Land Trust - Law Dictionary Search Results
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Land trust certificate
Land trust certificate, means an instrument granting the holder a share of the benefits of property ownership while the trustee retains legal title, Black's Law Dictionary, 7th Edn., p. 884....
Equitable estates and interests
Equitable estates and interests, Rights relating to property of which the legal ownership is vested in another person, or in the equitable owner himself in another capacity. The rights arise whenever a person obtains a title to have the property or an estate or interest in it vested in himself, e.g., by contract or by any conveyance or assignment which does not by law transfer or vest the legal estate or ownership in the transferee, by mortgage or charge, and whenever a trust arises, either express, constructive, implied or by operation of law. In theory the legal owner alone was entitled, both in law and equity, to the property, and he alone was responsible for the obligations and incidents attaching to the property, the beneficial owner merely having a personal right inequity to force the legal owner to carry out his obligation or trust, but the rights and obligations of beneficial ownership became recognized and affected by statute. The Statute of Uses turned the beneficial right or...
Trust instrument
Trust instrument. Under the (English) Settled Land Act, 1925, s. 117 (1) (xxxi.) and s. 9, includes in relation to settled land, any instruments whereby the trusts of the settled land are declared other than a vesting instrument or vesting conveyance. By s. 4 (ibid.), the trust instrument constituting a settlement must, if made after 1925:(a) declare the trusts affecting the settled land;(b) appoint or constitute trustees of the settlement;(c) contain the power (if any) to appoint new trustees;(d) set out any intended addition to or enlargement of the statutory powers;(e) bear the proper ad valorem stamp which may be payable by virtue of the vesting deed or otherwise in respect of the settlement.And see also s. 9 as to settlements or instruments which are to be deemed to be trust instruments for the purposes of the Act, although not complying in form with the above-mentioned requirements.A purchaser for value in good faith is not affected by the contents of the trust instrument and is ...
Vesting instrument
Vesting instrument, a deed, order of Court, or assent, constituting the evidence under the (English) Settled Land Act, 1925, of the title of a tenant for life or statutory owner to the legal estate in settled property as estate owner thereof. This evidence is essential for the settlement of a legal estate in land otherwise than by way of trust for sale (Settled Land Act, 1925, s. 4). The trusts are (after 1925) to be declared by a separate instrument called the Trust Instrument (see that title). Sec. 5 of the Act provides that the principal vesting deed must state:(a) a description of the settled land;(b) that the settled land is vested in the person or persons to or in whom it is conveyed or declared to be vested upon the trusts from time to time affecting the settled land;(c) the names of the trustees of the settlement;(d) any powers which are additional or larger than the statutory powers and are exercisable as statutory powers under the Act;(e) the name of the person entitled under...
Use
Use, connotes that the traveling or stationary vehicle at the time when it becames the subject-matters of a delictum was at the place where it is found in the course of its user in accordance with the permit granted to it, TV Moidu (in re:), AIR 1960 Mad 265.Use, in application of law is the profit or benefit of lands and tenement, or a trust and confidence reposed in a man for the holdings of lands, that he to whose use the trust is made shall take the profits thereof, Tomlins.Use, in relation to narcotic drugs and psychotropic substances, means any kind of use except personal consumption. [Narcotic Drugs and Psychotropic Substances Act, 1985 (61 of 1985), s. 2 (xxviiia)]Meaning of the word 'use' in the Oxford Dictionary some of which are as follows: 'To make use of as a means or instrument; To employ for a profitable end;' Automotive Manufacturers (P) Ltd. v. Govern-ment of Andhra Pradesh, AIR 1972 SC 229 (231): (1972) 1 SCC 125: (1972) 2 SCR 593.1. The application or employment of s...
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...
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