Trusts v Other Legal Concepts:
Contract: Trusts only impose duties to one party, the beneficiary owes no duties to the trustee unlike a contract in which rights and duties are owed by both parties to one another.

Debt: once a debt it paid the debt is gone/ extinguished, with a trust there will always be equitable rights within the property

Bailment: legal relationship in which one agrees to look after another's property for safe keeping. The owner retains legal title unlike that in a trust. In a trust the trustee gains the legal title of the property.

Ashby v Tolhurst: man left car in carpark, when he came back the parking attendant had allowed a stranger to take the car. This baliment and the claimant retained full legal title and so the attendant could not be held liable.

Administration of an estate:
Commissioner of stamp duties v Livingston: a widow who gains benefit under her husband's will is not liable to tax of the property during the administration of the estate. Until the estate is completely administered the widow gains no right in the property. This is unlike a trust in which the beneficiary holds a constant equitable right in the property.

Companies and Unincorporated associations: companies are incorporated (they have their own legal personality) unlike unincorporated associations which are held by the members and so have no legal personality. These are both different ways of holding a property other than on trust.

	Created by cadhla_corrigan over 10 years ago

LLB Trusts and Equity (1. History of Equity and Nature of Trusts) Note on The History of Equity and the Nature of Trusts, created by cadhla_corrigan on 07/04/2014.