Property Notes courtesy of Nick 'Big Dog' WoodFull description
Historical background of EquityFull description
Summary From The Limited Arbitrage in Equity MarketsFull description
Full description
for ethics assignment
PE
Document describes how equity evolves in a start-up from foundation to IPO filing and how shares are allocated between founders, employees, board members and investors. Document also compile…Full description
Essay about teaching
About Equity MaximFull description
InvestmentFull description
Document describes how equity evolves in a start-up from foundation to IPO filing and how shares are allocated between founders, employees, board members and investors. Document also compiles avera...Full description
konsep equity
Full description
Sample Information Acts of Lasciviousness, Information
Human ActsFull description
Modifiers of Human Acts
EQUITY ACTS IN PERSONAM 1. Intr Introd oduc ucti tion on:: The court of equity always enforce its ecree in !ersona"# the court orers the ecree of the court of equity o not irectly o!erate to transfer le$al ri$ht fro" the efenant to the !laintiff% &ut is of nature o f !ersonal co""an on the efenant e fenant an it is effecte throu$h his !ersonal o&eience# if he fails to o&ey the orer of court of equity he is arreste an i"!risone# 2. Meaning: Equity &ins the conscience of a !erson o which is require &y the court# the court of chancery always enforce its ecree in !ersona"# it entertain certain suits res!ectin$ i""o'ea&le !ro!erty% thou$h the !ro!erty "i$ht &e situate a&roa if the relief sou$ht coul &e o&taine throu$h the !ersonal o&eience can only &e secure# if he resies within the local li"it of the (urisiction of the court or carrie on &usiness with in those li"its# 3. 3. Purpos pose: Its !ur!ose is to a'oi the irect clash with the court of law# 4. Importance: This "a)i" has a 'ital i"!ortance# it escri&e the !roceure in equity the (u$"ents of the court of equity o!erate in !ersone" u!on efenant# s!ecially in cases of lan fallin$ out sie the (urisiction of the court#
The "a)i" e)!laine* The "a)i" "eans that equity Equity enforces at its &est &y actin$ on the conscience of a !erson who is char$e therewith ie##the court loo+s to the !erson of the efenant for the fulfil"ent of its ecree# The "a)i" is the wiest an the "ost i"!ortant of equita&le "a)i"s% &ecause it co"!rises the whole (urisiction of equity# This "a)i" e)!lains the !eculiar !roceure of enforce"ent of the ecrees of the court of chancery# It ha its ori$in in the !rinci!le that equity is enforcea&le &y a !rocess of conte"!t# ,hile the (u$e"ent of the court of the co""on law was enforce &y the wrists of e)ecution &y which the !laintiff was forci&ly !ut in !ossession of the !ro!erty to which he was entitle% the courts of chancery or equity i not interfere with the efenants !ro!erty% &ut "erely "ae an orer a$ainst the efenant -!ersonally. an if the efenan fail to co"!ly with the orer it !unishe hi" for his iso&eience &y i"!risin"ent or co""ital for conte"!t# The ecree coul &e e)ecute in !erson an not a$ainst the lan an !ro!erty of the efenant# The reason is that court of equity o!erates $enrally in !ersona" an not in re"# /r# han&ury o&ser'e that0
