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Equity and the Law of Trusts in Ireland

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A_Equity&Trusts_3rd_edn_Prelims.fm Page i Wednesday, November 29, 2017 3:59 PM

EQUITY AND THE LAW OF


TRUSTS IN IRELAND
Third Edition
A_Equity&Trusts_3rd_edn_Prelims.fm Page ii Wednesday, November 29, 2017 3:59 PM

For Madeleine and Justine and


in memory of Timothy
A_Equity&Trusts_3rd_edn_Prelims.fm Page iii Wednesday, November 29, 2017 3:59 PM

EQUITY AND THE LAW OF


TRUSTS IN IRELAND

Third Edition

by

RONAN KEANE
Former Chief Justice of Ireland
A_Equity&Trusts_3rd_edn_Prelims.fm Page iv Wednesday, November 29, 2017 3:59 PM

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Preface

Since the last edition, there has been a welcome development in our legal
structures with the establishment of the Court of Appeal. There have also been a
number of significant decisions in the law relating to equity and trusts in Ireland
and the United Kingdom.
The ‘fusion’ controversy has been resolved in Ireland by the judgment of
Hogan J in Meagher v Dublin City Council and Anor [2014] IEHC 280,
endorsed by the Supreme Court in McGrath v Stewart [2014] IESC 52. These
judgments confirm the widely held view that, while the systems of common law
and equity were no longer administered in different courts following the
Juidicature (Ireland) Act 1877, the doctrines of equity and the common law have
retained their separate identities.
The application of the maxim ‘he who comes into equity must come with
clean hands’ to the enforceability of contracts tainted with illegality has caused
much difficulty in recent times. The decision of Clarke J, as he then was,
speaking for the Supreme Court in Quinn v Irish Bank Resolution Corporation
(in Special Liquidation) and Ors [2015] IESC 29, has laid down important
principles in this area. The issues arising from the contentious decision of the
House of Lords in Tinsley v Mulligan [1994] 1 AC 340, also appear to have been
resolved by the judgments of the majority of the Supreme Court in Patel v Mirza
(2016) UKSC 42, holding that the earlier case should not be followed.
The discretionary powers of trustees have been illuminatingly analysed in the
UK Court of Appeal and Supreme Court judgments in Pitt v Holt [2011] EWCA
Civ 19 and [2013] UKSC 26. Also in that jursidiction, the House of Lords
decision on the personal liability of trustees in Target Holdings Ltd v Redferns a
firm, [1996] AC 421, has been clarified by the Supreme Court decision in AIB
Group (UK) plc v Mark Redler & Co [2014] 2 WLR 1367. The much discussed
decision of the English Court of Appeal in Armitage v Nurse (1998) Ch 241 that
a provision in a trust instrument exempting trustees from liability for gross
negligence was enforceable has not so far been considered by our courts,
although it was reviewed by the Law Reform Commission. It has been recently
reaffirmed by a majority in the Privy Council decision of Spread Trustee Co Ltd
v Hutcheson [2012] AC 194, but it remains to be seen how it will fare in this
jurisdiction.
Another area of trust law which has not received much attention in the Irish
courts is the possible invocation of a common intention constructive trust in
resolving family law disputes as to property. The House of Lords judgments
setting out the parameters of such a doctrine in Stack v Dowden [2007] 2 AC
432, have been clarified by the Supreme Court in Jones v Kernott [2012] AC
776. Unfortunately, the recent decision of the Privy Council in Marr v Collie

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Equity and the Law of Trusts in Ireland

