a. What is beneficial ownership? What are some of the reasons for dividing legal and
beneficial title? Is beneficial ownership different from ‘absolute’ or ‘equitable’
ownership?
 Absolute ownership is better
 Dividing legal and equitable ownership
o Legal is based on rules and equitable is based more on substance - more
about right and wrong
o Trust allows for a lot of flexibility when it comes to using the trust different ways people can have ownership on the same asset without it
getting confusing
o If the person is legally disabled
o Avoiding creditors is one of the biggest reasons for using trusts  Fixed trusts
 Discretionary trusts
 Wide class of beneficiaries - do not have firm
determinable interests - they don’t have a fixed interest
that the creditor can claim
 The extent at which a beneficiary's rights can be conceived as falling short of
absolute ownership depends largely on two caveats
o The extent to which powers of control and/or determination of
beneficial entitlement are reserved to trustees or third parties and
o The importance to be attributed to the fact that a bona fide purchaser of
the trust property for value and without notice may override the
beneficiary, leaving him to pursue remedies against the trustee
2. What was the intended purpose of the Judicature Acts 1873-1875, and has this
objective been achieved?
 Moffat's Trust Law
o Reforms began to be introduced to the Court of Chancery in an attempt
to counter the organisational weaknesses that had led to expense and
delays and had on occasions resulted in injustice
o The operation of two systems in separate courts, with neither having the
authority to grant the remedies of the other court, was increasingly seen
as tending to produce delay and confusion for the litigant
o Pressure for wholesale restructuring increased
o Outcome was the enactment of the JA 1873 and 1875 by which the
structure of the whole judicial system was reformed as they abolished
previous individual courts creating a supreme court of judicature but
with separate divisions
o Created a harmonious development incorporating two distinct
dimensions both of which can be viewed as contributing towards what
we might term harmonisation of the substantive elements of law and
equity
o Contemporary developments in deciding on an appropriate remedy in a
given case should not depend entirely upon the historical origins of
remedies
 Law Express
. What is beneficial ownership? What are some of the reasons for dividing legal and
beneficial title? Is beneficial ownership different from ‘absolute’ or ‘equitable’
ownership?
 Absolute ownership is better
 Dividing legal and equitable ownership
o Legal is based on rules and equitable is based more on substance - more
about right and wrong
Trust allows for a lot of flexibility when it comes to using the trust different ways people can have ownership on the same asset without it
getting confusing
o If the person is legally disabled
o Avoiding creditors is one of the biggest reasons for using trusts  Fixed trusts
 Discretionary trusts
 Wide class of beneficiaries - do not have firm
determinable interests - they don’t have a fixed interest
that the creditor can claim
 The extent at which a beneficiary's rights can be conceived as falling short of
absolute ownership depends largely on two caveats
o The extent to which powers of control and/or determination of
beneficial entitlement are reserved to trustees or third parties and
o The importance to be attributed to the fact that a bona fide purchaser of
the trust property for value and without notice may override the
beneficiary, leaving him to pursue remedies against the trustee
2. What was the intended purpose of the Judicature Acts 1873-1875, and has this
objective been achieved?
 Moffat's Trust Law
o Reforms began to be introduced to the Court of Chancery in an attempt
to counter the organisational weaknesses that had led to expense and
delays and had on occasions resulted in injustice
o The operation of two systems in separate courts, with neither having the
authority to grant the remedies of the other court, was increasingly seen
as tending to produce delay and confusion for the litigant
o Pressure for wholesale restructuring increased
o Outcome was the enactment of the JA 1873 and 1875 by which the
structure of the whole judicial system was reformed as they abolished
previous individual courts creating a supreme court of judicature but
with separate divisions
o Created a harmonious development incorporating two distinct
dimensions both of which can be viewed as contributing towards what
we might term harmonisation of the substantive elements of law and
equity
o Contemporary developments in deciding on an appropriate remedy in a
given case should not depend entirely upon the historical origins of
remedies
 Law Express
. What is beneficial ownership? What are some of the reasons for dividing legal and
beneficial title? Is beneficial ownership different from ‘absolute’ or ‘equitable’
ownership?