1This is the wiest of all the "a)i"s# In a sense it co"!rises the whole (urisiction of equity2 it cannot &e too often e"!hasise that on this "a)i" is &ase the whole theory of trusts an of their equita&le intrests analo$ous to trust#3 The "a)i"% 1Equity acts in !ersona"3 "eans that the court of equity has (urisiction to entertain suits res!ectin$ i""o'a&le !ro!erty% thou$h the !ro!!erty "ay &e situate a&roa% if the relief sou$ht can &e o&taine throu$h the !ersonal o&eience of the efenant# Thus% for e)a"!le% the en$lish court "ay orer0 4# S!ecific !erfor"ance of contract relatin$ to lan outsie its (urisiction2 5# a"inistration of the forei$n estate% if the e)ecutor or trustee is within its (urisiction2 6# ree"!tion or foeclosure of lan situate in its (urisiction# Penn ' lor &alti"ore#7 8 In this case% !enn an lor &alti"ore who li'e in en$lan enter into an a$ree"ent to settle &ounaries of two !ro'inces into an a$ree"ent to settle &ounaries of two !ro'inces in a"erica9Pennsyl'ania an "arrylan% the for"er of which &elon$e to the !laintiff an the latter to the efenant% un er the 'arious $rants which were recite in a$ree"ents# The!laintiff sue the efenant in the court of chancery in en$lan to ha'e the a$ree"ent s!ecifically !erfor"e% an one of the o&(ections ta+en &y the efenant was to the (urisiction of the court% &ut this o&(ection was o'errule &y lor harwic+e on the $roun that 1the conscience of the !arty was &oun &y the a$ree"ent an &ein$ within the (urisiction of the court% which acts in !ersona"% the court "ay !ro!erly ecree it as an a$ree"ent# - the !rinci!le was* the lan was not within the (urisiction% &ut the efenant was* an the court ha in its !ower to !re'ent hi" fro" e'er returnin$ to en(oy his lan unless he woul fulfill his a$ree"ent# It "ay &e re"e"&ere that the court of equity ne'er assu"e to eter"ine questions of title in the lan which was situate of the En$lan or a&roa thus the equity courts ha lon$er ar"s than that of the co""on law courts%!articularly in case of lan situate in forei$n country Ewin$ '# orr# Ewin$7*in this case a !erson o"icile in Scotlan ie lea'in$ !ersonal estate in Scotlan# :e "ae a will in scoth for"% an a!!ointe scotch"an to &e his e)ecutors an trustees# An infant le$atee%resient in En$lan% &rou$ht an action for the a"inistration of the estate a$ainst the e)ecutors% trustees who entere a!!earance without !rotest# The questions were wether the En$lish courts h a (urisiction to orer a"inistration as to the whole state# It was hel that the En$lish court ha (urisiction as to the whole estate# The court of equity e)ercise si"ilar (urisiction in actions for ree"!tion an foreclosure of a "ort$a$e on lan outsie En$lan or for s!ecific !erfor"ance of an a$ree"ent to create a "ort$a$e on such lan or for an account of the rents an !rofits% or if necessary% for the a!!oint"ent a recei'er of such lan# ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;## <4=>?@4 'es#sen# l#r#<4BB6@ a#c#6%?
,hile e)!lainin$ the octrine an eli'erin$ the (u$e"ent% Dor Sel&orne% D#C#% o&ser'e 2 1 the courts of equity in En$lan are% an always ha'e &een the courts of conscience% o!eratin$ in !ersona" an not in re" an in the e)ercise of this !ersonal (urisiction% they ha'e always &een accusto"e to co"!el the !erfor"ance of the contracts an trusts as to su&(ects which were not either locally or ratione o"icilli within their (urisiction# They ha'e one so as to lan in Scotlan in Irelan% in colonies an in forei$n countries#3 :an&ury says 1the court of equity will ecree s!ecific !erfor"ance of a contract relatin$ to lan out of the (urisiction if the efenant is within the (urisiction an nothin$ "ore than his i"!rison"ent is require to rener the ecree effecti'e &ut it will ne'er ecie the title to the lan% nor will it $i'en s!ecific !erfor"ance of a contract relatin$ to the lan outsie the (urisiction2 unless that lan is in a country su&(ect to the crown# It is nota&le that assu"!tion of (urisiction has &een $enerally criticie# Dor esher% for e)a"!le% o&ser'e in Co"!anhia Maoca"&ic '# Fritish South Africa Co# that the ecision in !enn '# Falti"ore% which has &een acte &y other $reat (u$es in equity see"s to &e o!en to the stron$ o&(ection to the court is oin$ inirectly what it oes not o irectly# Application of the maxim - the courts of equity in En$lan are courts of conscience# In the e)ercise of this (urisiction% they ha'e always &een accusto"e to co"!el the !erfor"ance of contracts an trusts as to su&(ects which were not either locally or ratione o"icilli within their (urisiction# They ha'e one so as to lans of Scotlan% in Irelan% in the colonies an in forei$n countries#
4# Cases of fraud * as re$ars where lans% a&roa ha'e &een acquire &y the frau of a !arty resiin$ within the (urisiction# 5# Cases of trusts- as re$ars where a suit is file a$ainst a !erson resiin$ within (urisiction to enforce an e)!ress trust affectin$ lan outsie (urisiction# 6# Cases of contracts- such as suits for s!ecific !erfor"ance of contracts for sale of lan or foreclosure or ree"!tion of "ort$a$e# Conditions:
Gollowin$ are the conitions for a!!lication o f the "a)i"0
"imitation #* The octrine is% howe'er% su&(ect to the followin$ li"itations 0 a# the efenant hi"self "ust &e within the (urisiction% or shoul &e ca!a&le of &ein$ ser'e with !rocess outsie the (urisiction# &# The re"ey sou$ht in such cases "ust &e an equita&le re"ey# c# The efenant shoul &e su&(ecte to so"e o&li$ation arisin$ fro" his own act2 or as Strahan !uts it% 1when the is!ute is one of the conscience#3
It follows fro" this rule that there "ust &e so"e !ersonal ele"ent in the case an the court will not interfere on the &asis of this "a)i" if the case in'ol'es nothin$ "ore than a na+e question of title to forei$n lan# In inia the (urisiction of courts is $o'erne an "ust &e ascertaine on the sa"e !rinci!les as are a!!lica&le to En$lish courts of equity% e)ce!t so far as they "ay &e at 'ariance with the le$islati'e in enact"ents# Infact a nu"&er of enacte !ro'isions incor!orate this "a$aine in the inian law#
Rights in Rem 1. A right in rem is available against the world at large. (Rem = world). 2. Example: I have a house. he people o! the world have a dut" not to inter!ere with m" possession. #obod" has right to disturb m" possession and en$o"ment. %. I have mone" in m" po&'et. I &an use m" mone" as li'e. he world at large has no right to inter!ere with m" possession. . It is &alled real right*. +onverse this right, there is a dut" upon ever" person o! the world not to inter!ere with other-s rights. . his right prote&ts interest against the world at large. /. 0atent right &op" right et&. are the best examples !or the rights in rem. . All rights in rem are negative. 3. It is available against an open or inde!inite &lass o! persons. 4. he !reedoms given in arti&le 14 o! the Indian &onstitution with its restri&tions are the rights in rem. 15. All general o!!ers* are rights in rem*. Rights in Personam 1. A right in personam is available onl" against a parti&ular person. 2. Example: I let m" house to 67tenant. I have a right to re&eive rent !rom m" tenant. his right to re&eive rent !rom m" tenant. his right to re&eive rent is a right in personam. he rest o! the world is not &on&erned with this right. %. "7debtor has to give me Rs. 55587 who had ta'en !rom me as a hand7loan. I have the right in personam to re&eive ba&' the sum o! Rs. 55587 !rom 9. . It is also &alled as personal right*. +onverse this right there is a dut" imposed upon determinate individuals.
