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The history of equity and trusts concerns the development of the body of rules known as equity, English trust law and its spread into a modern body of trust law around Commonwealth and the United States. The law of trusts was constructed as part of "equity", a body of principles made by the Courts of Chancery, which sought to correct the strictness of the common law. The trust was an addition to the law of property, in the situation where one person held legal title to property, but the courts decided it was fair, just or "equitable" that this person be compelled to use it for the benefit of another. This recognised a split between legal and beneficial ownership: the legal owner was referred to as a "trustee" (because he was "entrusted" with property) and the beneficial owner was the "beneficiary". ==Ancestors to trust law== Possible earliest concept of equity in land held in trust is the depiction of this ancient king ( trustor ) which grants property back to its previous owner ( beneficiary ) during her absence, supported by witness testimony ( trustee ). In essence and in this case, the king, in place of the later state ( trustor and holder of assets at highest position ) issues ownership along with past proceeds ( equity ) back to the beneficiary: Roman law had a well-developed concept of the trust (''fideicommissum'') created by wills. However, these testamentary trusts did not develop into the ''inter vivos'' (living) trusts which apply while the creator lives. This was created by later common law jurisdictions. The ''waqf'' is a similar institution in Islamic law, restricted to charitable trusts. *Homer, ''Iliad'' (ca 750 BC) *Aristotle, ''Nicomachean Ethics'' (ca 350 BC) Book V, ch 10, Equity, a corrective of legal justice. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「History of equity and trusts」の詳細全文を読む スポンサード リンク
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