Abstract
Abstract Trusts evolved over time in a process of cyclical development. Legal drafters have repeatedly devised new versions of existing forms to achieve their clients’ objectives. Legislatures and courts have then recognised, or rejected, the legal validity of these innovations. Their responses prompt further innovatory moves by drafters, and so the rules governing validity and drafting practices have developed hand in hand. There is nothing new about the way commercial parties have put trust structures to new uses. Opposing their innovations on the ground that these depart from trust law ‘orthodoxy’ is to misunderstand the true orthodoxy of trusts law.
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