LAWS 2033 ‑ Equity and Trusts

CREDIT HOURS: 3

This course deals with both the law of trusts and the law of fiduciary relationships. After a brief historical survey of the development of the law of equity, the rules regarding the creation, interpretation and termination of express trusts are examined and, in particular, trusts drafted in wills. The course also considers purpose trusts, especially charitable trusts. The law governing trustees and their duties and powers is explored. The later part of the course deals with trusts arising through operation of law, i.e. resulting and constructive trusts. Finally trust remedies are reviewed and the special rules of tracing property are discussed. In addition and throughout the Equity and Trusts course there are important segments that deal directly with the legal concepts relevant to commercial activities. Also, a conceptual overview of doctrines relevant to business organizations is provided. In particular, fiduciary duties that may arise in the course of commercial activities are studied in the cases and discussed in class. The instruction emphasizes the importance of identifying such relationships in generally arm’s length transactions, and examines the duties that devolve upon the ad hoc fiduciary. The role of the constructive trust and its relevance to insolvency and bankruptcy is addressed. In addition the theoretically complicated concepts of “knowing assistance” and “knowing receipt,” significant for commercial agents, are canvassed.

Prerequisite(s): None.
Co-requisite(s): None.
Assessment Method: May be by 100% final examination or by in class tests, assignments, take home exam and final exam, depending on the instructor. 
Restrictions: None.