A trusteeship’s power and endurance derives from its status as a moral relationship. It’s never been merely defined by law. Indeed, trusts had to surmount the common law even to exist.1 They emerged from the equity tradition in the English Chancery and trace back to emanations from the Chancellor’s conscience. The challenge today is that, in its own way, the law has had its revenge.2 There have never been so many trusts and so many assets held in trust. Yet the ...

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