1. "The greatest and most distinctive achievement performed by Englishmen in the field of jurisprudence" Maitland
2. Authorities
   1. Earl of Oxford's Case (1615)
      1. Conflict of Common Law & Chancery Courts resolved
   2. Kingsnorth v Tizzard (1986)
      1. Separated Husband claimed to be single: Bank under Constructive Notice
   3. Judicature Act 1873 s25(11)
      1. "Where (conflict)...rules of equity shall prevail"
3. Equity
   1. Effects
      1. Contract
         1. Formation creates equitable interest
      2. Land Transfer
         1. Formally deficient deed
   2. Remedies
      1. Specific Performance
      2. Injunctions
   3. Separate Property Interests
      1. Legal
      2. Equitable
   4. Parallel System
      1. King > Lord Chancellor > Courts of Chancery
      2. Based on 'Equity'
         1. Remedy for unconscionable acts
         2. "Equity varies with the length of the Chancellor's foot" John Selden (C17)
      3. Conflict
         1. Earl of Oxford's case (1615)
            1. Equity should prevail (Sir Frances Bacon (Att. General)
         2. Judicature Acts 1873/5
            1. "Where (conflict)...rules of equity shall prevail" s25(11) Jud Act 1873
   5. 'Maxims' (12-20)
      1. Equity will not suffer a wrong to be without a remedy
      2. Equity regards done what ought to be done
      3. Equity delights in equality
      4. Equity aids the vigilant
         1. Or...delay defeats equity
      5. One who seeks equity must do equity
         1. Or... must come with clean hands
      6. Equity acts in personam
      7. Equity does not require an idle gesture
      8. Equity follows the law
      9. First in time, first in right
4. Trusts
   1. Parties
      1. Settlor
         1. Cannot enforce the trust!
      2. Trustee(s)
         1. Fiduciary duty Must act in 'good faith'
         2. Duties specific to Trust
      3. Beneficiary
         1. "The trust's policeman"
         2. Controversy: are interests personal or proprietary?
            1. Interests linked to property
            2. Interests vanish if property destroyed
            3. Rights created peacemeal
            4. Some beneficiaries can demand property (Bare trust)
            5. Enforcable against 3rd parties
            6. Become new trustees
            7. Ability to trace assets
            8. Proprietary claim on trustees' bankruptcy
            9. Common View: Proprietary
   2. Common Uses
      1. Wealth Management
         1. e.g. Wills
      2. Collective Investments
         1. e.g. Unit Trusts
      3. Clubs/Societies
      4. Charities
         1. Purpose Trusts
   3. Creation
      1. Explicit
      2. Resulting
         1. Default return to settlor
      3. Constructive
         1. e.g. solicitor holding client's money
   4. Essential Elements
      1. Trustee(s)
      2. Property
      3. Duty (Fiduciary)
      4. Browne-Wilkinson LJ
         1. Westdeuche Landsbank v Islington (1996)
   5. Bone Fide Purchaser Rule
      1. "Equity's Darling"
      2. Allows property to be safely transferred
      3. Exception to transfer of equitable duties if property is transferred IN BREECH of trust
         1. Purchaser takes legal estate free from equitable duties
         2. ONLY IF: they are "bone fide purchaser for value without notice"
            1. 1. Bone fide: no fraud
            2. 2. Purchaser: transfer by act of parties
            3. Includes 'pro tanto' purchase of lease
            4. 3. For value: consideration
            5. 4. Legal estate passed: from trustee, not beneficiary
            6. 5. Without notice: actual or constructive
            7. Kingsnorth v Tizzard (1986)
   6. Flexible Structure