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Questions and Answers
Which type of trust does not require a written document?
Which type of trust does not require a written document?
- Resulting trust
- Implied trust (correct)
- Express trust
- Constructive trust
What is the main consequence of classifying a trust as charitable?
What is the main consequence of classifying a trust as charitable?
- Beneficiary rights
- Tax advantages (correct)
- Trustee responsibilities
- Legal requirements
When can a court infer a trust from a person's words and actions?
When can a court infer a trust from a person's words and actions?
- When the person explicitly states their intention to create a trust
- When the person's words and actions are ambiguous (correct)
- When there is a written declaration of trust
- When the court presumes that there is a trust
Which type of trust is fully enforceable in the courts?
Which type of trust is fully enforceable in the courts?
What power may trustees have in relation to potential beneficiaries?
What power may trustees have in relation to potential beneficiaries?
What is the difference between a 'trust in the higher sense' and a 'true trust'?
What is the difference between a 'trust in the higher sense' and a 'true trust'?
Under the Settled Land Act 1925, beneficiaries of settled land were treated as having equitable interests in the land, even if the land was sold and represented by capital money in the hands of the trustees.
Under the Settled Land Act 1925, beneficiaries of settled land were treated as having equitable interests in the land, even if the land was sold and represented by capital money in the hands of the trustees.
The Trusts of Land and Appointment of Trustees Act 1996 made it impossible to create new settlements under the Settled Land Act 1925.
The Trusts of Land and Appointment of Trustees Act 1996 made it impossible to create new settlements under the Settled Land Act 1925.
Land held on charitable, ecclesiastical, or public trusts is deemed to be settled land even if it was not settled land before 1997.
Land held on charitable, ecclesiastical, or public trusts is deemed to be settled land even if it was not settled land before 1997.
The Trusts of Land and Appointment of Trustees Act 1996 subsumed the trust for sale within the definition of a 'trust of land'.
The Trusts of Land and Appointment of Trustees Act 1996 subsumed the trust for sale within the definition of a 'trust of land'.
Which type of trust requires an element of public benefit?
Which type of trust requires an element of public benefit?
According to Jessel MR, what does a bare trustee mean?
According to Jessel MR, what does a bare trustee mean?
What is the definition of a fixed trust?
What is the definition of a fixed trust?
What is the difference between a simple trust and a special trust?
What is the difference between a simple trust and a special trust?
Which type of trust arises where the intention of the settlor to set up a trust is inferred from his words or actions?
Which type of trust arises where the intention of the settlor to set up a trust is inferred from his words or actions?
What is a discretionary trust?
What is a discretionary trust?
What is a resulting trust?
What is a resulting trust?
What is the institutional constructive trust?
What is the institutional constructive trust?
Under what circumstances will a constructive trust be imposed?
Under what circumstances will a constructive trust be imposed?
What is the difference between a substantive constructive trust and a remedial constructive trust?
What is the difference between a substantive constructive trust and a remedial constructive trust?
When can the doctrine of constructive trusts not be used?
When can the doctrine of constructive trusts not be used?
What is the consequence of a trustee making a profit out of his trust?
What is the consequence of a trustee making a profit out of his trust?
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Study Notes
Classification of Trusts and Their Practical Consequences
- Trusts can be classified in different ways, and the category they fall into can have practical consequences.
- Express trusts are deliberately established and accepted by trustees, based on clear instructions from the settlor.
- Implied trusts arise when the intention to create a trust is inferred from the settlor's words or actions.
- Resulting trusts occur when property is purchased or transferred in another's name, with the beneficial interest typically returning to the person who provided the funds.
- Constructive trusts can be imposed when a person improperly benefits from trust property, making them hold it for the beneficiaries.
- Discretionary trusts give the trustees the power to decide how the beneficiaries will benefit from the trust property.
- Protective trusts are designed to protect spendthrift individuals.
- Express trusts and constructive trusts are two types of the same genus, with constructive trusts being imposed by law.
- Constructive trusts can be imposed when a stranger to the trust is found in possession of trust property or when a trustee profits from the trust.
- The term "constructive trust" can also describe a situation where the trust obligation arises as a result of an unlawful transaction.
- In some jurisdictions, express and constructive trusts are considered distinct concepts, with remedial constructive trusts being used as a remedy for unjust enrichment.
- Canada has developed the remedial constructive trust as a remedy for unjust enrichment.
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