Specialisation: Equity and trusts

Commercial trusts law

Module A [LWM06A]

The nature of commercial trusts

Equity, trusts and commercial expectations

The contractarian account of trusts

Unit trusts and other financial uses of trusts

The constitution of express trusts in commercial transactions

Module B [LWM06B]

Equitable devices used to take security in commercial contracts

Taking security in loan contracts

Equitable charges

Establishing title at common law and in equity

Example: collateralisation in financial transactions

Module C [LWM06C]

The recovery of property in commercial litigation

Breach of trust in commercial and investment transactions

Recovery of property in relation to terminated transactions

Personal liability to account of commercial intermediaries

Case study: the local authority swaps cases

Module D [LWM06D]

Investment of trust funds

The duty to invest under statute

The duty to invest in the case law

Principles of the law of finance

Issues with portfolio investment strategies

Module A first.

Alastair Hudson, Equity and Trusts 5th ed (London: Routledge-Cavendish Publishing, 2007), ISBN: 9780415418478

Alastair Hudson, Understanding Equity and Trusts 3rd ed (London: Cavendish Publishing, 2008), ISBN: 9781859418871

Equity and trusts in context

Module A [LWM10A]

The constitution of express trusts

The intellectual basis of equity and the history of the law of trusts

The foundations of express trusts

The constitution of express trusts

The obligations of trustees

Module B [LWM10B]

Trusts implied by law

Resulting trusts

Constructive trusts (i)

Constructive trusts (ii)

Constructive trusts (iii)

Module C [LWM10C]

Breach of trust and equitable remedies

Trustees’ liability for breach of trust


Personal liability to account as a constructive trustee

Equitable remedies

Module D [LWM10D]

Trusts of land and of the home

Establishing rights in the home

Commonwealth approaches to establishing rights in the home

Trusts of land

Remedial approaches to the acquisition of rights in the home

The modules can be completed in any order, but students without a firm understanding of the foundations of trust law are advised to take Module A first.

Alastair Hudson, Equity and Trusts 5th ed (London: Routledge-Cavendish, 2007),
ISBN: 9780415418478

Alastair Hudson, Understanding Equity and Trusts Law 3rd ed (London: Cavendish Publishing, 2008), ISBN: 9781859418871

International and comparative trust law

Students are not required to have studied the 'Law of trusts' at undergraduate level. However, it is advisable to have done so, for this course assumes that students are familiar with, and have an understanding of, the 'Law of trusts' and the standard works on the subject up to LLB level or its equivalent. Knowledge of the relevant principles of the 'Conflict of laws' is useful, though not essential.

Module A [LWM29A]

The nature of the English trust

Survey of the English law of trusts


The trust as property-holding vehicle and as obligation

The core content of a trust

The Beneficiary Principle: trusts for non-charitable purposes

Module B [LWM29B]

Offshore purpose trusts

Introduction to offshore non-charitable purpose trusts

The Bahamas



The British Virgin Islands

The Cook Islands



Isle of Man



The STAR trust of the Cayman Islands

The British Virgin Islands’ Vista Trusts

Module C [LWM29C]

Asset protection trusts

Asset protection trusts in a commercial and trading context

Introduction to offshore asset protection trusts

The pre-Insolvency Act 1986 and current position under English law

The Bahamas

The Cayman Islands

The Cook Islands



The Isle of Man


Avoidance of forced heirship

Module D [LWM29A]

Special issues in international and comparative trust law

Part one:

Choice of law; jurisdiction; recognition; enforcement

General principles of choice of law

The Hague Trusts Convention

The jurisdiction and remedies of the English courts over foreign trusts

Recognition and enforcement of foreign judgments in England

Part two:

The reception of the trust or trust-like devices in civil law jurisdictions

The trust and the civil law

The trust from a worldwide perspective: The trust’s future

Start with A, modules must be attempted in order.

John Glasson and Geraint Thomas (eds), The International Trust 2nd ed (Bristol: Jordan Publishing Ltd, 2006), ISBN: 9781846610394

Law on investment entities

Module A: [LWM77A]

The legal nature of investment entities

The meaning of "investment": speculative, social and collective investment

The concept of "risk" in investment law

Trusts as investment entities

The predication of all investment entities on concepts of contract and property

Principles of portfolio management and their legal aspects

Acquisitions investment

Module B: [LWM77B]

Collective investment schemes

The European Community Undertakings for Collective Investment in Transferable Securities (UCITS) Directive

The legal nature of a unit trust

The legal nature of an open-ended investment company

The regulation of collective investment schemes

Module C: [LWM77C]

Communal investment schemes

The history of communal investment models

Friendly societies

Cooperative investment models

The legal inter-action of members of communal investment schemes

The legal nature of investors' rights in such entities

The regulatory context of retail investment services provision

Public sector investment models

Module D: [LWM77D]

Investor protection

The fundamentals of financial regulation in the UK

The effect of the Markets in Financial Instruments Directive (MiFID)

The conduct of business regulation

The regulation of financial promotion

The interaction between regulation and substantive law on investor protection

The modules must be attempted in order.

Textbook details TBC.

Private law aspects of the law of finance

Module A [LWM69A]

Fiduciary liability in finance

The basis of financial regulation in the United Kingdom

The nature of fiduciary liability

The significance of fiduciary liability in financial transactions

Liability in relation to conflicts of interest and firm’s profits

Conduct of business regulation

Standards of “integrity” in regulation and fiduciary liabilities of “good conscience”

Module B [LWM69B]

Stranger liability in finance

The nature of stranger liability

Liability for dishonest assistance in a breach of fiduciary duty

Liability for knowing receipt of property resulting from a breach of fiduciary duty

Attribution of knowledge and dishonesty of traders to financial institutions

Taking objective notions of honesty, knowledge, etc., from regulation

Case law on reasonable commercial behaviour and stranger liability

Module C [LWM69C]

Issues in the creation of financial contracts

Case law on mistake in the creation of complex financial contracts

The use of master agreement structures in many financial markets

Conditions and warranties in standard market contracts

Exclusion of liability

Module D [LWM69D]

Suitable conduct and unconscionable conduct in financial transactions

Undue influence in financial transactions

Appropriate treatment of clients in forming contracts under conduct of business regulation

Misrepresentation in financial transactions

Unfair contract terms.

Module A must be attempted before module B,C or D.

Textbook details TBC.