Execution Trusts - Law Dictionary Search Results
Home Dictionary Name: execution trustsExecuted trust
Executed trust, When an estate is conveyed to the use of A. and his heirs, with a simple declaration of trust for B. and his heirs, or the heirs of his body, the trust is perfect; and it is said to be executed, because no further act is necessary to be done by the trustee to raise and give effect to it; because there is no ground for the interference of a Court of Equity to affix a meaning to the words declaratory of the trust which they do not legally import, 1 Sand. Uses and Trusts, 335 and see EQUITABLE ESTATE.As all trusts are executory in this sense, that the trustee is bound to dispose of the estate according to the tenure of his trust, it would be more accurate to substitute the terms 'passive' or 'active' for executed and executory trusts....
executed trust
executed trust see trust ...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Imperfect trust
Imperfect trust, an executory trust, which has not been sufficiently declared or constituted, some-thing remaining to be done to perfect it, will not be enforced inequity if it is purely voluntary; see CONSIDERATION and Re Pryce, Neville v. Pryce, (1916) 86 LJ Ch 383; and see EXECUTED TRUST....
Trust
Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...
Charitable uses and trusts
Charitable uses and trusts. 9 Geo. 2, c. 26, commonly called 'The Mortmain Act,' 1735, after reciting that ifts or alienations of land in mortmain (see MORTMAIN) were prohibited by Magna Charta and other whole-some laws as prejudicial to the common utility, and that such public mischief had greatly increased by many large and improvident dispositions, made by languishing or dying persons to charitable uses, to take place after their deaths to the disherison of their lawful heirs, enacted that no lands or other hereditaments whatsoever, nor money, or personal estate to be laid out in land should be given to any person or bodies corporate, or charged by any person in trust, for any charitable uses, unless such gift, etc., should be made by deed (thus entirely excluding gifts by will) executed twelve months before the death of the donor and be enrolled in the court of Chancery within six calendar months after execution, and be without any power of revocation for the benefit of the donor.T...
Special trust
Special trust, where the machinery of a trust is introduced for the execution of some purpose particularly pointed out, and the trustee is not a mere passive depositary of the estate, but is called upon to exert himself actively in the execution of the settlor's intention; as where a conveyance is made to trustees upon trust to sell for payment of debts. See USES....
Resulting trust
Resulting trust, a trust created by operation of law. Resulting trusts are of two kinds: (1) Where an owner of property makes a disposition of the legal estate and there is nothing to show that he meant to deal with the equitable interest, but by s. 60 of the Law of Property Act, provides that in a voluntary conveyance executed after 1925, a resulting trust for the grantor will not be implied merely because the property is not expressed to be conveyed for the benefit of the grantee; (2) where a purchaser of property takes the conveyance not in his own name but in that of some one else. In either of these cases the law creates a 'resulting trust'-in the former case, in favour of the owner of the legal estate; in the latter, in favour of the purchaser, i.e., the man who paid the purchase money. See Lewin on Trusts....
Executory trusts
Executory trusts. In the case of articles of agreement, made in contemplation of marriage, and which are consequently preparatory to a settlement, and in the case of those wills which are merely directory of a subsequent conveyance, the trusts declared by them are said to be executory or imperfect, because they require an ulterior act to raise and perfect them. They are rather considered as instructions for settlements than as instruments in themselves complete; and therefore Equity, in order to promote the presumed views of the parties in the one case and to support the manifest intention of the testator in the other, will attach to the words expressive of the trusts a more liberal and enlarged construction than they would admit if applied either to the limitation of a legal estate or a trust executed, 1 Sand. Uses and Trusts, 237, Lord Glenorchy v. Bosville, (1733) Cas Temp Talb 3; 1 W&TLC....
Simple trust
Simple trust: where property is vested in one person upon trust for another, and the nature of the trust, not being qualified by the settlor, is left to the construction of law. In this case the cestui que trust has jushabendi, or the right to be put into actual possession of the property, Jusdisponendi, or the right to call upon the trustee to execute conveyances of the legal estate as the cestui que trust directs. See BARE TRUSTEE and Law of Property Act, 1925, s. 3 (3), and Settled Land Act, 1925, s. 7 (5), enabling a person entitled to a legal estate to have it conveyed to him, and also L.P. Act, 1925, 1st Sch., Part II., par. (3), as amended by the L.P. (Amendment) Act, 1926, vesting the estate existing on 1st January, 1926, in the beneficial owner by force of the statute....
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