[2017] UKPC 17 has left unresolved the question as to whether the doctrine has
any application to the shares of a couple in a property purchased as an
investment rather than as a home.
As to charitable trusts, the coming into force of provisions in the Charities
Act 2009 which refine the concept of public benefit as an essential feature of
legal charities may have an effect on the charitable status of at least some fee
paying educational institutions and hospitals.
As one would expect, there has been much happening in the field of
injunctions. The tests by which courts determine whether an interlocutory
injunction should be granted laid down in Campus Oil Ltd v Minister for
Industry and Energy (No.2), [1983] IR 86, were reaffirmed by Clarke J,
speaking for the Supreme Court in Okunade v Minister for Justice, Equality and
Law Reform [2012] 3 IR 152, in a judgment which also explained the different
principles applicable where the proceedings are by way of judicial review,
specifically in cases dealing with refugees seeking asylum. The questions
arising in trade dispute cases where an interlocutory injunction is sought to
restrain picketing and which is affected by the statutory requirement that trades
unions conduct a secret ballot authorising the picket if it is to be immune from
action were authoritatively dealt with by Laffoy J in the High Court in Dublin
City Council v TEEU [2010] IEHC 286. The essentially discretionary nature of
the undertaking as to damages, particularly where public authorities are seeking
to uphold the law, was emphasised by O’Donnell J (dissenting as to the result) in
the Supreme Court decision in Minister for Justice, Equality and Law Reform v
Devine [2012] 1 IR 326.
As to injunctions in general, the judgments in the UK Supreme Court in
Coventry and Ors v Lawrence and Ors [2014] AC 822, proposing a major shift
in the law as to when damages should be awarded in lieu of an injunction are
obviously of great interest. In particular, the strongly urged view that the courts
should be able to grant injunctions where the damage relied on affects parties
other than the plaintiff would represent a significant development if adopted by
our courts.
Cases of promissory estoppel in the High Court have included a
comprehensive restatement of the general legal principles by Laffoy J in The
Barge Inn Ltd v Quinn Hospitality Ireland Operations 3 Ltd [2013] IEHC 387.
There have also been a series of cases of proprietary estoppel, also in the High
Court, led by Nayler v Maher [2012] IEHC 408 which have been strongly
influenced by such English decisions as Gillet v Holt (2001) Ch 210 and
Thorner v Major (2009) 1 WLR 776.
The Court of Appeal has clarified the law on the possible liability of wives,
partners and unmarried cohabitants as sureties and guarantors to banks where
undue influence is alleged in a number of cases, such as Ulster Bank Ireland v
de Krester [2016] IECA 171.

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Preface

I am grateful to my publishers, Bloomsbury Professional, for taking


responsibility for the tables and index and to Louise Leavy of that firm for her
help. Brian Dempsey SC read the chapter on injunctions and shared with me
some interesting new insights on that topic. Professor John Mee of the Faculty
of Law, University |College, Cork read the chapters on constructive trusts and
estoppel in equity and made a number of valuable suggestions. I would also like
to express my thanks to the staff of the libraries of King’s Inns, Dublin, Trinity
College, Dublin and Lincoln’s Inn for their assistance and courtesy. My
granddaughter, Natasha Keane, helped me with some computer problems. My
wife, Irene, has as always been a constant source of support and encouragement.
The responsibility for any errors or omissions is entirely mine. The law is
stated as of 1 September 2017.

Ronan Keane

1 September, 2017

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Contents

Preface .......................................................................................................................... v
Contents ....................................................................................................................... ix
Table of Cases .......................................................................................................... xvii
Table of Legislation ..................................................................................................... lv

Chapter 1 Introduction
Introduction ................................................................................................................... 1

Chapter 2 The Historical Background


Introduction ................................................................................................................... 5
The Historical Background............................................................................................ 6
The Development of the Modern Law of Equity ........................................................ 14
The nineteenth century: decay and reform ........................................................ 20
Modern developments: the fusion controversy ................................................. 24

Chapter 3 The Maxims of Equity


Introduction ................................................................................................................. 29
Equity Follows the Law............................................................................................... 29
Equity Will Not Suffer a Wrong to be Without a Remedy ......................................... 31
Equity Acts In Personam............................................................................................. 32
He who seeks Equity must do Equity.......................................................................... 34
He who comes into Equity must come with Clean Hands .......................................... 36
Delay Defeats Equity................................................................................................... 44
Equality is Equity ........................................................................................................ 50
Equity Looks to the Intent Rather than the Form ........................................................ 51
Equity Looks on That as Done Which Ought to have been Done............................... 52
Equity Imputes an Intention to Fulfil an Obligation ................................................... 54
Where the Equities are Equal, The First in Time Prevails:
Where the Equities are Equal, The Law Prevails ........................................................ 54

Chapter 4 Equitable Interests and ‘Equities’


Introduction ................................................................................................................. 55
What is meant by an ‘Equity’? .................................................................................... 56
Equitable Interests ....................................................................................................... 60

Chapter 5 Priorities, Registration and Notice


Registration in Ireland ................................................................................................. 63
Where the equities are equal, the first in time prevails ..................................... 64
Where the equities are equal, the law prevails .................................................. 67

