This Practice Note was originally drafted by Christopher Kerr-Smiley, Legal Director at Womble Bond Dickinson, but is now maintained by Lexis+® UK Private Client. Trusts are commonly used by private individuals as a way to hold assets, generally in order to preserve and protect those assets for the benefit of others, usually family members, but sometimes for their own benefit as well. Commercial lawyers will often come across trusts in this context, where one or more parties to a transaction on which they are advising are holding assets in a trustee capacity. However, the use of the legal relationship which is created by a trust extends far beyond the family situation. Trusts are found in many different commercial contexts, such as pension trusts, employee benefit trusts and unit trusts. They are also used in lending transactions, eg syndicated loans, and many smaller charities operate through a trust structure. See Practice Note: Commercial uses of trusts. The issue of the extent to which traditional equitable principles apply in commercial contracts was considered in