“From very early days down to the present time the essential nature of trusts and other equitable interests has formed a favorite subject for analysis and disputation.”1 Hohfeld’s opening observation might have been written yesterday. Indeed, the liveliness of academic interest in the subject over the first two decades of this century2 parallels that of the first two decades of the last:3 Modern thinkers retain a “peculiar fascination”4 for the subject. This chapter aims to show why, and how, Hohfeld’s work is relevant to this contemporary debate; it also demonstrates why the subject is worth arguing about. In doing so, the chapter makes three main points. Each may also be important when considering the wider importance of Hohfeld’s work.