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Equity and the Law of Trusts in Ireland

Overreaching................................................................................................................69
Notice Generally ..........................................................................................................69
Registered Land ...........................................................................................................72
Judgment Mortgages ....................................................................................................74

Chapter 6 The Nature of a Trust


Introduction..................................................................................................................81
What is a Trust? ...........................................................................................................81

Chapter 7 Express Trusts I: The Essential Elements


Introduction..................................................................................................................91
Words Relied on as Creating a Trust must be Imperative ...........................................91
The Subject Matter must be Certain ............................................................................92
The Objects must be Certain........................................................................................93
Purpose Trusts..............................................................................................................98
(a) The trust cannot be enforced by the court ..................................................98
(b) The trust will violate the rule against perpetuities and against
inalienability ..............................................................................................98

Chapter 8 Express Trusts II: The Formal Requirements


Cases where Formal Requirements must be Met.......................................................107
Secret and Half-Secret Trusts ....................................................................................109
Completely and Incompletely Constituted Trusts......................................................114
(a) Where the settlor subsequently vests the legal title in the trustee
or beneficiary, the trust is enforceable .....................................................121
(b) Donationes Mortis Causa ........................................................................122
(c) Proprietary estoppel .................................................................................126

Chapter 9 The Office of Trustee


Introduction................................................................................................................127
Those who can be Appointed Trustees ......................................................................127
Personal Representatives and Trustees ......................................................................129
Number of trustees ...........................................................................................129
No provision for public trustee, judicial trustee or custodial trustee ...............130
Appointment of Trustees............................................................................................130
Appointment of new or additional trustees by the court ..................................131
Retirement of Trustees ...............................................................................................133
Removal of Trustees ..................................................................................................133

Chapter 10 Duties and Powers of Trustees


Trustee’s Duty to Collect or Get in and Safeguard the Trust Property......................135
Investment by the Trustee Generally .........................................................................136
Authorised Investments..............................................................................................136
‘Ordinary Prudence’ in Investing...............................................................................138

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Contents

Mortgages .................................................................................................................. 141


Trustee’s Duty to Convert the Trust Property: the Rule in Howe v The Earl of
Dartmouth.................................................................................................................. 142
(a) No apportionment need be made by the trustee in the case of
a sale ‘ex-dividend’ or ‘cum-dividend’ ................................................... 144
(b) Arrears of dividend on cumulative preference shares belong
to the person entitled to the income at the time the dividend is
declared .................................................................................................... 145
(c) Where a company distributes as dividend a reserve fund,
the dividend belongs to the tenant for life ............................................... 145
(d) Where the company distributes accumulated profits in the form
of an issue of bonus shares, it is a capital distribution and the
tenant for life is not entitled to it ............................................................. 145
(e) Where the debts of a testator are not paid immediately out of his
estate, an appropriate reduction must be made in the income of
the tenant for life ..................................................................................... 145
(f) The trustees are required to apportion the cost of repairs and
maintenance between capital and income ............................................... 146
Trustee’s Duty to Distribute the Trust Estate ............................................................ 146
Trustee’s Duty to Keep Accounts and Provide Information ..................................... 147
Sales by Trustees ....................................................................................................... 149
Compromises, etc ...................................................................................................... 151
Maintenance of Minors.............................................................................................. 151
Exercise by Trustees of Discretionary Powers.......................................................... 152
Fiduciary Restraints on Trustees ............................................................................... 154
(a) A trustee is not entitled to any remuneration for his work as
a trustee .................................................................................................... 155
(b) A trustee is not allowed to deal in or purchase the trust property ........... 156
(c) A trustee may not delegate his office ...................................................... 157
Liability of Trustee for Default of his Agent............................................................. 158
Liability of Trustee for Breach of Trust .................................................................... 159
Variation of Trusts..................................................................................................... 168
(a) Where the trustees of settled property are allowed to enter
into a business transaction not authorised by the trust
instrument ................................................................................................ 168
(b) Where maintenance is permitted out of income directed
to be accumulated .................................................................................... 169
(c) Where the court directs changes in the nature of a minor’s
property .................................................................................................... 169
(d) Where the trustees are allowed to enter into a compromise on
behalf of infants and unborn beneficiaries .............................................. 169
Variations under the Land and Conveyancing Law Reform Act 2009 ..................... 169

