Trust Money - Law Dictionary Search Results
Home Dictionary Name: trust moneyTrust-money
Trust-money, the subject matter of the trust is called 'trust property or' trust money'. [Trust Act, 1882 (2 of 1882), s. 3]...
Conversion, equitable
Conversion, equitable. It is an established principle that money directed to be employed in the purchase of realty, and realty directed to be sold and turned into money, are considered inequity as that species of property into which they are directed to be converted; and this, in whatever manner the direction is given; whether by will, or contract, marriage articles, settlement, or otherwise; and whether the money is actually deposited, or only covenanted to be paid, or whether the land is actually conveyed, or only agreed to be conveyed, Fletcher v. Ashburner, (1779) 1 Bro CC 497; 1 W&TLC. This principle is governed by the doctrine of equity, that that which ought to be done shall be deemed as actually done.The property thus equitably transmuted by anticipation will possess all the qualities, incidents, and peculiarities of that kind of property into which it is destined to be changed. See 3 & 4 Wm. 4, c. 74, s. 71.But the beneficiary, or all the beneficiaries together, provided they ...
Appointment of new trustees
Appointment of new trustees, See TRUSTEES. It was formerly necessary to inset a full power in instruments creating a trust providing a succession of trustees and nominating the person or persons by whom the power was to be exercised and specifying the various contingencies, as death, resignation, incapacity, etc., of the trustee, in which the power was to arise; otherwise application had to be made to the Court of Chancery. Latterly, however, a power for this purpose has been supplied by various Acts of Parliament, the statute at present in force being the (English) Trustee Act, 1925, ss. 36 and 37 replacing and extending the 10th section of the (English) Trustee Act, 1893 (56 & 57 Vict. c. 53), and s. 36 of the (English) Act of 1925 also provides for the appointment of additional trustees. S. 40 provides for the vesting of the trust property in the new trustees by a declaration in the deed of appointment or, deeds of appointment executed after 1925, no express vesting declaration appe...
Trust-property
Trust-property, the subject matter of the trust is called 'trust property or' 'trust money'. [Trusts Act, 1882 (2 of 1882), s. 3]...
Reservoirs
Reservoirs. As to construction of reservoirs, see (English) Waterworks Clauses Acts, 1847 (10 & 11 Vict. c. 17) and 1863 (26 & 27 Vict. c. 93), and the (English) Reservoirs Safety Provisions Act, 1930 (20 & 21 Geo. 5, c. 51). For powers and procedure of local authorities to construct, lease or purchase reservoirs, see (English) Public Health Act, 1936, ss. 116-123, subject to the conditions imposed by the Acts. The (English) Limited Owners Reservoirs and Water Supply Further Facilities Act, 1877 (40 & 41 Vict. c. 31), gives limited owners power to form reservoirs and to charge their estates with the expense. Reservoirs are among the 'improvements' which may be made with capital trust money under the (English) Settled Land Act, 1882; see s. 25 (xiii.); now under the (English) Settled Land Act, 1925, s. 83, and 3rd Sch., Part I....
purchase money resulting trust
purchase money resulting trust see trust ...
Money land
Money land. In equity, land articled or devised to be sold, and turned into money, is considered as money, and money articled or bequeathed to be invested in land, has, inequity, many of the qualities of real estate, and is descendible and devisable as such according to the rules of inheritance in other cases, and this upon the ground that equity regards substance and not form, and will further the intention of parties.By s. 75(5), (English) Settled Land Act, 1925, replacing Settled Land Act, 1882, s. 26 (5), capital money arising under that Act while remaining uninvested or unapplied and investments hereof are for all purposes of disposition, transmission and devolution to be treated as land and shall be held for and go to the same persons successively in the same manner and for and on the same estates, interests and trusts as the land wherefrom the money arises would, if not disposed of, have been held and have gone under the settlement, and see s. 78 (ibid.), as to personal estate s...
Embezzle
To appropriate fraudulently to ones own use as property intrusted to ones care to apply to ones private uses by a breach of trust as to embezzle money held in trust...
Hereditaments
Hereditaments, every kind of property that can be inherited; i.e., not only property which a person has by descent from his ancestors, but also that which he has by purchase, because his heir can inherit it from him. The two kinds of hereditaments are corporeal, which are tangible (in fact, they mean the same thing as land), and incorporeal, which are not tangible, and are the rights and profits annexed to, or issuing out of, land. It includes money held in trust to be laid out in land [Re Gosselin, (1906) 1 Ch 120].Any property that can be inherited; anything that passes by intestacy, Black's Law Dictionary, 7th Edn., p. 730.The enumeration of incorporeal hereditaments in Hale's Analysis (p. 48) is the following:-Rents, services, tithes, commons, and other profits in alieno solo, pensions, offices, franchises, liberties, villains, dignities. But Blackstone enumerates ten principal kinds:-Advowsons, tithes, commons, ways, offices, dignities, franchises, corodies or pensions, annuities,...
embezzled
taken for ones own use in violation of a trust of money as the banker absconded with embezzled payroll the embezzled funds amounted to millions of dollars...
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