ABSTRACT
At law, the feoffee was regarded as the absolute owner of the property and liable to the incidents of tenure, that is, the common law did not recognise the interest of the cestui que trust. But in Chancery, the feoffee was compelled to carry out their obligations created by the use, that is, to recognise the interest and act for the benefit of the cestui que trust. Moreover, the Chancery developed the rule that any third parties who took the land from the feoffee with knowledge of the existence of the use, was bound by the use. Hence the rule which subsists today that the use (or trust) is valid against the world except a bona fide transferee of the legal estate for value without notice.