Chapter 11 Charitable Trusts


Introduction ............................................................................................................... 175
The Four Classes of Charitable Trusts ...................................................................... 175
The Legal Definition of Charity ................................................................................ 178

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Equity and the Law of Trusts in Ireland

Gifts for Mixed Charitable and Non-Charitable Purposes.........................................180


Trusts for the Relief of Poverty..................................................................................182
Trusts for the Advancement of Education .................................................................184
Trusts for the Advancement of Religion....................................................................186
The Fourth Class ........................................................................................................193
(a) The old and the disabled ..........................................................................196
(b) Health .......................................................................................................196
(c) Recreation ................................................................................................197
(d) Animals ....................................................................................................198
(e) Political objects ........................................................................................199
(f) Additional categories under the 2009 Act ................................................200
The Cy-près Jurisdiction ............................................................................................200
The Sign Manual Procedure.......................................................................................205
The Charities Regulatory Authority...........................................................................205

Chapter 12 Resulting Trusts


Nature of Resulting Trusts .........................................................................................209
(a) Resulting trusts arising where the beneficial interest has
not been disposed of .................................................................................211
(b) Resulting trusts arising from voluntary dispositions ...............................223
(c) Resulting trusts arising where the purchase money has been
provided in whole or in part by a third party ...........................................225
The Presumption of Advancement.............................................................................226
Resulting Trusts in Family Law Cases ......................................................................229
Resulting Trust or Constructive Trust?......................................................................238

Chapter 13 Constructive Trusts


The Nature of Constructive Trusts.............................................................................245
Benefits Obtained by Trustees and Other Fiduciaries ...............................................246
Constructive Trusts where there is no Fiduciary Relationship ..................................252
(a) Assisting a breach of trust ........................................................................252
(b) Knowingly receiving trust property in breach of trust .............................254
(c) Trustee de son tort ....................................................................................258
(d) Vendor under a contract for sale ..............................................................259
(e) Mortgagees ...............................................................................................260
(f) Mutual wills .............................................................................................260
(g) Secret trusts ..............................................................................................262
(h) Where a person acquires property by killing another ..............................262
(i) Pallant v Morgan trusts ...........................................................................264
‘New Model’ Constructive Trusts..............................................................................265
Remedial Constructive Trusts....................................................................................269

Chapter 14 Void and Voidable Trusts


Introduction................................................................................................................277
Trusts Subject to Unenforceable Conditions .............................................................277

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Contents

Voidable Trusts ......................................................................................................... 283


Settlements made with intent to defraud creditors .......................................... 283
Settlements rendered voidable by the subsequent bankruptcy
of the settlor ..................................................................................................... 287

Chapter 15 The Injunction


Introduction ............................................................................................................... 289
The Development of the Injunction........................................................................... 290
Principles on which the Court Acts in Granting Injunctions..................................... 293
(a) The injunction must be granted to protect a legal right of
the plaintiff .............................................................................................. 293
(b) The legal right must have been infringed or there must at least
be a probability that it will be infringed .................................................. 294
(c) The injunction will only be granted where there is no other
adequate remedy ...................................................................................... 294
Injunctions in Specific Cases..................................................................................... 300
(a) Nuisance .................................................................................................. 300
(b) Trespass ................................................................................................... 301
(c) Picketing of premises .............................................................................. 301
(d) Industrial, commercial and intellectual property ..................................... 301
(e) Passing off ............................................................................................... 301
(f) Defamation .............................................................................................. 302
(g) Breaches of contract ................................................................................ 302
(h) Wrongful removal from office ................................................................ 306
Constitutional Rights ................................................................................................. 306
Public and Statutory Rights ....................................................................................... 308
Interlocutory Injunctions: The General Law ............................................................. 315
Interlocutory Injunctions: the ‘Balance of Convenience’ ......................................... 317
Interlocutory Injunctions: ‘Special Factors’.............................................................. 319
(a) Cases where if the injunction is granted a full trial of the action
is unlikely ................................................................................................ 320
(b) Cases of defamation ................................................................................ 322
(c) Contracts of personal service ................................................................... 323
(d) Public law and European Union law cases .............................................. 324
(e) Cases arising out of trade disputes .......................................................... 325
(e) Petitions for the winding up of a company .............................................. 328
Procedures in Application for Interlocutory Injunction ............................................ 329
Interim Injunctions .................................................................................................... 331
Interim and Interlocutory Injunctions against the State ............................................ 331
Mandatory Injunctions............................................................................................... 332
Quia Timet Injunctions .............................................................................................. 335
Damages in Lieu of an Injunction ............................................................................. 336
The Mareva Injunction .............................................................................................. 338
The Anton Piller Order.............................................................................................. 347
The Bayer Order ........................................................................................................ 349
Injunctions in Judicial Review Cases ........................................................................ 350
Enforcement of Injunctions ....................................................................................... 353

