1. Equity
   1. Development of trusts from land being held for crusaders or monks
   2. Trustees hold legal title
      1. Recognised in common law
   3. Beneficiaries hold equitable interest
      1. Recognised in equity
2. Bona fide purchaser rule
   1. Equity allowed beneficiaries to enforce interests against third parties
   2. But not 'equity's darling'
      1. Bona fide purchaser for value without notice
   3. Must be purchaser of legal interest
      1. Includes mortgagee
         1. Kingsnorth Trust Ltd v Tizard [1986]
         2. Did not make sufficient enquiries
   4. Without actual, constructive or imputed notice of the equitable interest
      1. Constructive
         1. Would have discovered if made reasonable enquiries
         2. Lower standard for personalty
      2. Imputed
         1. Eg if solicitor had knowledge
3. Trusts
   1. Express
      1. Need not be in writing
      2. But generally set out in deed or trust instrument, or will
   2. Resulting
      1. Held for settlor
         1. S has failed to dispose of entire equitable interest
         2. S makes voluntary transfer of money or asset
   3. Constructive
      1. Examples
         1. Trustee makes personal profit
         2. Third party acquires trust property improperly
         3. Cohabitee pays towards house but one party holds legal title