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Trust in a law - Case Study Example

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(i). In view of the foregoing facts it is evident that Arnold, Wendy and Bill made a resulting trust. This is based on the intention of the parties with regard to the transfer of the said property. With all intents and purposes, the name of Bill was added in the property only for convenience of getting a mortgage loan and no other…
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Trust in a law
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Download file to see previous pages Since ex hypothesi the transfer is on trust, the resulting trust does not establish the trust but merely carries back to A the beneficial interest that has not been disposed of. Such resulting trusts may be called "automatic resulting trusts".
It is further noted that Arnold paid for the loan amortization until his death in 2001. Thereafter Wendy invited Bill in writing to live with her stating that the letter had interests in the
house as well. In this situation Wendy's action of writing a letter to Bill inviting him to move in
with her and further stating that Bill had an interest in the aforesaid property created an express trust or by implication an implied truest. As a result of this, Bill paid the loan amortization installments amount equivalent to 25% of the original purchase price.
Contrary to the original perception that Bill is not an actual party to the ownership of the freehold house bought by Arnold and Wendy who had in truth and in fact had joint ownership the
turn of events because of Wendy's action of writing made Bill an owner also.
___________________________________
3 Vandervell's Trusts (No. 2) (1974) ch. 269,; Megarry & Wade: The
Law of Real Property (6th Edition)
Serapio 3
According to the law, a trust can be created through a written document known as an express trust or can be created by implication known as an implied trust. Normally, a trust can be
created by any one of the following to wit: (a) A written document created by the settler and signed by both the settler and the trustees, this is often referred to as an inter vivos or "living trust";
(b) an oral declaration; (c) the will of a decedent, usually called a testamentary trust; or (d) a court order.
In this instant case there exists two...
is. Such resulting trusts may be called "presumed resulting trusts."; (b) The second class of case is where the transfer of B is made o trusts which leave some or all of the beneficial interest undisposed of. Here B automatically holds on resulting trust for A to the extent that the beneficial interest has
presumptions, but is the automatic consequence of A's failure to dispose of what is vested in him. Since ex hypothesi the transfer is on trust, the resulting trust does not establish the trust but merely carries back to A the beneficial interest that has not been disposed of. Such resulting trusts may be called "automatic resulting trusts".
with her and further stating that Bill had an interest in the aforesaid property created an express trust or by implication an implied truest. As a result of this, Bill paid the loan amortization installments amount equivalent to 25% of the original purchase price.
created by any one of the following to wit: (a) A written document created by the settler and signed by both the settler and the trustees, this is often referred to as an inter vivos or "living trust";
circumstances above, when Arnold died he left all his property to Wendy. ...Download file to see next pagesRead More
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