Answer:
1. TRUST AND EQUITY
In a prototypical Anglo-American trust, three parties are involved: the "settlor" transfers property to the "trustee," who is
charged with the duty to administer the property for the benefit of
the "beneficiary." Any of these three roles may be played by more
than one person. Also, the same person can play more than one of the
three roles. In particular, the settlor and the beneficiary can be the
same person, in which case the trust involves a simple delegation of
responsibility for managing property from the settlor/beneficiary to
the trustee.
The Anglo-American concept of the trust, together with the equity jurisprudence of which it forms a part, are the fortuitous product
of the peculiar historical path followed by English law.
Prior to the intervention of equity, an effort to create an enforceable trust-like relationship under the common law would fail. The
Trustee would become the full owner of the property in trust and her
obligation to administer that property for the advantage of the Beneficiary would be purely moral: because she was the full owner,
neither the Settlor nor the Beneficiary could claim anything against
the Trustee in a common law court. Ultimately equity, in contrast,
recognized that, while the Trustee was the owner at law, her right
was restricted by another property interest, that of the Beneficiary. 4
Beneficiaries were therefore provided with equitable remedies
against an unfaithful Trustee. This system of rights and remedies
was described by saying that the Trustee had legal ownership while
the Beneficiary had equitable ownership.
Explanation:
Link to this "insight" is listed below! I hope it helps you!
https://repository.uchastings.edu/cgi/viewcontent.cgi?article=2283&context=faculty_scholarship
