History and development of equity

History of equity Origins of the common law[ edit ] After the Norman Conquest of England in the 11th century, royal justice came to be administered in three central courts: The common law developed in these royal courts. To commence litigation in these royal courts, it was necessary to fit one's claim within a form of action. The plaintiff would purchase a writ in the Chancerythe head of which was the Lord Chancellor.

History and development of equity

Fideicommissum Possible earliest concept of equity in land held in trust is the depiction of this ancient king trustor which grants property back to its previous owner beneficiary during her absence, supported by witness testimony trustee. In essence and in this case, the king, in place of the later state trustor and holder of assets at highest position issues ownership along with past proceeds equity back to the beneficiary: On the testimony of Gehazi the servant of Elisha that the woman was the owner of these lands, the king returns all her property to her.

From the fact that the king orders his eunuch to return to the woman all her property and the produce of her land from the time that she left Roman law had a well-developed concept of the trust fideicommissum created by wills.

History and development of equity

However, these testamentary trusts did not develop into the inter vivos living trusts which apply while the creator lives. This was created by later common law jurisdictions.

The waqf is a similar institution in Islamic lawrestricted to charitable trusts. Feudalism and Court of Chancery The law of trusts first developed in the 12th century from the time of the crusades under the jurisdiction of the King of England.

The " common law " regarded property as an indivisible entity, as it had been done through Roman law and the continental version of civil law. Where it seemed "inequitable" i. When a landowner left England to fight in the Crusadeshe conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on the understanding that the ownership would be conveyed back on his return.

However, Crusaders often encountered refusal to hand over the property upon their return. Unfortunately for the Crusader, English common law did not recognize his claim.

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Popular Topics History and Development of Equity History and Development of Equity 2 February Law It is important to appreciate, especially when reading older cases on the law of trusts, that there were, until in England, two main separate courts — courts of law and courts of equity.

As far as the King's courts were concerned, the land belonged to the trustee, who was under no 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 Lord Chancellor. The Lord Chancellor could decide a case according to his conscience.

At this time, the principle of equity was born. The Lord Chancellor would consider it "unconscionable" that the legal owner could go back on his word and deny the claims of the Crusader the "true" owner. Therefore, he would find in favour of the returning Crusader.

Over time, it became known that the Lord Chancellor's court the Court of Chancery would continually recognize the claim of a returning Crusader. The legal owner would hold 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 the "trustee". The term "use of land" was coined, and in time developed into what we now know as a "trust". In medieval English trust law, the settlor was known as the feoffor to uses while the trustee was known as the feoffee to uses and the beneficiary was known as the cestui que use, or cestui que trust.Origin and development of equity 1.

CC/CT: LET | The Law of Equity (Origin and Development of Equity Law) CT: Adv. Jalal Uddin M. Akbar | SID: ARNAB/LLB By the middle of the 13th century the law administered in England, was in part Customary Law and Statutory Law.

Common Law and Equity: A Very Short History . Angel Versetti, What are the Principles of Equity and why are they important? DEVELOPMENT OF EQUITY WITHIN THE ENGLISH LAW SYSTEM 1) DEFINITIONS The paralegal definition of Equity (Oxford Law Dictionary, 11 th edition): “a system of natural justice allowing a fair judgment in a situation.

The history of equity and trusts concerns the development of the body of rules known as equity, English trust law and its spread into a modern body of trust law around Commonwealth and the United States.

An understanding of the history and development of equity is fundamental to an understanding of this area of the law. Medieval period In the medieval period, the doctrine of precedent required the common law to be applied strictly and uniformly.

II A History of Equity A Introduction Understanding the history of equity is an important guide to analysing its application in case law. History illustrates the values that shape equity’s application and future development.

History shows how equity’s doctrines and remedies have . The Development of Common Law and Equity Introduction I have been asked to write a report on the development of common law and equity.

History of equity and trusts - Wikipedia