Trust - Law Dictionary Search Results
Home Dictionary Name: trust Page: 2Simple trust
Simple trust: where property is vested in one person upon trust for another, and the nature of the trust, not being qualified by the settlor, is left to the construction of law. In this case the cestui que trust has jushabendi, or the right to be put into actual possession of the property, Jusdisponendi, or the right to call upon the trustee to execute conveyances of the legal estate as the cestui que trust directs. See BARE TRUSTEE and Law of Property Act, 1925, s. 3 (3), and Settled Land Act, 1925, s. 7 (5), enabling a person entitled to a legal estate to have it conveyed to him, and also L.P. Act, 1925, 1st Sch., Part II., par. (3), as amended by the L.P. (Amendment) Act, 1926, vesting the estate existing on 1st January, 1926, in the beneficial owner by force of the statute....
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]...
Executory trusts
Executory trusts. In the case of articles of agreement, made in contemplation of marriage, and which are consequently preparatory to a settlement, and in the case of those wills which are merely directory of a subsequent conveyance, the trusts declared by them are said to be executory or imperfect, because they require an ulterior act to raise and perfect them. They are rather considered as instructions for settlements than as instruments in themselves complete; and therefore Equity, in order to promote the presumed views of the parties in the one case and to support the manifest intention of the testator in the other, will attach to the words expressive of the trusts a more liberal and enlarged construction than they would admit if applied either to the limitation of a legal estate or a trust executed, 1 Sand. Uses and Trusts, 237, Lord Glenorchy v. Bosville, (1733) Cas Temp Talb 3; 1 W&TLC....
trust receipt
trust receipt : a trust agreement between a lender and a borrower by which the lender gives up possession of goods without abandoning title and the borrower agrees to hold the goods in trust for the lender and if the goods are sold to turn the proceeds over to the lender in settlement of the debt NOTE: The Article Nine security interest replaces the trust receipt where the Uniform Commercial Code has been adopted. ...
Religious trust
Religious trust, 'religious trust' means any express or constructive trust created or existing for any purpose recognised by Hindu Law to be religious, pious or charitable, but shall not include a trust created according to the Sikh religion or purely for the benefit of the Sikh community and a private endowment created for the worship of a family idol in which the public are not interested, Mahant Ram Saroop Dasji v. S.P.Sahi, AIR 1959 SC 951 (954): (1959) Supp 2 SCR 583. [Bihar Hindu Religous Trusts Act, 1951, s. 2(1)]...
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....
Trust Funds
Trust Funds. In addition to the securities mentioned in the instrument creating the trust, trustees may invest trust funds in securities specified in the Trustee Act, 1925, unless expressly forbidden by the trust deed. The effect of the Trusts (Scotland) Act, 1921, on Scots trusts should be noted. With regard to funds in Court, see R.S.C., Ord. XXII., r. 17, and County Courts Act, 1934, ss. 52 (3), 158...
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]...
Charitable trust
Charitable trust, A charitable trust can either be created by a grant for an express purpose or a grant having been made in favour of an individual or a class of individuals, that individual or that class of individuals might, after obtaining the grant, create a charitable trust, Bihar State Board Religious Trust, Patna v. Mahanth Sri Biseshwar Das, (1971) 1 SCC 574: (1971) 3 SCR 680: AIR 1971 SC 2057....
trust instrument
trust instrument : a document (as a formal declaration of trust or trust agreement) embodying the creation and provision of a trust ...
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