Trust Property - Law Dictionary Search Results
Home Dictionary Name: trust property Page: 2 Page 2 of about 105 results (0.004 seconds)Public trustee
Public trustee. The office of Public Trustee was established by the (English) Public Trustee Act, 1906, which came into force on 1st January, 1908. The Public Trustee is a corporation sole, and may if he thinks fit act in the administration of estates of deceased persons if under one thousand pounds; act as custodian trustee [see that title, and Re Cherry's Trusts, (1914) 1 Ch 83]; act as an ordinary trustee; be appointed to be a judicial trustee (see that title); be appointed administrator of the property of a convict under the Forfeiture Act, 1870; and he may also be appointed an executor and obtain a grant of probate (s. 5). He may be appointed a trustee whether the trust instrument came into operation before or after the Act, and either as an original or a new trustee, or as an additional trustee, in the same cases and manner and by the same persons or Court as if he were a private trustee, with this addition--that he may be appointed sole trustee although the trustees originally a...
deed
deed 1 : something done : act [my free act and ] 2 : a written instrument by which a person transfers ownership of real property to another see also deliver, grantee, grantor, recording act, registry, title compare certificate of title NOTE: A deed must be properly executed and delivered in order to be effective. Additionally, the grantor must have freely intended to make the transfer at the time of the conveyance. Deeds are recorded at the local registry of deeds to give notice of ownership. bargain and sale deed 1 : a contract resulting from a bargain between a buyer and a seller of real property that creates a use in the buyer and therefore transfers title to the buyer by operation of law 2 : a deed in which the grantor makes no warranties of title to the grantee deed of trust : an instrument securing a debt in which a debtor conveys the legal ownership of real property to a trustee to be held in trust for the benefit of the creditor or to be sold upon the debtor's defaul...
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....
Statutory trusts
Statutory trusts. for the purposes of the (English) Law of Property Act, 1925, land held upon 'statutory trusts' shall be held upon trust for sale and to stand possessed of the net proceeds of sale after payment of costs and net rents and profits until sale subject to rates, taxes, and cost of insurance, repairs, and other outgoings, upon trust for the persons entitled under the settlement, including incumbrancers of former undivided shares, or not secured by a legal mortgage, and where an undivided share was subject to a settlement and the settlement remains subsisting in respect of other property and the trustees of the settlement are not the same persons as the trustees for sale the settled portion of the proceeds of sale is to be handed over to the settlement trustees as capital money under the (English) Settled Land Act, 1925 (s. 35 of the Law of Property Act, 1925). By s. 25, (English) L.P. Act, 1925, the trustees have power to postpone the sale unless a contrary direction appear...
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...
Abstract of title
Abstract of title. A concise statement, usually prepared for a mortgagee or purchaser of real property, summarising the history of a piece of land including all conveyances interests, lines & encumbrances that reflect title to property, Black's Law Dictionary, 7th Edn., an epitome of the evidence of title to property or power to deal with it.Every purchaser of land or real estate has an implied right to have an abstract of title delivered to him within a reasonable time, Compton v. Bagley, (1892) 1 Ch 313. As to registered land, see the Land Registration Act, 1925, s. 110, and Brickdale and Stewart-Wallace on the Land Registration Act, 1925.An abstract is said to be perfect if it deduces the title from the date fixed by the contract or by statute for its commencement and discloses every incumbrance affecting it, by setting out the material parts of all deeds, wills and other documents, and stating the facts on which it depends: fc. 1 Pres. 42, 207. The statutory period is thirty years,...
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...
owner
owner : one with an interest in and often dominion over property: as a : legal owner in this entry b : one with the right to exclusive use, control, or possession of property c : a purchaser under a contract for the sale of real property see also equitable owner in this entry beneficial owner 1 : one holding a beneficial interest in a trust compare beneficial interest at interest 2 : one enjoying the benefit of property of which another is the legal owner [was the beneficial owner of property held by the parent corporation] 3 : one who has or shares the power to control the voting or investment of stock [was considered the beneficial owner of stock held by her minor children] equitable owner : one (as a beneficiary of a trust) who is considered to have rights or obligations of an owner regardless of legal title on the ground of equity [do not have legal title but, upon execution of the contract, they became equitable owners and have power to sue to protect their land "Desse...
declaration
declaration 1 : the act of declaring [ of dividends] [ of war] 2 a : the first pleading in a common-law action compare complaint, indictment b : a statement usually not under oath made by a party to a legal transaction [the attorney must later sign an affidavit or stating that he has informed the debtor "J. H. Williamson"] c : a statement not under oath being offered as evidence declaration against interest : a statement made by someone unavailable as a witness that is against that person's own interests (as pecuniary or property interests) or may subject that person to liability compare admission, confession, self-incrimination NOTE: A declaration against interest is an exception to the hearsay rule. A statement that is offered to clear the accused is not admissible without corroborating circumstances under the Federal Rules of Evidence. dy·ing declaration : a statement that is made by a person who firmly believes that he or she is about to die and has no hope of recove...
Trust-money
Trust-money, the subject matter of the trust is called 'trust property or' trust money'. [Trust Act, 1882 (2 of 1882), s. 3]...
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