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In trust law, an express trust is a trust created "in express terms, and usually in writing, as distinguished from one inferred by the law from the conduct or dealings of the parties." [ 1 ] Property is transferred by a person (called a trustor, settlor , or grantor) to a transferee (called the trustee ), who holds the property for the benefit ...
By contrast, Lord Hoffmann characterised the trust as being an express, rather than a resulting trust. Although there may not have been words used to this effect, the solicitor's undertaking that the money should only be used for one purpose so that the money is not at the borrower's free disposal, was sufficient intent to create a trust.
The creation of express trusts in English law must involve four elements for the trust to be valid: capacity, certainty, constitution and formality. Capacity refers to the settlor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust. There are exceptions for statutory bodies ...
Express trusts are those expressly declared by the settlor. Typically, this will be intended to create a trust, but there can be situations in which the settlor's intended actions create a trust accidentally, [1] as in Paul v Constance. [2] The creation of express trusts must involve four elements for the trust to be valid.
The name resulting trust comes from the Latin resultare, meaning to spring back.It was defined in Re Sick and Funeral Society of St John's Sunday School, Golcar, [2] where Megarry VC stated that "A resulting trust is essentially a property concept; any property that a man does not effectually dispose of remains his own". [1]
The definition of trust as a belief in something or a confident expectation about something [76] eliminates the notion of risk because it does not include whether the expectation or belief is favorable or unfavorable. For example, to expect a friend to arrive to dinner late because she has habitually arrived late for the last fifteen years is a ...
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A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to hold the property for the benefit of another person. The trust property is said to "result" or revert to the transferor (as an implied settlor).