. his right prote&ts an interest solel" against determinate individuals. /. 0ur&hase o! good7will o! business is the best example !or the right in personam. . All rights in personam are positive. 3. It is available onl" against a spe&i!i& person or persons. 4. All easements are the rights in personam. 15. All spe&i!i& o!!ers* are rights in personam*. It is in the nature of equita&le re"eies that they $enerally o!erate a$ainst the !erson of the efenant% &ein$ enforcea&le &y i"!rison"ent for conte"!t# It is in this way that% as iscusse a&o'e% equity coul clai" not to &e interferin$ with the co""on law# The (u$"ent at law in effect was &inin$ on the whole worl an equity inter'ene only a$ainst the ini'iual efenant% who was !re'ente fro" enforcin$ his le$al ri$hts# Another feature of this !rinci!le is that equita&le ri$hts were not enforcea&le a$ainst e'ery&oy &ut coul &e efeate &y the interest of the &ona fie!urchaser# The in !ersona" nature of the o!eration of equity also has s!ecific rele'ance in relation to !ro!erty an interests a&roa# As a $eneral rule% En$lish courts will not entertain actions concernin$ title to forei$n lan# As Dor Ca"!&ell DC state in Norris ' Cha"&res <4BH4@ 6 /e G J K >B6 An En$lish Court ou$ht not to !ronounce a ecree% e'en in !ersona"% which can ha'e no s!ecific o!eration without the inter'ention of a forei$n Court% an which in the country where the lans to &e char$e &y it lie woul !ro&a&ly &e treate as &rutu" ful"enLan e"!ty threat# The !osition is otherwise if the intene ecree acts in !ersona" % as equita&le ones o% an also the efenant is within the reach of the En$lish courts# As Dor Cottenha" o&ser'e in e) !arte Pollar <4B?@ Mont J Ch 560 contracts res!ectin$ lans in countries not within the (urisiction of these courts # # # can only &e enforce &y !roceein$s in !ersona"which courts of equity here are constantly in the ha&it of oin$0 not there&y in any res!ect interferin$ with the le) loci rei sitae If inee the law of the country where the lan is situate shoul not !er"it or not ena&le the efenant to o what the court "i$ht otherwise thin+ it ri$ht to ecree% it woul &e useless an un(ust to irect hi" to o the act2 &ut when there is no such i"!ei"ent the courts of this country% in the e)ercise of their (urisiction o'er contracts "ae here% or in a"in*isterin$ equities &etween !arties resiin$ here% act u!on their own rules% an are not influ*ence &y any consieration of what the effect of such contracts "i$ht &e in the country where the lans are situate# The core of the equita&le (urisiction is the !rinci!le that it acts in !ersona"
That "eans that a Court of Equity is concerne to !re'ent any $i'en ini'iual fro" actin$ unconsciona&ly# The Court of Equity is therefore "a+in$ an orer% &ase on the facts of an ini'iual case% to !re'ent that !articular efenant fro" continuin$ to act unconsciona&ly# If that !erson oes not refrain% she will &e in conte"!t of court# The orer% thou$h% is aresse to that !erson in res!ect of the !articular issue co"!laine of# It is &est thou$ht of as a for" of (uicial control of that !articular !erson.s conscience# The stuy of equity is concerne with the isolation of the !rinci!les u!on which (u$es in !articular cases see+ to e)ercise their iscretion# It is a co"!le) tas+ to fin co""on threas &etween iff erent cases in which (u$es are reachin$ ecisions on the &asis of the !articular facts &efore the"# Therefore% it is always i"!ortant forthe stuent to reathe leain$ cases an the ano"alous cases in the law re!orts tounerstan the reasons why (u$es ha'e reache !articular conclusions The courts of Equity in En$lan are% an always ha'e &een% courts of conscience% o!eratin$ in !ersona"an not in re"2 an in the e)ercise of this !ersonal (urisic* tion they ha'e always &een accusto"e to co"!el the !erfor"ance of contracts an trusts as to su&(ects which were not # # # within their (urisiction# The focus of a Court of Equity in "a+in$ a (u$"ent is to act on the conscience of the !articular efenant in'ol'e in the !articular case &efore it# Therefore% equity is actin$ a$ainst that !articular !erson an not see+in$% in theory% to set own $eneral rules as to the "anner in which the co""on law shoul eal with si"ilar cases in the future# Of course% o'er the centuries% the courts ha'e co"e to ao!t s!ecific !ractices an rules of !receent as to the "anner in which equita&le !rinci!les will &e i"!ose% (ust as co""on law rules ha'e e'elo!e &y "eans of the a!!lication of the octrine of !receent# /r#Faner(ee while ealin$ with the a!!oint"ents of recei'ers on the stren$th of section 4H an section 4H*A
