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II. FROM CONVEYANCE TO MANAGEMENT: THE HISTORICAL TRANSFORMATION OF THE TRUST  632 A. The Early Trust as a Means of Conveyance  632 B. Why Early Trust Law De-emphasized Contract  634 1. Failings of Covenant  634 2. Hostility to Assignment  635 3. The Role of Procedure  635 4. Tracking the Common Law Estates  636 5. Testamentary Trusts  636 C. The Appearance of the Management Trust  637 1. Financial Assets  638 2. Institutional Trusteeship  638 3. Safeguard: From Disempowerment to Fiduciary Obligation  640

The Contractarian Basis of the Law of Trusts