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The public trust doctrine also finds expression in the Great Pond law, a traditional right codified in case law and statutes in Massachusetts, Maine, and New Hampshire. [13] The state is said to own the land below the low water mark under great ponds (ponds over ten acres), and the public retains in effect an access easement over unimproved ...
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The leading case that established the public trust doctrine in the U.S. is the 1892 Supreme Court case Illinois Central Railroad v. Illinois.The Court held that public trust submerged lands belong to the respective States within which they are found, with the consequent right to use or dispose of any portion thereof, when that can be done without substantial impairment of the interest of the ...
Private and public trusts: A private trust has one or more particular individuals as its beneficiary. By contrast, a public trust (also called a charitable trust) has some charitable end as its beneficiary. To qualify as a charitable trust, the trust must have as its object certain purposes such as alleviating poverty, providing education ...
Though Illinois Central is frequently cited as the source for American public trust law, it was several decades before, in Martin v. Waddell’s Lessee, that the Supreme Court ratified the public trust doctrine. [2] Still, Illinois Central has been referred to as "the Lodestar in American Public Trust Law". [2]
The public trustee is an office established pursuant to national (and, if applicable, state or territory) statute, to act as a trustee, usually when a sum is required to be deposited as security by legislation, if courts remove another trustee, or for estates if either no executor is named by will or the testator elects to name the public trustee.
The law of trusts was constructed as a part of "Equity", a body of principles that arose in the Courts of Chancery, which sought to correct the strictness of the common law. The trust was an addition to the law of property, in the situation where one person held legal title to property but the courts decided it was fair just or "equitable" that ...
The distinction between public and private law was first made by Roman jurist Ulpian, who argues in the Institutes (in a passage preserved by Justinian in the Digest) that "[p]ublic law is that which respects the establishment of the Roman commonwealth, private that which respects individuals' interests, some matters being of public and others of private interest."