Soton Equity and Trusts - alastairhudson.com
Soton Equity and Trusts - alastairhudson.com
Soton Equity and Trusts - alastairhudson.com
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Polly Peck International v Nadir (No. 2) [1992] 4 All ER 769.<br />
Macmillan v Bishopsgate (No3) [1996] 1 WLR 387<br />
Proceeds of Crime Act 2002, ss.328, 335, 338<br />
Money Laundering Regulations 2007<br />
FSA, Conduct of Business Sourcebook, COBS 2.1.1R, 11.2.1R<br />
5. Conscience or knowledge?<br />
Re Montagu's Settlements [1987] Ch 264<br />
BCCI (Overseas) Ltd v Akindele [2000] 3 WLR 1423<br />
Westdeutsche L<strong>and</strong>esbank v Islington LBC [1996] AC 669<br />
6. Honesty <strong>and</strong> “not honesty”<br />
Royal Brunei Airlines v Tan [1995] 2 AC 378<br />
Twinsectra Ltd v Yardley [2002] 2 AC 164<br />
Barlow Clowes Ltd v Eurotrust International Ltd [2006] 1 WLR 1476<br />
7. A l<strong>and</strong> of make believe<br />
Re Hallett’s Estate (1880) 13 Ch D 696<br />
Re Diplock [1948] Ch 465<br />
Barlow Clowes v Vaughan [1992] 4 All ER 22<br />
Lon Fuller, Legal Fictions (Stanford University Press, 1968)<br />
Theme 3.<br />
THE (IN)COHERENCE OF CONSTRUCTIVE TRUSTS<br />
Hudson, <strong>Equity</strong> & <strong>Trusts</strong>, Chapters 12 <strong>and</strong> 13.<br />
Is the doctrine of constructive trusts coherent?<br />
Westdeutsche L<strong>and</strong>esbank v Islington – based on conscience<br />
Att-Gen Hong Kong v Reid – based on (i) equity looks upon as done that which ought to<br />
have been done (ii) the evil practice of accepting bribes <strong>and</strong> (iii) may lead to a personal<br />
liability over <strong>and</strong> above the proprietary liability<br />
Boardman v Phipps – avoidance of conflicts of interest<br />
Lloyds Bank v Rosset – <strong>com</strong>mon intention by agreement or by underst<strong>and</strong>ing<br />
Neville v Wilson / Jerome v Kelly – contract transfers equitable interest by constructive<br />
trust although nature of obligations take effect sub modo<br />
Rochefoucauld v Boustead – based on avoidance of fraud<br />
Royal Brunei Airlines v Tan – a personal liability to account (see next section)<br />
Cobbe v Yeoman’s Row – remedial constructive trust?<br />
The arguments for incoherence<br />
Birks, Introduction to the Law of Restitution (Clarendon Press, 1989), p.89.<br />
Birks, ‘<strong>Trusts</strong> raised to avoid unjust enrichment: the Westdeutsche case’ [1996] RLR 3<br />
Elias, Explaining Constructive <strong>Trusts</strong> (Clarendon Press, 1990)<br />
Burrows, “We Do This at Common Law but That in <strong>Equity</strong>” (2002) 22 Oxford Journal of Legal<br />
Studies 1<br />
The traditional equitable approaches<br />
Story, <strong>Equity</strong> Jurisprudence (1886)<br />
Maitl<strong>and</strong>, <strong>Equity</strong> (CUP, 1936)<br />
101
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