14 Pages

as notedelsewhere thiscollection,

Controversy and confusion surround the doctrinal basis of secret and semisecret trusts. It is desirable to begin with a basic outline of the features of secret and semi-secret trusts in order to have a context in which to examine the concept of 'personal' or equitable fraud! the principle upon which! according to the orthodoxy, their features are based. It is convenient to examine the characteristics of fully secret trusts first and then to look separately at the characteristics of semi-secret trusts.