Equity will not perfect an imperfect gift essay

Just hit the chat button on the bottom of your page to discuss your needs with Ben, our expert, in law, criminology and politics. A gift will not be perfected by interpreting the donor of the gift as trustee of the property Milroy v Lord

Equity will not perfect an imperfect gift essay

Indeed it would not be difficult to reduce all under two: This makes possible the legal phenomenon of equitable conversion. The consequences of this maxim, and of equitable conversion, are significant in their bearing on the risk of loss in transactions.

When parties enter a contract for a sale of real propertythe buyer is deemed to have obtained an equitable right that becomes a legal right only after the deal is completed. Due to his equitable interest in the outcome of the transaction, the buyer who suffers a breach may be entitled to the equitable remedy of specific performance although not always, see below.

If he is successful in seeking a remedy at law, he is entitled to the value of the property at the time of breach regardless of whether it has appreciated or depreciated. The fact that the buyer may be forced to suffer a depreciation in the value of the property means that he bears the risk of loss if, for example, the improvements on the property he bought burn down while he is still in escrow.

Problems may sometimes arise because, through some lapse or omission, insurance coverage is not in force at the time a claim is made. If the policyholder has clearly been at fault in this connection, because, for example, he has not paid premiums when he should have, then it will normally be quite reasonable for an insurer to decline to meet the claim.

Equity will not perfect an imperfect gift essay

However, it gets more difficult if the policyholder is no more at fault than the insurer. The fair solution in the circumstances may be arrived at by applying the principle that equity regards that as done that ought to be done.

In other words, what would the position have been if what should have been done had been done? Thus, we know in one case, premiums on a life insurance policy were overdue.

It was clear that if the notice had been received by the policyholder, he or his wife would have taken steps to ensure the policy continued in force, because the policyholder was terminally ill at the time and the coverage provided by the policy was something his wife was plainly going to require in the foreseeable future.

Since the policyholder would have been fully entitled to pay the outstanding premium at that stage, regardless of his physical condition, the insurer with some persuasion from the Bureau agreed that the matter should be dealt with as if the policyholder had done so.

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In other words, his widow was entitled to the sum assured less the outstanding premium. In other similar cases, however, it has not been possible to follow the same principle because there has not been sufficiently clear evidence that the policy would have been renewed.

Another illustration of the application of this equitable principle was in connection with motor vehicle insurance. A policyholder was provided with coverage on the basis that she was entitled to a "no claims" discount from her previous insurer.

Confirmation to this effect from the previous insurer was required. When that was not forthcoming, her coverage was cancelled by the brokers who had issued the initial coverage note.

Equity will not perfect an imperfect gift essay

This was done without reference to the insurer concerned whose normal practice in such circumstances would have been to maintain coverage and to require payment of the full premium until proof of the no claims discount was forthcoming.

Such proof was eventually obtained by the policyholder, but only after she had been involved in an accident after the cancellation by the brokers of the policy.

In such circumstances, the policyholder would plainly have still had a policy at the time of the accident. The insurer itself had not acted incorrectly at any stage. However, in the circumstances, it was equitable for it to meet the claim.

Equity will not suffer a wrong to be without a remedy[ edit ] When seeking an equitable relief, the one that has been wronged has the stronger hand. The stronger hand is the one that has the capacity to ask for a legal remedy judicial relief.

In equity, this form of remedy is usually one of specific performance or an injunction injunctive relief. These are superior remedies to those administered at common law such as damages.

The Latin legal maxim is ubi jus ibi remedium "where there is a wrong, there must be a remedy"sometimes cited as ubi jus ibi remediam. The maxim is necessarily subordinate to positive principles and cannot be applied either to subvert established rules of law or to give the courts a jurisdiction hitherto unknown, and it is only in a general not in a literal sense that the maxim has force.

Case law dealing with the principle of this maxim at law include Ashby v White [5] and Bivens v. Six Unknown Named Agents.

Practice Equity & Trusts Essay | Colletté Hellblau - attheheels.com

Madison[7] wherein it was necessary to establish that Marbury had a right to his commission in the first place in order for Chief Justice Marshall to make his more wide-ranging decision.

This maxim flows from the fundamental notion of equality or impartiality due to the conception of Equity and is the source of many equitable doctrines. The maxim is of very wide application. The rule of ordinary law may give one party an advantage over the other.

But, the court of equity where it can, put the litigating parties on a footing of equality. Equity proceeds in the principle that a right or liability should as far as possible, be equalized among all interested. One who seeks equity must do equity[ edit ] To receive equitable reliefthe petitioning party must be willing to complete all of its own obligations as well.

The applicant to a court of equity is just as much subject to the power of that court as the defendant. This maxim may also overlap with the clean hands maxim see below.

Equity aids the vigilant not the indolent[ edit ] Vigilantibus non dormientibus aequitas subvenit.If not, there is an imperfect gift, and equity will not perfect an imperfect gift.3 This can be differentiated from a trust, which is dependent upon identifiable property being transferred from its legal owner to one or more trustees to hold and manage property for benefit of ascertainable beneficiaries.4 For a trust to be constituted, the attheheels.com /attheheels.com Equity will not perfect an imperfect gift.

A review and an evaluation - Lucie Novotna Krtousova - Essay - Jura - Zivilrecht / Handelsrecht, Gesellschaftsrecht, Kartellrecht, Wirtschaftsrecht - Publizieren Sie Ihre Hausarbeiten, Referate, Essays, Bachelorarbeit oder Masterarbeitattheheels.com Below is an essay on "Equity Will Not Perfect an Imperfect Trust" from Anti Essays, your source for research papers, essays, and term paper examples.

The general rule is that, if an attempted transfer of property to trustees is /5(1). The rule that equity will not perfect an imperfect gift is a particular application of the more general principle that equity will not assist a volunteer.

A volunteer is someone who has not provided consideration for something of attheheels.com This case refers to the quote of this essay on why Lord Justice Arden believed that the cases do not reveal, or any consistent single policy consideration behind the rule that equity will not perfect an imperfect gift, as Pennington v Waine 10 also shows how the courts are not strict on the rule on how equity will not perfect an imperfect gift attheheels.com //equity-and-trust-he These represent applications to the maxims that 'equity does not assist a volunteer' and 'will not perfect an imperfect gift'* Generally applications of the principle is straight forward - o For legal interests the legal requirements must be complied with (deliver with intent to pass possession for chattels or execute a deed of gift)oattheheels.com /samples/gifts.

Equity will not perfect an imperfect gift. A review and an evaluation | Hausarbeiten publizieren