The Principles of Equity and Trusts

Citation

Virgo, G. (2026). The Principles of Equity and Trusts (6th ed.). Oxford University Press.

Chapter Summary

The book has twenty chapters in eight parts, a glossary, a bibliography and an index, and runs to about 800 pages. The publisher describes it as a contextual and critically engaged treatment that combines clear statements of doctrine with commentary placing leading decisions within their broader legal and practical settings. The sixth edition is described as substantially rewritten. Only chapter titles and page starts are available, so the summaries below describe scope from the titles and the publisher's notes.

Part 1, Equity (Chapters 1–3)

Chapter 1, "An Introduction to Equity", Chapter 2, "The Characteristics of Equity", and Chapter 3, "An Introduction to the Trust", open the book. The publisher says the analysis of equity's core attributes now explores more fully how equity modifies the common law, how discretion operates and how unconscionability functions, and the description also mentions equity's history and its contemporary commercial relevance. Chapter 2 runs from page 30 to page 46 and Chapter 3 from page 47 to page 82.

Part 2, Express Trusts (Chapters 4–5)

Chapter 4, "The Requirements of an Express Trust", and Chapter 5, "Formalities", cover how a trust is created. According to the publisher, key chapters update the formality requirements for trusts of land and the disposition of equitable interests, and the trust discussion adds a new section on abuse of the trust.

Part 3, Trusts for Purposes (Chapters 6–7)

"Charitable Trusts" (Chapter 6) and "Non-charitable Purpose Trusts" (Chapter 7) deal with trusts that exist for purposes and not for individual beneficiaries, together about seventy pages.

Part 4, Imposed Trusts (Chapters 8–10)

"Resulting Trusts" (Chapter 8), "Constructive Trusts" (Chapter 9) and "Informal Arrangements Relating to Property" (Chapter 10) cover trusts that arise by operation of law and the informal arrangements relating to property that can give rise to them. Chapter 8 is the longest of the three, at about fifty pages.

Part 5, Beneficiaries (Chapter 11)

A single chapter, "Beneficiaries", about thirty pages, on the rights of the people for whom a trust is held.

Part 6, Trustees and Their Responsibilities (Chapters 12–15)

Four chapters: "Trustees" (Chapter 12), "The Administration of Trusts" (Chapter 13), "Dispositive Powers and Duties" (Chapter 14) and "Fiduciary Liability" (Chapter 15). The publisher says fiduciary duties and liability are extensively reworked in this edition. Chapter 15 is about fifty pages.

Part 7, Variation of Trusts (Chapter 16)

A short chapter of about a dozen pages, "The Variation of Trusts", on changing the terms of a trust.

Part 8, Breach of Trust and Fiduciary Duty (Chapters 17–20)

"Liability for Breach of Trust and Fiduciary Duty" (Chapter 17) is followed by "Personal Claims and Remedies" (Chapter 18), "Proprietary Claims and Remedies" (Chapter 19) and "Personal Liability of Third Parties" (Chapter 20). The publisher says the treatment of personal remedies and third-party liability is rewritten, with renewed attention to knowing receipt, and it names the new authorities Byers v Saudi National Bank, D'Aloia v Persons Unknown and the Property (Digital Assets etc.) Act 2025.

Key Concepts

Parts 1–3: Equity, Express Trusts and Purpose Trusts

• Equity and the common law: how equity modifies the common law (Chapter 2).
• Discretion and unconscionability: two features of equity that the new edition examines more fully.
• Formalities: the requirements for creating trusts and disposing of equitable interests.
• Charitable and non-charitable purpose trusts: the two kinds of trust for purposes (Chapters 6 and 7).

Parts 4–7: Imposed Trusts, Beneficiaries, Trustees and Variation

• Resulting and constructive trusts: trusts arising by operation of law (Chapters 8 and 9).
• Informal arrangements relating to property: Chapter 10.
• Dispositive powers and duties; fiduciary liability: the trustee's responsibilities in Chapters 14 and 15.
• Variation of trusts: Chapter 16.

Part 8: Breach of Trust and Fiduciary Duty

• Personal and proprietary claims: the two kinds of remedy in Chapters 18 and 19.
• Knowing receipt and third-party liability: the subject of Chapter 20 and a point of renewed attention in the new edition.

Critical Analysis

Strengths

• Doctrine with commentary. The publisher presents the book as combining clear statements of doctrine with commentary that places leading decisions in their wider settings. This suits students who are asked both to apply the law and to discuss it.
• A clear eight-part structure. The parts move from equity and the trust through creation, purposes, imposed trusts, beneficiaries, trustees and variation to remedies for breach, so each part answers a distinct question.
• Thoroughly revised. The sixth edition is described as substantially rewritten, with a new section on abuse of the trust, reworked fiduciary duties and liability, and rewritten treatment of personal remedies and third-party liability, citing authorities as recent as 2025.
• Attention to commercial context. The description refers to equity's contemporary commercial relevance, and the contents give fiduciary liability and third-party liability chapters of their own.

Limitations

• Length. At about 800 pages, it is a substantial text for one course, though the part structure helps in choosing what to read.
• Few learning aids are named. The publisher's description does not mention end-of-chapter questions, self-test material or online resources, so students who want practice questions will need to find them elsewhere.
• Heavily revised. Because so many chapters have been rewritten, readers who have used an earlier edition should not assume that its chapters match this one.

Where It Fits in the Course

Virgo's book is a main textbook in this equity and trusts list, and a compact one by comparison with the longest single-author text. Watt's Equity and Trusts Law Directions is written for students meeting the subject for the first time and is the better starting point if the subject is unfamiliar. Hudson's Equity and Trusts is a longer single-author text of twenty-seven chapters, including six essay chapters and sections on injunctions and on international trusts, and is the choice for readers who want more breadth and argument. Penner's The Law of Trusts is a concise Core Text that pays sustained attention to conceptual controversies and can be used alongside Virgo's book for discussion.

Snell's Equity and Hanbury and Martin: Modern Equity are long-established treatises for looking up detailed authority and academic debate. They suit essay research and advanced study, not a first reading.

How to Use This Book

The publisher presents the book for students who want a contextual, critically engaged account of equity and trusts. The publisher's description does not state prerequisites. It suits a course on equity and trusts for which a student wants both the doctrine and the discussion around it.

A practical plan:

• Core: Parts 1 and 2 (Chapters 1–5) for the concepts and creation of trusts, Part 4 (Chapters 8–10) on resulting and constructive trusts, and Part 6 (Chapters 12–15) on trustees. These are the foundations for the later parts.
• Remedies: Part 8 (Chapters 17–20) is best read after trustees' duties, because the remedies build on the duties that have been breached.
• Optional or by syllabus: Part 3 on purpose trusts, Part 5 on beneficiaries and Part 7 on variation can be read when the course reaches them. The glossary near the end is useful for checking terms.
• Practice: use the new authorities named by the publisher (Byers v Saudi National Bank and D'Aloia v Persons Unknown, and the Property (Digital Assets etc.) Act 2025) as current reading, and bring problem questions from the course to test each part.