Equity and Trusts Essay Example | Topics and Well Written Essays - 2500 words - 1

Equity and Trusts - Essay Example The difference arises because the common law only recognized legal ownership and gave no effect to trusts, which were enforceable only in equity. Legal interests in any assets are therefore rights in rem, enforceable against anyone; equitable interests were at first rights only in personam, enforceable against the trustee personally. Equity, however would not enforce a trust against any innocent buyer who knows nothing about the trust, as that enforcement would itself be inequitable, and so an equitable right is still not as strong as a legal right. These equitable rules became embodied in what is known as the doctrine of notice. This can be expressed as the following maxims: â€Å"Legal rights are good against the whole world; equitable rights are good against all persons except a bonafide purchaser of the legal estate for value without notice of the equitable interests in that land, and those claiming under him† This bonafide purchaser is often known as â€Å"equity’s darling†. The essential features of this privilege person are that he is: 1) Bona fide – Any dishonesty, sharp practice will forfeit equity’s protection. 2) Purchaser for Value – â€Å"purchaser† excludes those who inherit the property or acquire it by operation of law. â€Å"for value†, while it does not necessarily mean â€Å"full value†, means money or money’s worth or marriage. The decision of the House of Lords in Midland Bank Trust Co Ltd v Green 1981 AC 513 shows that the consideration need not be adequate. ... against the trustee personally. Equity, however would not enforce a trust against any innocent buyer who knows nothing about the trust, as that enforcement would itself be inequitable, and so an equitable right is still not as strong as a legal right. These equitable rules became embodied in what is known as the doctrine of notice. This can be expressed as the following maxims: "Legal rights are good against the whole world; equitable rights are good against all persons except a bonafide purchaser of the legal estate for value without notice of the equitable interests in that land, and those claiming under him"3 This bonafide purchaser is often known as "equity's darling". The essential features of this privilege person are that he is: 1) Bona fide - Any dishonesty, sharp practice or other inequitable practice will forfeit equity's protection. 2) Purchaser for Value - "purchaser" excludes those who inherit the property or acquire it by operation of law. "for value", while it does not necessarily mean "full value", means money or money's worth or marriage. The decision of the House of Lords in Midland Bank Trust Co Ltd v Green 1981 AC 5134 shows that the consideration need not be adequate. 3) Of a legal estate - This is essential; the purchaser of equitable interest5 is in general bound by prior equitable interests whether he had notice of them or not. 4) Without notice - The purchaser must have no knowledge of the equitable interest at the time he purchased his interest. There are three types of notices:a) actual notice - this must be within his own knowledge and must not be nearly a vague reference,

Morocco Recent News Reports Article Example | Topics and Well Written Essays - 1000 words

Morocco Recent News Reports - Article Example The people of Morocco walked the streets to protest and fight against the unjust actions and came up with the â€Å"Movement for Change.† Moreover, Morocco has in recent times required to deal with a number of issues regarding human rights (Arieff 5-8). The Kingdom of Morocco in the recent years has witnessed a huge political unrest due to several issues related to tourism, visits of the officials to and fro countries and the industry related issues (Thussu 30-125). The issues, situations and development of Morocco can be evaluated through describing few of the events that took place in the recent times. These events would state the reasons for the unrest, disturbance caused and its effect on the economy and cultural heritage. Besides, few events showed effect on the economy and on the finances of Morocco. The stand of the government and its positive attitude are also determined through the recent events. The first event evaluated is with regard to the tourism industry. In the year 2013, the government saw an increase in the number of tourists in Morocco but the revenue generated was less. In accordance with derived statistics 2013 saw 10.5 million tourists, which is nearly 7% increase in the number of tourists. It has been ascertained that the non-residents did not spend much funds in Morocco during their trip. The fund accumulated from the tourists contributed to 0.5 per cent in the economy. Such event affects the economy and lifestyle of the people of Morocco. Tourism is the second largest contributor to the economy and provides employment to approximately 500,000 people. The lack of funds generated from the tourists would create a negative impact on the growth of Morocco and lead to the increase in the unemployment rate. The government in order to earn high revenues from the tourism sector would levy tax on the flights which are out of the country. This event related to tourism i s affecting