In Phillips v Phillips, Lord Westbury stated that, against a bona fide purchaser faced with an “equity” to rescind, “the Court will not interfere”. This has been interpreted to mean that purchasers of even an equitable interest shall take free of prior equities. Yet the distinction between “equities” and equitable interests has been, and remains, uncertain; some have therefore questioned the intent behind Phillips. This paper shall elucidate Lord Westbury's intentions within their historical context and argues that Phillips offers a coherent, functional explanation of both: (1) the protection given to equity's darling; and (2) how that protection was effected.