 Absolute ownership is better
 Dividing legal and equitable ownership
o Legal is based on rules and equitable is based more on substance - more
about right and wrong
o Trust allows for a lot of flexibility when it comes to using the trust different ways people can have ownership on the same asset without it
getting confusing
o If the person is legally disabled
o Avoiding creditors is one of the biggest reasons for using trusts  Fixed trusts
 Discretionary trusts
o
Wide class of beneficiaries - do not have firm
determinable interests - they don’t have a fixed interest
that the creditor can claim
 The extent at which a beneficiary's rights can be conceived as falling short of
absolute ownership depends largely on two caveats
o The extent to which powers of control and/or determination of
beneficial entitlement are reserved to trustees or third parties and
o The importance to be attributed to the fact that a bona fide purchaser of
the trust property for value and without notice may override the
beneficiary, leaving him to pursue remedies against the trustee
2. What was the intended purpose of the Judicature Acts 1873-1875, and has this
objective been achieved?
 Moffat's Trust Law
o Reforms began to be introduced to the Court of Chancery in an attempt
to counter the organisational weaknesses that had led to expense and
delays and had on occasions resulted in injustice
o The operation of two systems in separate courts, with neither having the
authority to grant the remedies of the other court, was increasingly seen
as tending to produce delay and confusion for the litigant
o Pressure for wholesale restructuring increased
o Outcome was the enactment of the JA 1873 and 1875 by which the
structure of the whole judicial system was reformed as they abolished
previous individual courts creating a supreme court of judicature but
with separate divisions
o Created a harmonious development incorporating two distinct
dimensions both of which can be viewed as contributing towards what
we might term harmonisation of the substantive elements of law and
equity
o Contemporary developments in deciding on an appropriate remedy in a
given case should not depend entirely upon the historical origins of
remedies
 Law Express
. What is beneficial ownership? What are some of the reasons for dividing legal and
beneficial title? Is beneficial ownership different from ‘absolute’ or ‘equitable’
ownership?
 Absolute ownership is better
 Dividing legal and equitable ownership
o Legal is based on rules and equitable is based more on substance - more
about right and wrong
o Trust allows for a lot of flexibility when it comes to using the trust different ways people can have ownership on the same asset without it
getting confusing
o If the person is legally disabled
o Avoiding creditors is one of the biggest reasons for using trusts  Fixed trusts
 Discretionary trusts
 Wide class of beneficiaries - do not have firm
determinable interests - they don’t have a fixed interest
that the creditor can claim
 The extent at which a beneficiary's rights can be conceived as falling short of
absolute ownership depends largely on two caveats
o The extent to which powers of control and/or determination of
beneficial entitlement are reserved to trustees or third parties and

The importance to be attributed to the fact that a bona fide purchaser of
the trust property for value and without notice may override the
beneficiary, leaving him to pursue remedies against the trustee
2. What was the intended purpose of the Judicature Acts 1873-1875, and has this
objective been achieved?
 Moffat's Trust Law
o Reforms began to be introduced to the Court of Chancery in an attempt
to counter the organisational weaknesses that had led to expense and
delays and had on occasions resulted in injustice
o The operation of two systems in separate courts, with neither having the
authority to grant the remedies of the other court, was increasingly seen
as tending to produce delay and confusion for the litigant
o Pressure for wholesale restructuring increased
o Outcome was the enactment of the JA 1873 and 1875 by which the
structure of the whole judicial system was reformed as they abolished
previous individual courts creating a supreme court of judicature but
with separate divisions
o Created a harmonious development incorporating two distinct
dimensions both of which can be viewed as contributing towards what
we might term harmonisation of the substantive elements of law and
equity
o Contemporary developments in deciding on an appropriate remedy in a
given case should not depend entirely upon the historical origins of
remedies
 Law Express
. What is beneficial ownership? What are some of the reasons for dividing legal and
beneficial title? Is beneficial ownership different from ‘absolute’ or ‘equitable’
ownership?
