| Dictionary |
|
trust When a person has property or rights which he holds or is bound to exercise for or on behalf of another or others or for the accomplishment of some particular purpose or particular purposes, he is said to hold the property or rights in trust for that other or those others or for the purpose of those purpose and he is called a trustee. [Halsburys Laws of England]. An express trust is a trust expressed either by words i writing or by words of mouth, it does not include a trust which arises from the acts of the parties or to a resulting trust or to an implied trust or to a constructive trust. A constructive trust arises when, although there is no express trust affecting specific property, equity considers that the legal owner should be treated as a trustee for another. This happens, for instance, where one already a trustee takes advantage of his position to obtain a new legal interest in the property, as where a trustee of leasehold takes a new lease in his own name. [Halsburys Laws of England]. |
|
See Also: Translator EN-BM |