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Campus: Kensington Campus
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Career: Undergraduate
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Units of Credit: 8
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Indicative Contact Hours per Week: 4
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Enrolment Requirements:
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Prerequisite: LAWS1001, LAWS1011; or LAWS1610; Corequisite: LAWS2311 or LAWS1010.
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Description
The primary purpose of this course is to build a conceptual foundation upon which students can make use of the elasticity of the trust concept. In particular, the emphasis is on the trust's commercial applications. This emphasis necessitates a study of the interaction of the trust with contracts. The teaching is through a series of hands-on drafting exercises which are intended to illuminate conceptual issues as well as illustrating how principles can be applied practically.
Recommended Prior Knowledge
None
Course Objectives
At the end of this course, students will have:
- A functioning knowledge of the trust concept
- An appreciation of how the trust functions as a means of wealth planning tool and also how it may function in a commercial setting
- Developed or enhanced their ability to identify legal issues, analyse them, and apply the relevant principles of law to provide solutions
- An ability to evaluate and criticize many rules of law
- An understanding of the development of trust principles
- Developed the capacity to research into practical issues and find solutions
- An understanding of the social contexts in which trust law operates
- Ability to form a value judgment about social responsibility of using trust as an avoidance tool, the obligations of those having properties or control of properties belonging to others as well as the responsibilities to the wider community through investments
Main Topics
- Classification of trusts
- Family trusts and unit trusts
- The settlor’s Intentions and the three certainties
- Discretionary trusts and powers
- The beneficiary principle
- Charitable trusts
- Non-charitable purpose trusts,
- Gifts to unincorporated associations;
- Resulting trusts
- Public appeal fund surpluses
- Trustees' fiduciary duties
- Protector concept
- Investment powers
- Ethical investments
- Trusts in commerce, including Quistclose trust and Kayford trust
Assessment
Class participation, including preparation and participation in class discussion: 15%
Individual exercises and Mid-Term test: 15%
Final examination: 70% Course Texts
Prescribed
Law School Materials. These cover topics 1-6. Purchase from the UNSW Bookshop.
- Dal Pont & Chalmers: Equity and Trusts in Australia (4th ed) Thomson Lawbook Co.
- Dal Pont Chalmers Maxton: Equity and Trusts - Casebook: Commentary and Materials (4th ed) Thomson Lawbook Co.
- Jacobs' Law of Trusts in Australia: 7th ed Lexis-Nexis Butterworths
- Ong: Trusts Law in Australia (3rd ed) The Federation Press
- Ford & Lee: Principles of the Law of Trusts (3rd ed) LBC Information Service (looseleaf)
- Graham Moffat: Trusts Law (4th ed) Cambridge University Press
- Evans: Equity & Trusts (1st ed (2003) - (new edition due 12/2008) Lexis-Nexis Butterworths
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