Trusts and Equitable Property

<p dir="ltr">According to all the textbooks, a beneficiary under a trust has a property right in the trust property.<br>According to Lord Sumption in Akers v Samba Financial Group,1 this must be regarded as settled in English law. However, some commentators reject the proprietary theory of the trust in favour of a modern version of the obligational theory, under which the beneficiary has only a personal right, or something in the nature of a personal right, against the trustee. This view is based on a particular understanding of the nature of property rights, which, ostensibly at least, has support in the common law. For this reason, although this chapter is mainly about the trust and equitable property, it is helpful to begin with a brief discussion of the common law approach to property.</p>