Nature of equitable interests
under the early common law there was no remedy for a breach of trust. if x owned blackacre in fee simple and made a conveyance of blackacre to Y instructing him to hold in trust for Z, common law gave no remedy against Y if he used he property for his won and not for Z's benefit. court of chancery would however enforce the trust against the benefit of Z,Z was regarded as a beneficial or equitable owner i.e person entitled to a benefit in equity, possessing an equitable interest in blackacre.
'Equity can be described but not defined. It is the body of law developed by the Court of Chancery…
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