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EQUITY AND TRUST LAW

(COURSE CONTENTS)

PART A: GENERAL PRINCIPLES OF EQUITY

 

1. HISTORY OF EQUITY

Law and Equity

(a) Definition

(b) Juristic Sense of Equity

(c)

Conscience

Difference and Conflict

Equity and the Common Law in the Narrow Sense

 

2. INTRODUCTION OF THE DOCTRINES OF EQUITY INTO NIGERIA

Ordinances

Customary Law and Equity

Repugnancy Doctrine and Customary Law

 

3. RELATION BETWEEN EQUITY AND COMMON LAW

Opposition to the Chancery Jurisdiction

  1. Fourteenth Century

  2. Coke and Ellesmere

  3. Effect of the King’s Decision

  4. Reforms of the 19th Century

  5. Procedural Reforms

Judicature Acts

Conflicts Between Equity and Law

(a) Effect of the Judicature Acts

(b) Fusion

(c) Fusion of Rules/Administration

Equity in the Nigerian Legal System

 

4. NATURE OF EQUITABLE RIGHTS

Equitable Rights (in Personam or in Rem)

Enforcement of Judgements

(a) Jurisdiction Over Property Situated in a Foreign Country

(b) Modern Development

(c) Writs of Assistance

(d) Foreclosure Order

Nature of Beneficiary Right under a Trust

 

5. MAXIMS OF EQUITY

Equity Will Not Suffer a Wrong to Be Without a Remedy

Equity Follows the Law

Where There Is Equal Equity, the Law Shall Prevail

Where the Equities Are Equal, the First in Time Prevails

He Who Seeks Equity Must Do Equity

He Who Comes to Equity Must Come with Clean Hands

Delay Defeats Equities or Equity Aids the Vigilant and Not the Indolent

Equality Is Equity

Equity Looks to The Intent Rather Than to The Form

Equity Looks on That as Done Which Ought to Be Done

Equity Imputes an Intention to Fulfil an Obligation

Equity Acts “In Personam”

 

6. PRIORITY AND THE DOCTRINE OF BONA FIDE PURCHASER FOR

VALUE WITHOUT NOTICE

Priority: Temporary Order Rule

  1. Competing Legal Interests

  2. Competing Equitable Interests

  3. Modifications of the Rule

  4. Fraud and Negligence

Bonafide Purchaser for Value without Notice

  1. Bona Fide Purchaser of the Legal Estate for Value Without Notice

  2. Subsequent Acquisition of Legal Estate

  3. Mere Equities

Definition and Meaning of Notice

  1. Actual Notice

  2. Constructive Notice

  3. Imputed Notice

 

7. ASSIGNMENT OF CHOSES IN ACTION

Definition of a Chose in Action

Distinction Between a Chose in Action and a Chose in Possession

Classification of Choses in Action

Assignment

Types of Assignment

(a) Common Law

(b) Exceptions

(c) Assignment in Equity

(d) Assignment and Mandate

(e) Form

 

8. CONVERSION AND RECONVERSION

Importance of the Doctrine of Conversion

Types of Circumstances in which the Doctrine is Operative

Failure of Conversion

  1. Total Failure and Effect

  2. Partial Failure and Effect

Reconversion

(a) Reconversion by Act of Parties

(b) Reconversion by Operation of Law

 

9. ELECTION

The Guiding Principle

Operation of the Doctrine

  1. Compensation not Forfeiture

  2. Conditional Gift

Judicial Basis of the Doctrine

Essentials of the Doctrine

 

10. SATISFACTION

Definition of Satisfaction

Satisfaction of Debt by Legacy

Satisfaction of Portion Debt y Legacies or y Subsequent Portions

  1. Satisfaction of Portion-debt by Legacy

  2. Satisfaction of Portion-Debts by Subsequent Portions

Satisfaction (or Ademption) of Legacy by Portion

 

11. INJUNCTION

The Position in Nigeria

Legally Enforceable Rights

Types of Injunction

  1. Mandatory and Prohibitory Injunction

  2. Perpetual Injunction

  3. Interlocutory Injunction

  4. Quia Timet Injunction

  5. Ex Parte Injunction

Damages in Lieu of Injunction

 

12. SPECIFIC PERFORMANCE

Nature of The Remedy

Discretionary Nature of The Remedy

  1. Existence of a Valid Contract

  2. Illegality

  3. Consideration

Circumstances in Which the Remedy Will Be Granted or Refused

Doctrine of Part Performance

  1. Basis of the Doctrine

  2. Application of the Doctrine

Grounds for Refusal of the Remedy

 

13. RESCISSION

Act of a Party or A Judicial Remedy

Grounds for Rescission

  1. Mistake

  2. Misrepresentation

  3. Mere Silence and Non-Disclosure

  4. Constructive Fraud

  5. Misdescription

  6. Conditional Terms in Contract

Loss of the Right to Rescind

  1. Affirmation of the Contract and Acquiescence

  2. Impossibility of Restitutio in Integrum

  3. Completion of Contract

  4. Acquisition of Rights by Third Parties

Consequence of Rescission

 

