Executory Trusts - Law Dictionary Search Results
Home Dictionary Name: executory trustsExecutory 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....
executory trust
executory trust see trust ...
Executed 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....
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...
Passive trust
Passive trust, a trust as to which the trustee has no active duty to perform. Passive uses were resorted to before the Statute of Uses, in order to escape from the trammels and hardships of the Common Law, the permanent division of property into legal and equitable interests being clearly an invention to lessen the force of some pre-existing law. For similar reasons equitable interests were after the statute revived under the form of trusts. as such, they continued to flourish, notwithstanding the singular amelioration effected at a later period in the law of tenure, because the legal ownership was attended with some peculiar inconveniences. For, in order to guard against the forfeiture of a legal estate for life passive trusts, by settlements, were resorted to, and hence, trusts to preserve contingent remainders; and passive trusts were created in order to prevent dower.Where an active trust was created, without defining the quantity of the estate to be taken by the trustee, the court...
Executory devise
Executory devise. Mr. Fearne (Cont. Rem. 386) defines an executory devise to be, strictly, such a limitation of a future estate or interest in lands or chattels (though, in the case of chattels personal, it is more properly an executory bequest) as the law admits in the case of a will, though contrary to the rules of limitation in conveyances at Common Law. It is only an indulgence allowed to a man's last will and testament, where otherwise the words of the will would be void; for wherever a future interest is so limited by devise as to operate as a contingent remainder, such an interest is not an executory devise, but a contingent remainder.Executory Devises have been divided into three kinds, two relative to real, and the third to personal estate only, viz.:-(1) Where a testator devises his whole fee-simple, but upon some contingency qualifies such devise, and limits an estate on the contingency; e.g., a devise of land to the testator's wife for life, remainder to C., his second son ...
Executory limitation
Executory limitation. A limitation of a future interest by deed or will; if by will, it is also called an executory devise. The (English) Conveyancing Act, 1882 (45 & 46 Vict. c. 39), s. 10, restricted executory limitations of land contained in an instrument coming into operation after 1st January, 1883, by the enactment:'Where there is a person entitled to land for an estate in fee, or for a term of years absolute or determinable on life, or for term of life, with an executory limitation over on default or failure of all or any of his issue whether within or at any specified period of time or not, that executory limitation shall be or become void and incapable of taking effect, if and as soon as there is living any issue who has attained the age of 21 years, of the class on default or failure whereof the limitation over was to take effect.' See Re Booth, (1900) 1 Ch 768; Re Shrubb, 1910 WN 143.These provisions were re-enacted by s. 134 of the (English) Land Charges Act, 1925, and exte...
executory limitation
executory limitation : a limitation that creates an executory interest [a fee simple subject to an executory limitation] see also executory interest at interest ...
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