5. The Acquisition of Equitable Interests

This chapter considers the acquisition question in relation to certain equitable interests, and more specifically the principal circumstances in which equitable property rights can be acquired. The discussion is centred on equitable interests that arise under a trust and on those acquired through the doctrine of proprietary estoppel. Equitable interests that arise under a trust are also known as beneficial interests. Interests that exist under a trust are necessarily equitable, but not all equitable interests require a trust. The chapter first considers how a beneficial interest under a trust can be acquired and how express trusts of land are created before turning to the acquisition of beneficial interests through resulting and constructive trusts. It then describes four types of constructive trust and goes on to explain the doctrine of anticipation. It also assesses the relationship between proprietary estoppel and constructive trusts.