 Absolute ownership is better
 Dividing legal and equitable ownership
o Legal is based on rules and equitable is based more on substance - more
about right and wrong
o Trust allows for a lot of flexibility when it comes to using the trust different ways people can have ownership on the same asset without it
getting confusing
o If the person is legally disabled
o Avoiding creditors is one of the biggest reasons for using trusts  Fixed trusts
 Discretionary trusts
 Wide class of beneficiaries - do not have firm
determinable interests - they don’t have a fixed interest
that the creditor can claim
 The extent at which a beneficiary's rights can be conceived as falling short of
absolute ownership depends largely on two caveats
o The extent to which powers of control and/or determination of
beneficial entitlement are reserved to trustees or third parties and
o The importance to be attributed to the fact that a bona fide purchaser of
the trust property for value and without notice may override the
beneficiary, leaving him to pursue remedies against the trustee
2. What was the intended purpose of the Judicature Acts 1873-1875, and has this
objective been achieved?
 Moffat's Trust Law
o
Reforms began to be introduced to the Court of Chancery in an attempt
to counter the organisational weaknesses that had led to expense and
delays and had on occasions resulted in injustice
o The operation of two systems in separate courts, with neither having the
authority to grant the remedies of the other court, was increasingly seen
as tending to produce delay and confusion for the litigant
o Pressure for wholesale restructuring increased
o Outcome was the enactment of the JA 1873 and 1875 by which the
structure of the whole judicial system was reformed as they abolished
previous individual courts creating a supreme court of judicature but
with separate divisions
o Created a harmonious development incorporating two distinct
dimensions both of which can be viewed as contributing towards what
we might term harmonisation of the substantive elements of law and
equity
o Contemporary developments in deciding on an appropriate remedy in a
given case should not depend entirely upon the historical origins of
remedies
 Law Express
. What is beneficial ownership? What are some of the reasons for dividing legal and
beneficial title? Is beneficial ownership different from ‘absolute’ or ‘equitable’
ownership?
 Absolute ownership is better
 Dividing legal and equitable ownership
o Legal is based on rules and equitable is based more on substance - more
about right and wrong
o Trust allows for a lot of flexibility when it comes to using the trust different ways people can have ownership on the same asset without it
getting confusing
o If the person is legally disabled
o Avoiding creditors is one of the biggest reasons for using trusts  Fixed trusts
 Discretionary trusts
 Wide class of beneficiaries - do not have firm
determinable interests - they don’t have a fixed interest
that the creditor can claim
 The extent at which a beneficiary's rights can be conceived as falling short of
absolute ownership depends largely on two caveats
o The extent to which powers of control and/or determination of
beneficial entitlement are reserved to trustees or third parties and
o The importance to be attributed to the fact that a bona fide purchaser of
the trust property for value and without notice may override the
beneficiary, leaving him to pursue remedies against the trustee
2. What was the intended purpose of the Judicature Acts 1873-1875, and has this
objective been achieved?
 Moffat's Trust Law
o Reforms began to be introduced to the Court of Chancery in an attempt
to counter the organisational weaknesses that had led to expense and
delays and had on occasions resulted in injustice
o The operation of two systems in separate courts, with neither having the
authority to grant the remedies of the other court, was increasingly seen
as tending to produce delay and confusion for the litigant
o Pressure for wholesale restructuring increased
o
Outcome was the enactment of the JA 1873 and 1875 by which the
structure of the whole judicial system was reformed as they abolished
previous individual courts creating a supreme court of judicature but
with separate divisions
o Created a harmonious development incorporating two distinct
dimensions both of which can be viewed as contributing towards what
we might term harmonisation of the substantive elements of law and
equity
o Contemporary developments in deciding on an appropriate remedy in a
given case should not depend entirely upon the historical origins of
remedies
Law Express
o
