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Vol 21 No 12 Dec 16/Jan 17

Book of the Month

Cover of The UK Supreme Court Yearbook Volume 7: 2016

The UK Supreme Court Yearbook Volume 7: 2016

Edited by: Daniel Clarry, Christopher Sargeant
Price: £90.00

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Economic Structure of Trusts

ISBN13: 9780199602407
Published: January 2011
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £93.00

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This book provides an economic account of why trusts exist and how trust law should be shaped. The trust is a key legal institution in the common law world but it has been neglected by the law and economics community until recently.

Borrowing theories and doctrines from corporate law and economics, scholars have variously analysed and described the trust as a tripartite contract, a nexus of contracts, and even a legal entity. These obligational approaches overlook the unique features of trusts for which corporate legal theories have no explanation. Most importantly, they fail to account for the nature of the beneficiary's interest in the trust property.

Equity and Trusts
Part I: Trusts as Contracts
1: The Trust Deal and the Rhetoric of Contracts
2: Agency Costs and the Nexus of Contracts
Part II: Trusts as Firms
3: Trusts as Entities
4: Trusts as Economic Firms
5: The Function of Trusts in Business and Commerce
Part III: Trusts as Property
6: The Decline of Property and Trust
7: Reconceptualising Property and Funds in Law and Economics
8: The Economic Structure of Trusts
9: The Boundaries of the Trust Concept
Conclusion: The Relationship Between Property and Trusts