foundation and how your efforts and donations can help,
see Sections 3 and 4 and the Foundation information page at
www.gutenberg.org.
Section 3. Information about the Project
Gutenberg Literary Archive Foundation
The Project Gutenberg Literary Archive Foundation is a non-profit
501(c)(3) educational corporation organized under the laws of the
state of Mississippi and granted tax exempt status by the Internal
Revenue Service. The Foundation’s EIN or federal tax identification
number is 64-6221541. Contributions to the Project Gutenberg
Literary Archive Foundation are tax deductible to the full extent
permitted by U.S. federal laws and your state’s laws.
The Foundation’s business office is located at 809 North 1500 West,
Salt Lake City, UT 84116, (801) 596-1887. Email contact links and up
to date contact information can be found at the Foundation’s website
and official page at www.gutenberg.org/contact
Section 4. Information about Donations to
the Project Gutenberg Literary Archive
Foundation
Project Gutenberg™ depends upon and cannot survive without
widespread public support and donations to carry out its mission of
increasing the number of public domain and licensed works that can
be freely distributed in machine-readable form accessible by the
widest array of equipment including outdated equipment. Many

34. small donations ($1 to $5,000) are particularly important to
maintaining tax exempt status with the IRS.
The Foundation is committed to complying with the laws regulating
charities and charitable donations in all 50 states of the United
States. Compliance requirements are not uniform and it takes a
considerable effort, much paperwork and many fees to meet and
keep up with these requirements. We do not solicit donations in
locations where we have not received written confirmation of
compliance. To SEND DONATIONS or determine the status of
compliance for any particular state visit www.gutenberg.org/donate.
While we cannot and do not solicit contributions from states where
we have not met the solicitation requirements, we know of no
prohibition against accepting unsolicited donations from donors in
such states who approach us with offers to donate.
International donations are gratefully accepted, but we cannot make
any statements concerning tax treatment of donations received from
outside the United States. U.S. laws alone swamp our small staff.
Please check the Project Gutenberg web pages for current donation
methods and addresses. Donations are accepted in a number of
other ways including checks, online payments and credit card
donations. To donate, please visit: www.gutenberg.org/donate.
Section 5. General Information About
Project Gutenberg™ electronic works
Professor Michael S. Hart was the originator of the Project
Gutenberg™ concept of a library of electronic works that could be
freely shared with anyone. For forty years, he produced and
distributed Project Gutenberg™ eBooks with only a loose network of
volunteer support.

35. Project Gutenberg™ eBooks are often created from several printed
editions, all of which are confirmed as not protected by copyright in
the U.S. unless a copyright notice is included. Thus, we do not
necessarily keep eBooks in compliance with any particular paper
edition.
Most people start at our website which has the main PG search
facility: www.gutenberg.org.
This website includes information about Project Gutenberg™,
including how to make donations to the Project Gutenberg Literary
Archive Foundation, how to help produce our new eBooks, and how
to subscribe to our email newsletter to hear about new eBooks.

37. back

38. Welcome to our website – the ideal destination for book lovers and
knowledge seekers. With a mission to inspire endlessly, we offer a
vast collection of books, ranging from classic literary works to
specialized publications, self-development books, and children's
literature. Each book is a new journey of discovery, expanding
knowledge and enriching the soul of the reade
Our website is not just a platform for buying books, but a bridge
connecting readers to the timeless values of culture and wisdom. With
an elegant, user-friendly interface and an intelligent search system,
we are committed to providing a quick and convenient shopping
experience. Additionally, our special promotions and home delivery
services ensure that you save time and fully enjoy the joy of reading.
Let us accompany you on the journey of exploring knowledge and
personal growth!
ebookfinal.com