Australian Equity and Trusts (Priestley 11 — Equity)

Study content for Australian Equity and Trusts (Priestley 11 — Equity): notes, practice MCQs and flashcards across 9 syllabus topics. This is AI-generated draft content — citations have not yet been independently verified.

Syllabus

• Foundations of EquityTopic

  History and maxims of equity · Equitable vs legal interests; fusion debate · Unconscionability as overarching principle

• Express Trusts — Constitution and CertaintiesTopic

  Three certainties (Knight v Knight): intention, subject matter, objects · Constitution of trusts (Milroy v Lord; Re Rose; Pennington v Waine) · Self-declaration vs transfer; testamentary trusts

• Classification of TrustsTopic

  Resulting trusts: automatic vs presumed · Constructive trusts: unjust enrichment, unconscionable dealings · Charitable trusts: public benefit, cy-pres

• Fixed vs Discretionary TrustsTopic

  Complete list test vs is-or-is-not test (Re Gulbenkian; McPhail v Doulton) · Powers of appointment distinguished · Distributional certainty (Boyce v Boyce)

• Fiduciary DutiesTopic

  Duty of loyalty; no-conflict rule · Profit rule; self-dealing; secret commissions · Scope of fiduciary relationships (non-trustee fiduciaries)

• Trustee Duties and Breach of TrustTopic

  Duty of care; investment duties · Equitable compensation; account of profits · Defences: consent, laches, statutory relief

• Beneficiary Rights and VariationTopic

  Saunders v Vautier rule; beneficiary termination · Variation of Trusts Act 1958 (Vic) / equivalent statutes

• Equitable EstoppelTopic

  Promissory estoppel (High Trees; Waltons Stores v Maher — Australian leading case) · Proprietary estoppel: assurance, reliance, unconscionability (Commonwealth v Verwayen; Guest v Guest)

• Equitable RemediesTopic

  Specific performance: discretionary factors, equitable defences · Injunctions: prohibitory, mandatory, interlocutory (American Cyanamid / Australian equivalent) · Tracing: common law vs equitable tracing

• Knight v Knight

  State the three certainties required for an express trust to be valid.

  (1840) 3 Beav 148; 49 ER 58
• Milroy v Lord

  What is the Milroy v Lord test for constituting a trust by transfer?

  (1862) 4 De GF & J 264
• Corin v Patton

  How does Corin v Patton extend the constitutional requirement beyond Milroy v Lord?

  (1990) 169 CLR 540