Implied Trusts - Law Dictionary Search Results
Home Dictionary Name: implied trustsImplied trusts
Implied trusts. an implied trust is one which arises from an equitable construction put upon the facts, conduct, or situation of parties.Implied trusts have been distributed into two classes: (1) those depending upon the presumed intent of the parties, as where property is delivered by one to another to be handed over to a third person, the receiver holds it upon an implied trust in favour of such third person; (2) those not depending upon such intention, but arising by operation of law, in cases of fraud, or notice of an adverse equity.A trust of this kind arises wherever the estate is converted by the trustee from one species of property into another; for if the property, in its original form, were invested with a trust, the cestui que trust's interests cannot be affected by any change of that form: and whether the conversion be in pursuance or in breach of the trustee's duty is immaterial; for an abuse of trust cannot confer any right on the party abusing it, or on those who claim i...
implied trust
implied 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...
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...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
Trust for sale
Trust for sale. Trusts for sale of land were commonly crated in settlements and well-drawn wills. The effect was to convert realty into personalty so that the proceeds devolved upon the beneficiaries as personalty unless they elected to take the property as realty (see CONVERSION), except that upon a lapse of the devise of realty in the testator's lifetime the property resulted to the heir-at-law, Ackroyd v. Smithson, (1780) 1 Bro CC 503. Another and more practical consequence was that the whole estate was vested as a rule in the trustees so that with or without consent of any other person as directed by the donor or testator they could vest the whole estate in a purchaser without his seeing to the application of the purchase money (Trustee Act, 1893, s. 14), and without participation of beneficiaries whose consent was not required, thus providing an expedient, which, together with the Settled Land Acts and other statutes giving analogous powers to mortgagees, personal representatives ...
Declaration of trust
Declaration of trust. To prevent the inconvenience which arose from parol declarations and secret transfers of uses, s. 53 of the (English) Law of Property Act, 1925, reproducing and amending the (English) Statute of Frauds (29 Car. 2, c. 3), ss. 7, 8 and 9, requires that a declaration of trust respecting any land or any interest therein must be manifested and proved by some writing signed by some person who is able to declare such trust, or by his will, and (1) a disposition of an equitable interest or trust, subsisting at the time of the disposition, must be in writing signed by the person disposing of the same or by his agent thereunto lawfully authorized in writing or by will; (2) this section does not affect the creation of resulting, implied or constructive trusts.It appears that this statute does not extend to the declaration or creation of trusts of mere personalty. But in practice, a parol declaration should never be relied on, for the intention to declare a trust should be ir...
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....
Breach of trust
Breach of trust, a violation of duty by a trustee, executor, or other person in a fiduciary position.In some cases a breach of trust may be a comparatively venial offence, arising from the trustee having honestly misconstrued the deed or will creating the trust either as to the persons entitled, or as to his powers of investment of or dealing with the trust property, or having otherwise erred in the discharge of his strict duty; in other cases he may have been guilty of negligence or carelessness involving at least some degree of moral blame; or, in other cases again, he may have committed some gross fraud. But in all these cases alike the trustee is personally responsible at the suit of the beneficiaries for any loss which may have resulted, and the rules of equity on the subject were extremely strict and were enforced with great severity by the Court of Chancery. In later times, however, the Court was not quite so astute in fixing honest trustees with liability for breach of trust as...
Term in gross
Term in gross. A term which would have been attendant on the inheritance if it had been assigned by a purchaser of settled land to a trustee for himself, and while outstanding and not merged it was kept in existence upon an implied trust for the parties entitled according to their estates and interests, Halsb. L.E., title 'Real Property,' etc. See ATTENDANT TERM; OUTSTANDING TERM....
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