Overview

The module will include but will not be limited to the following topics: the development of equity and the nature of trusts, variation of trusts, the three certainties, constitution and formalities, charitable trusts, cy-pres doctrine, resulting and constructive trusts, Quistclose trusts, the fiduciary relationship, the distinction between a breach of trust and a breach of a fiduciary duty, trustees' duties, remedies, defences, tracing, dishonest assistance and knowing receipt. Students will also gain an understanding of unjust enrichment within this module.

Assessment Strategy

-threshold -Threshold: D- to D+ (40-49%) An answer which, while predominantly correct in its presentation of material, contains a significant level of error and is therefore not entirely reliable.

-good -Good: B- to B+ (60-69%) High Standard: A comprehensive answer, containing all the material relevant to the question and no irrelevancy, all the material and references being accurate and correct, there being no inaccuracy or error, the whole presented in an argument which, while clear, logical and critical, leaves room for improvement in its construction and presentation. An answer which shows complete competence in the subject.

-excellent -Excellent: A- to A* (70+%) An outstanding answer containing all the material relevant to the question and no irrelevancy, all the material and references being accurate and correct, there being no inaccuracy or error, the whole presented in a clear, logical, critical argument with little room for improvement. An answer which demonstrates a complete mastery of the subject.

-another level-C- to C+ (50-59%) An answer which, while always in the main accurate and correct, fails to distinguish between relevant and irrelevant material and is lacking in criticism. An answer which while reliable with regard to correctness is either not comprehensive or not entirely pertinent.

Learning Outcomes

• Be able to apply their knowledge to accurately state when an account has either been surcharged or falsified and to be able to state accurately when and how beneficiaries can avail themselves of the ability to trace into assets, using common law and equitable principles.

• Be able to identify the key requirements for the creation of a valid express trust and to be able to cite relevant statutory authority and common law principles in connection therewith.

• Demonstrate knowledge of the distinction between the legal estate and the equitable interest and to be aware of the distinction between real and personal property

• Have a critical understanding of implied trusts, and to show an appreciation of the underlying conceptual and theoretical basis for such trusts.

• Show a critical awareness of the differences between the personal and proprietary remedies of beneficiaries.

• Show a critical understanding of the key distinction between a breach of fiduciary duty and breach of trust, and be able to understand the duties and liabilities of trustees.