14. RECTIFICATION, DELIVERY UP AND CANCELLATION OF DOCUMENTS

Scope and Nature of the Remedy

Grounds for Rectification

When the Remedy Will be Refused

(a) Existence of a Finally-Concluded Contract

(b) Common Mistake

(c) Continuing Intention of the Parties

(d) Burden of Proof

(e) Mistake of Law

(f) Unilateral Mistake

Delivery-up and Cancellation of Documents

 

15. EQUITABLE DEFENCES

Estoppel

(a) Promissory Estoppel

(a) Scope of Promissory Estoppel

(a) Effect of Promissory Estoppel

Proprietary Estoppel

(a) Basis of the Doctrine

(b) Application of the Doctrine

(c) Proprietary Estoppel and Constructive Notice

(d) Effect of the Operation of the Doctrine

Laches and Acquiescence

(a) Equitable Defence Of Laches

(b) Distinction Between Proprietary Estoppel and Laches

(c) Operation of The Doctrine

(d) Laches and Customary Law

(e) Limit of The Doctrine

(f) He Who Comes to Equity Must Come with Clean Hands

(g) Operation of the Doctrine

(h) The Scope of Clean Hands

 

 

 

PART B: TRUST

 

16. ORIGIN, NATURE AND CLASSIFICATION OF TRUSTS

Origin of Trusts

Nature of Trusts

Uses of Trusts

Classification of Trusts

 

17. REQUIREMENTS FOR CREATION OF TRUSTS

Requirements for Creating Trusts

  1. Inter Vivos Trust

  2. Will Trusts

Constitution of Trusts

Capacity to Create Trust

  1. Individuals

  2. People with Mental Disability

  3. Statutory and Incorporated Bodies

 

18. CONSTITUTION OF TRUSTS AND THE EXCEPTIONS

Constitution of Trusts

(a) Constitution of realty

(b) Constitution of Personality

Exceptions to Equity’s Non-Perfection of Imperfect Gifts

  1. The rule in Strong v. Bird

  2. Donatio Mortis Causa

  3. Doctrine of Proprietary Estoppel]

  4. Statutory Exceptions

 

19. EXPRESS PRTIVATE TRUSTS

Express Private Trusts

Requirements for Creation of Express Private Trusts

  1. Certainty of intention

  2. Certainty of the Subject Matter

  3. Certainty of Objects

 

20. CHARITABLE TRUSTS

Meaning and Features of Charitable Trusts

Classifications of Charitable Trusts

  1. Trusts for the Relief of Poverty

  2. Trusts for the Advance of Education

  3. Trusts for the Advance of Religion

  4. Trusts for other Purposes Beneficial to the Community

The Cy-pres Doctrine

 

21. RESULTING TRUSTS

Nature of Resulting Trusts

  1. Failure of Express Trust

  2. Unexhausted Residue of a Trust

  3. Purchase in the Name of Another

Presumption of Advancement

 

22. CONSTRUCTIVE TRUSTS

Features of Constructive Trusts

Practical Situations of Imposition of Constructive Trusts

  1. Stranger intermeddling with trust property

  2. The Vendor as a Constructive Trustee

  3. The Mortgagee as Constructive Trustee

  4. Trustee Profiting from Position of Trust

  5. Acquisition of Property by Fraud

  6. Persons in Fiduciary Positions

  7. Profit form Crime

  8. Mutual Wills

 

23. OTHER TRUSTS

Discretionary Trusts

  1. Description of Discretionary Trusts

  2. Features of Discretionary Trusts

  3. Uses of Discretionary Trusts

Protective Trusts

  1. Meaning of Protective Trusts

  2. Features of Protective Trusts

Trusts on Favour of Creditors

  1. Features of Trusts in Favour of Creditors

  2. Purposes of Trusts in Favour of Creditors

 

24. APPOINTMENT OF TRUSTEES

Appointment of Original Trustees by Settlor/Testator

Appointment under Statutory Provisions

Appointment by the Court

 

25. DUTIES OF TRUSTEES

Collection and Securing of Trust Property

Investment

Not to Delegate

Distribution of Trust Property

Gratuitous Act

Provision of Accounts and Information

 

26. POWERS OF TRUSTEES

Insurance

Delegation

Sale

Compound Liabilities

Giving Receipts

Maintenance and Advancement

 

27. BREACH OF TRUST

Measure of Liability

Liability

Protection of Trustees

Remedies for Breach of Trust

  1. Injunction and Receivership

  2. Tracing of Trust Property

 

28. RETIREMENT AND REMOVAL OF TRUSTEES

Retirement of Trustees

  1. By Trust Instrument

  2. By Statutory Provisions

  3. By Consent of all Beneficiaries

  4. By Order of the Court

Removal of Trustees

 

29. ADMINISTRATION OF ESTATES

Probate and Letters of Administration

Grant to the Administrator-General

Administration Bonds and Sureties

Liability of Sureties

Revocation

Resealing