Examine the application of the maxims of equity in the context of Essay

Examine the application of the maxims of equity in the context of trusts - Essay Example Under trust, the trustee is a person appointed by law to hold the property on behalf of the beneficiary (Clements and Abass, 2009). In so doing, the trustee is under obligation or submitting to a form of legal obligation mainly referred to as the English law. Moreover, a trustee may be bound by onerous responsibilities, mainly those imposed by the statute, by general principles of equity, or by the trust instrument (Oakley, Parker and Mellows, 2008). What is important is that there are severe costs awaiting trustees, particularly those who neglect their duties or violate the terms and conditions of the trust. Essentially, thus, there must be certainty and clarity when setting up a trust. It is important to be clear that the trustee is bound by the trust and as such, may not make use of the property in his personal capacity (Moffat, Bean and Probert 2009). Likewise, the beneficiary’s rights must be established with clarity and certainty so that they are in a position to enforce the trust in the case the trustee has failed to observe the terms set out. The above-quoted dictum or maxim of His Lordship will form the context for examining how principles of equity are applied in the context of trusts. In maxims of equity and trust, there is no wrong without a remedy. As Moffat (2009) holds, it is the responsibility of the court of law to offer a consideration or remedy for a plaintiff even in the case where none has been provided in the statute book. This is because, as stipulated in the ubi jus ibi remedium, a remedy exists where there is a right (McFarlane, Hopkins and Nield, 2012). Suffice to say, this underlies the entire concept of equity because, until now, the common law courts completely refuse to provide sufficient remedies in certain circumstances. For instance, when it comes to the institution of trust, common law does not wholesomely recognize the beneficiary’s rights, but such rights are