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Equity and the Law of Trusts in Ireland

Chapter 16 Specific Performance


Introduction................................................................................................................355
Specific Performance of Different Types of Contract ...............................................356
Defences to Actions for Specific Performance ..........................................................357
Part Performance........................................................................................................367
Rights of the Plaintiff where there has been a Breach after Proceedings have
Commenced ...............................................................................................................371
Damages in Addition to or in Substitution for Specific Performance .......................372
Choosing between Specific Performance and Damages............................................373

Chapter 17 Rescission
Introduction................................................................................................................375
The Equitable Remedy of Rescission ........................................................................376
Fraudulent and Innocent Misrepresentation...............................................................376
Contracts Uberrimae Fidei .........................................................................................378
(a) Contracts of insurance ..............................................................................379
(b) Contracts to take shares in a company .....................................................380
(c) Family arrangements ................................................................................381
Mistake.......................................................................................................................381
(a) Common mistake .....................................................................................382
(b) Mutual mistake .........................................................................................385
(c) Unilateral mistake ....................................................................................387
(d) Voluntary transactions .............................................................................388
Laches, Acquiescence and Affirmation as Bars to Rescission ..................................388

Chapter 18 Rectification
Introduction................................................................................................................391
Rectification in Cases of Common Mistake ..............................................................392
Rectification in Cases of Unilateral Mistake .............................................................395
No Rectification where Parties Mistaken as to Meaning of Contract........................398
Onus of Proof in Case of Rectification ......................................................................400
Rectification not Always the Appropriate Remedy ...................................................400
Voluntary Settlements and Wills ...............................................................................401

Chapter 19 Tracing in Equity


Tracing Property at Common Law and in Equity ......................................................403
When the Tracing Remedy is Available ....................................................................406
The Position of Volunteers and Purchasers for Value ...............................................407
Adjustments between Competing Claims to Property ...............................................412
Tracing Remedy not Confined to Money and Land ..................................................417

Chapter 20 Delivery Up and Cancellation of Documents


Delivery Up and Cancellation....................................................................................419

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Contents

Chapter 21 Receivers
Introduction ............................................................................................................... 421
Circumstances in which a Receiver is appointed by the Court ................................. 421
Nature of the Office of Receiver appointed by the Court ......................................... 422
Remuneration and Security ....................................................................................... 422
Receiver by Way of Equitable Execution ................................................................. 422

Chapter 22 Conversion and Reconversion


Introduction ............................................................................................................... 425
Conversion under a Direction in a Will or Other Instrument.................................... 425
Conversion under a Contract for the Sale of Land .................................................... 426
Conversion under an Option to Purchase .................................................................. 426
Conversion and the Registration of Title System...................................................... 427
Conversion under an Order of the Court ................................................................... 428
Partnership Property .................................................................................................. 428
Conversion when there is a Partial Failure of Objects .............................................. 428
Reconversion ............................................................................................................. 429

Chapter 23 Election
Introduction ............................................................................................................... 431
The Essentials of Election ......................................................................................... 432
Gift under Will must be Available for Compensation............................................... 434
True Owner’s Property must be Capable of Alienation ............................................ 434
What Constitutes Election ......................................................................................... 435
Derivative Interests.................................................................................................... 435
Election and the Rule against Perpetuities ................................................................ 436

Chapter 24 Account
Introduction ............................................................................................................... 437
Cases where an Account will be Ordered.................................................................. 437

