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 The Green Bag

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right, the holder of it the basis right

holder, and the person having the claim the equitable claimant. The words “trust,” “trustee” and "cestui quetrust” should be reserved for a special class of equities.

All trusts are equities, but

not all equities are trusts. The rules relating to equities in

would have to be cut up, and their separate parts discussed invarious places. For practical convenience it might be

better to have a fourth subdivision of Part Second, and treat each of those

subjects here in its entirety. Commercial Law would be a nearly appropriate heading for such a subdivision.

general should be ﬁrst stated, then those relating specially to trusts and to par

PART THIRD

ticular kinds of equities and of trusts. WRONGS

All equities are rights in personam, availing only inter partes, though in

certain cases a successor to the basis right holder may take right subject to the equity. This applies even to those equities that are called equitable property, which should be discussed here. Equities are either obligations, where the basis right holder has corresponding duties, or equitable liens, where there is no corresponding duty, though the lien may have been given to secure the

1.

Wrongs in General.

The duties

and rights whose violations make up wrongs, which constitute the greater part of what is now called the law of torts, will have been discussed in the

preceding parts.

Here should fall such

matters as the following: deﬁnition of wrong; necessity of both a breach of duty and a violation of right; when a wrong is complete; necessity that con

sequences should be actual and proxi mate;

correspondence of duties and

performance of some collateral duty. An equitable obligation differs from a legal one in being not only a personal claim against the obligor but also a claim on a speciﬁc basis right. An equity, however, is not directly 9. claim on a thing, like a legal property right, but on the right of which the thing is

rights (what duties correspond in gene-re to each right will have been shown under Duties, but the rules as to the

the subject and on the thing.

the consolidation of wrongs, in what

IV.

so

only

indirectly

necessity of correspondence, and as to correspondence in specie, fall here); the

identity of wrongs, whether a given group of conduct and consequences make one wrong or more than one; cases several distinct wrongs can for

There are certain subjects, such

the purpose of an action be consolidated

as agency, partnership, negotiable in

and treated as one, which

struments, insurance, shipping, carriers,

may and even sometimes must be done; the place of wrongs, where a wrong is deemed to have been committed. Torts. Our law has divided wrongs which are cognizable in courts of law

etc., which include matters that belong

in various places in an arrangement of the law. Sometimes there are peculiar juristic acts to be considered, sometimes

peculiar obligations, sometimes rights in rem and corresponding duties, some

sometimes

into torts and breaches of contract.

rules of responsibility for others’ con

If the ﬁction of implied or quasi con tracts is abandoned, that division is not exhaustive. The distinction between

duct.

If a rigidly theoretical arrange

torts and other wrongs is not based on

ment

were

any clear principle.

times special kinds of things or special

followed,

those

subjects

It grew out of the