Nominee Trust - Law Dictionary Search Results

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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...

Presentation

Presentation, the offering by the patron of a benefice to the ordinary of a person to be instituted to the benefice. It must be in writing (29 Car. 2, c. 3), and is in the nature of letters-missive to the ordinary.The sovereign, as protector ecclesi', is the patron paramount of all benefices which do not belong to other patrons, and usually presents by letters-patent (26 Hen. 8, c. 1; 1 Eliz. c. 1).As to other patrons, the right of presentation is sometimes confounded with that of nomination; but presentation is the offering a person to the bishop, while nomination is the offering such a person to the patron. These two rights may co-exist in different persons; thus where an advowson is vested in trustees or mortgagees they have the right of presentation, while the right of nomination is in the cestui que trust, or mortgagors, but the trustees or the mortgagee must judge of the qualification of the nominee, Mirehouse on Advowsons, 136.A bishop has, by Canon 95 (which abridged the period...

At his own Cost, 'at its Cost'

At his own Cost, 'at its Cost', the words 'at his own cost' refer to the licensee, whereas in the case of his nominee being either an institution or a person, as the case may be, the words 'at its cost' have been used. The expression 'at his own cost' and 'at its cost' must be held to have separate and distinct meaning. They are not meant to aim at the same person, DLF Qutab Enclave Complex Educational Charitable Trust v. State of Haryana, (2003) 5 SCC 622 (636). [Haryana Development and Regulations of Urban Areas, 1975 (8 of 1975)]...

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