Promises to Assign or Create a Trust

Abstract This chapter explores promises to assign or create a trust, highlighting the differences between common law and equity. At common law, a promise to assign a chose has no proprietary effect and results only in damages, while equity enforces the promise, treating the transfer as completed from the outset, as demonstrated in Walsh v Lonsdale. The chapter examines the doctrine of conversion, including the need for specific performance and the definition of valuable consideration. It also delves into promises to create trusts, discussing how equity can enforce them, even if the legal requirements for trust creation are not fulfilled. Finally, the chapter concludes by addressing the application of private international law, referencing the Rome Convention and the Hague 2005 Convention.