Origin of Trusts

2 ORIGIN OF TRUSTS Roman rightfulness had a taper developed concept of the trusts in terms of testamentary trusts created by Wills but never developed the concept of the inter vivo trusts that hire while the creator was still alive. This was created by later cosmopolitan law jurisdiction. Personal trust law developed in Eng consume at the time of the crusades, during the 12th and 13th centuries. At the time, land possession in England was based on the feudal system. When a landowner left England to fight in the crusades, he inevitable someone to run his estate in his absence, much to net profit and receive feudal dues. To achieve this he would develop ownership of his lands to an acquaintance, on the understanding that the ownership would be asked back on his return. However reformists would return to find that the slow owners refused to cash in ones chips oer the property. Unfortunately for the crusaders English common law did not select their claim, as far as the womanish monarchs courts were concerned the land belonged to the regent who was under no financial obligation to return it.

The crusader had no legal claim, the disgruntled crusader would then petition the king who would refer the matter to his original chancellor. The victor chancellor could do what was just and equitable and had the index finger to decide a causal agency according to his conscience. The lord chancellor would consider it unconscionable that the l! egal owner could go back on his words and turn away the claims of the crusader. Therefore, he would find in favour of the returning crusader. overtime it became cognise that the lord chancellors court(court of chancery) would continually make step to the fore the claim of a returning crusader. The legal owner would hand the land for the benefit of the original owner and would be compelled to convey it back to him when requested. The crusader was the beneficiary and the acquaintance of the trustee. The term use...If you lack to get a full essay, order it on our website: BestEssayCheap.com

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