Trust Property - Law Dictionary Search Results
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Trust property, the expression 'trust property' in s. 2(p) means the property appertaining to a religious trust, Mahant Ram Saroop Dasji v. S.P. Sahi, Special Officer-in-Charge of the Hindu Religious Trusts, AIR 1959 SC 951 (954): 1959 Supp (2) SCR 583....
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]...
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...
Personal property
Personal property, money, goods, cattle, chattels, stocks, shares, securities, debts, etc., and also leases for years, however long. Personal property is either in possession, or in action, where a man has not the actual occupation of the thing, but only a right to it arising upon some contract, and recoverable by an action at law.Any person may assign personal property, including chattels real, directly to himself and another person or other persons or corporation, by the like means as he might assign the same to another, Law of Property Amendment Act, 1859, s. 21.This was extended by the (English) Emergency Act, 1881, to conveyances of freehold land or choses in action by a husband to a wife or e contra. Now, by the (English) Law of Property Act, 1925, s. 72, a person may convey real or personal property to himself alone.In the case of real property there can be no such thing as an absolute ownership in the subject-matter, i.e., land; the utmost that any one, even an owner in fee sim...
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...
Marriage settlement
Marriage settlement, an arrangement made before marriage, and in consideration of it (the highest consideration known to the law), whereby real or personal property is settled for the benefit of the husband and wife and the issue of the marriage. There is an express saving for such a settlement in s. 19 of the (English) Married Women's Property Act, 1882, and see the (English) Married Women's Property Act, 1907 (7 Edw. 7, c. 1), invalidating a settlement made by a female infant unless confirmed after attaining 21, but without prejudice to settlements under the Infants Settlement Act, 1855 (see post, MARRIED WOMEN'S PROPERTY).Although the policy of the land legislation of 1924 was to assimilate the law of real property to that of personalty as far as possible, marriage settlements of land (not being effected by way of trust for sale), and if providing for infant or for a succession of interests in land or charging land (but in this case subject to the (English) Law of Property Amendment...
Trustee
Trustee, is the legal owner of the property the actual owner thereof having lost title thereto by the creation of a trust. The equitable ownership in the trust property vests in the beneficiaries. The trust is thus an incidence of dual ownership in which the creator of the trust no longer figures, Baba Badri Dass v. Dharma, AIR 1982 P&H 255.Means one who, having legal title to property, holds it in trust for the benefit of another and owes a fiduciary duty to that beneficiary, Black's Law Dictionary, 7th Edn., p. 1519.Trustee, one entrusted with property for the benefit of another, called beneficiary, or cestui que trust. See also PUBLIC TRUSTEE; BREACH OF TRUST.Consult Lewin or Godefroi on Trusts.'Trustee' means any person, by whatever desig-nation known, appointed to administer a religious trust either verbally or by or under any deed or instrument or in accordance with the usage of such trust or by the District Judge or any other competent authority, and includes any person appointe...
Limitation of actions and prosecutions
Limitation of actions and prosecutions. By various statutes, of which the first was 21 Jac. 1, c. 16, the (English) Limitation Act, 1623, and the principal succeeding ones, the Real Property Limitation Act, 1833 (3 & 4 Will. 4, c. 42), the (English) Civil Procedure Act (3 & 4 Will. 4, c. 27) [see Read v. Price, (1909) 2 KB 724], and 37 & 38 Vict. c. 57, the (English) Real Property Limitation Act, 1874, certain periods are fixed within which, upon the principle Interest reipublic' ut sit finis litium, particular actions must be brought or proceedings taken.In the case of simple contract the remedy on the contract is barred, leaving the creditor free to enforce his claims by other means which may be still available, such as enforcing a lien, subsequent acknowledgment by the debtor or appropriation of payments, but not by way of set-off (9 Geo. 4, c. 14, s. 3). In regard to land, the right to it is destroyed after the statutory period and neither re-entry nor acknowledgment after the laps...
Notice
Notice, the making something known to a person of which he was or might be ignorant. Notice is either (1) statutory; (2) actual, which brings the knowledge of a fact directly home to the party; or (3) constructive or implied, which is no more than evidence of facts which raise such a strong presumption of notice that equity will not allow the presumption to be rebutted. [S. 154, I.P.C. and Art. 61(2)(a) const. 56 Indian Evidence Act]Constructive notice may be subdivided into: (a) where the facts of which actual evidence is supplied give rise to a further enquiry which a man exercising ordinary caution would make equity has added constructive notice of the facts, which that inquiry would have elicited; and (b) where there has been a designed abstinence from inquiry for the very purpose of avoiding notice. See CONSTRUCTIVE NOTICE.A purchaser with notice may protect himself by purchasing the title of another bona fide purchaser for a valuable consideration without notice; for, otherwise, ...
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