Chapter 25 Satisfaction and Ademption


Introduction ............................................................................................................... 441
Satisfaction of Debts by Legacies ............................................................................. 441
Satisfaction of ‘Portion Debts’ by Legacies.............................................................. 443
Ademption of Legacies by Portions or Portion Debts............................................... 447
Benefits to strangers arising from presumption against double
portions ............................................................................................................ 447
Ademption of Legacies by Subsequent Gifts ............................................................ 449
Satisfaction of Legacies by Legacies ........................................................................ 449
Satisfaction of Portion and Other Debts by Subsequent Inter Vivos Payments........ 450
Evidence Rebutting Presumption of Satisfaction and Ademption ............................ 450

Chapter 26 Performance
Doctrine of Performance ........................................................................................... 453

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Table of Cases

Duffy v Ridley Properties [2008] 4 IR 282 ................................................ 16.43–16.45


Dufour v Pereira (1769) 1 Dick 419 ...................................................................... 13.43
Duggan v Allied Irish Building Society (4 March 1976) HC ............................... 16.44
Duke of Norfolk’s Settlement Trusts, Re [1981] 3 All ER 220 ............................ 10.56
Dun Laoghaire–Rathdown County Council v Shackleton
[2002] IEHC 2 ...................................................................................... 15.23–15.24
Dunleavy v Dun Laoghaire Rathdown Co Co [2005] IEHC 381 .......................... 27.17
Dunlop, Re [1984] NI 408 ..................................................................................... 11.53
Dunne v Heffernan [1997] 3 IR 234 ....................................................................... 9.19
Dyer v Dyer (1788) 2 Cox Eq Cas 92 ........................................................ 12.46, 12.55
Dyster v Randall [1926] Ch 932 ............................................................................ 16.21
E
East Cork Foods Ltd v O’Dwyer Steel Co [1978] IR 103 .................................... 13.67
Easton v Brown [1981] 3 All ER 278 ................................................................... 16.28
Eastwood v Vinke (1731) 2 P Wms 613 ............................................................... 25.06
EB v SS [1998] 2 ILRM 141 ................................................................................... 3.50
Edge v Pensions Ombudsman (2000) Ch 602 ....................................................... 10.52
Edgington v Fitzmaurice (1885) 29 Ch D 459 ...................................................... 17.06
Educational Co of Ireland Ltd v Fitzpatrick [1961] IR 323 ....................... 15.69–15.72
Educational Co of Ireland Ltd v Fitzpatrick (No 2) [1961] IR 345 ............. 3.09, 15.46
Edwards v Harben (1788) 2 Term Rep 587 .......................................................... 14.24
Edwards v West (1878) 7 Ch D 858 ...................................................................... 23.07
Egan v Egan [1975] Ch 218 .................................................................................. 15.29
Egerton v Earl Brownlow (1853) 4 HL Cas 1 ....................................................... 14.06
Egg v Devey (1847) 10 Beav 444 ......................................................................... 10.79
Eisenhardt v Talbot [1909] 1 IR 129 ..................................................................... 31.05
Eleftherios, Re [1982] 1 All ER 796 ................................................................... 15.147
Elliot & Co Ltd v Building and Allied Trades Union [2006] IEHC 320 .............. 15.99
Elliot v Brown (1791) 3 Swan 489n ........................................................................ 3.48
Emmanuel Ajayi v RT Briscoe (Nigeria) Ltd [1964] 3 All ER 556 .......... 27.10–27.13
EN v RN [1990] 1 IR 383, HC, [1992] 2 IR 116, SC ........................................... 12.70
Endacott, Re, Corp v Endacott (1960) Ch 232 ........................................................ 7.22
Erlanger v New Sombrero Phosphate Co (1878) 3 App Cas 1218 ....................... 17.03
Esso Petroleum Co Ltd v Fogarty [1965] IR 531 .................................................. 15.69
Evans v Bicknell (1801) 6 Ves 174 ......................................................................... 5.10
Evans v Coventry (1854) 5 De GM & G 911 ........................................................ 21.03
Evans v Evans (1863) 2 New Rep 408 .................................................................. 24.06
Eves v Eves [1975] 1 WLR 1338 .......................................................................... 13.61
Ewing v Orr-Ewing (1885) 10 App Cas 453, HL ................................................... 3.11

Exham v Beamish [1939] IR 336 ................................................................. 2.46, 14.11


Eykyn’s Trust, Re (1877) 6 Ch D 115 ........................................................ 12.49, 12.58

F
Faccenda Chicken Ltd v Fowler [1987] 1 Ch 117 ................................................ 29.17

xxvii
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