Interestingly, it also mentions that any other estate, interest or charge in connection with lands or dealings thereon fall within the realm of equitable interests. Necessarily, trusts belong to the generic ambit of equitable interests. However, since equity issues were, and still are, hinged on the sound judgment of the court or tribunal having jurisdiction thereof, the same is to be weighed purely on the resolution of what is just and reasonable. Up to and until the passage of the Law of Property Act 1925, the true owner of the estates have no statutory basis to lean on in an effort to establish the fact that the legal owner was only holding the property in trust for him and that he, the true and real landowner, was the beneficiary of the fruits and gains produced by the reality or realities under trust. It was under these circumstances that it was probably observed that the benefits and rights of the landowner became fragmented in view of the widespread use of trusts even when possibly there was none or those claimed were questionable ones. Apparently, the predicaments were founded on the exact definition of trust and on the specific purported provisions of the law on these concerns. In short, there was then no given meaning for the trust terminology and there was no particular written law to deal with trusts. . The Governing and Applicable Laws.
Please type your essay title, choose your document type, enter your email and we send you essay samples