1. Introduction:
   1. History
   2. Equity as a system and its relationship with the common law
   3. Trusts: asset partitioning and asset management
   4. The nature of beneficial rights
   5. Examples of trusts, interests and practical applications
   6. Comparison with other legal and equitable institutions
2. Express trusts as bargains about ring-fenced assets:
   1. Examples and explanation of beneficial interests
   2. Examples and explanation of dispositive powers and controls on their exercise
   3. The law governing such interests:
      1. Certainty in essential elements of the trust (intention, sham trusts, subject-matter and objects), and its relation to the exercise of trustees’ powers
      2. Standing and enforcement of trustees’ duties (including the beneficiary principle but excluding trusts of imperfect obligation)
      3. Limitations on discretion
      4. Constitution of trusts (including formalities for the declaration of trusts but excluding covenants to settle, the rule in Strong v. Bird, Re Ralli’s WT, and donatio mortis causa)
      5. Formalities for the disposition of equitable interests (by direct assignment and by direction to an express trustee only)
      6. Perpetuities (in outline)
3. The Administration of Trusts:
   1. Trust funds and trusts of specific assets (including equitable rights in funds)
   2. Trustees’ administrative powers, including trustees’ powers of investment (in outline) and delegation
   3. Review of trustees’ discretion and access to information
   4. Trustees’ duties of care, including in investment
   5. Appointment and removal of trustees
4. Trustees’ Personal Liabilities for Breach of Trust:
   1. What is breach of trust
   2. Personal remedies for breach (accounting for losses and gains)
   3. Contribution
   4. Indemnity
   5. Contributory fault
5. Fiduciary Obligations:
   1. The nature and function of fiduciary obligations
   2. The content of fiduciary obligations
   3. Bargaining around fiduciary obligations
   4. Remedies for breach of fiduciary obligations (including rescission, account, constructive trusts)
6. Tracing and Proprietary Remedies:
   1. Rights to trace
   2. Tracing rules
   3. Rights and remedies consequent on tracing
7. The Personal Liabilities of Third Parties in respect of trusts:
   1. Trusteeship de son tort
   2. Liability for receipt of misapplied trust funds and/or their proceeds
   3. Liability for assisting in a breach of trust
8. The holding of Property by Unincorporated Associations:
   1. ‘Contract holding theory’
   2. The courts’ preference for contract holding: its reasons and strength
   3. The dissolution of unincorporated associations
9. Resulting Trusts:
   1. The nature, function and incidence of resulting trusts
   2. Quistclose trusts
10. Charities:
    1. Charitable purposes
    2. Public benefit
    3. Cy-près
    4. Reform
11. Other Equitable Remedies:
    1. Freezing Injunctions
    2. Search Orders

The following topics are not within the syllabus: secret trusts, variation of trusts, administration of a solvent estate, assignments of choses in action, bills of sale, partnerships, penalties, persons of unsound mind, and any tax aspects of trusts.