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Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
Settlor(s): This is the person (or persons) who creates the trust. Grantor(s) is a common synonym. Terms of the Trust means the settlor's wishes expressed in the Trust Instrument. Trust deed: A trust deed is a legal document that defines the trust such as the trustee, beneficiaries, settlor and appointer, and the terms and conditions of the ...
A deed of trust is a legal agreement used in a real estate transaction in which a third party — the trustee — holds the title to the property until the borrower repays the mortgage in full. A ...
In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation. [1] Legal owners (i.e. the owners on the record), commonly described as the "registered owners", may hold those interests as ...
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to ...
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State agency regulations (sometimes called administrative law) are published in the Michigan Register and codified in the Michigan Administrative Code. Michigan's legal system is based on common law , which is interpreted by case law through the decisions of the Supreme Court and Court of Appeals, which are published in the Michigan Reports and ...
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property. [1] Although the legal title is transferred to the nominee, the beneficial ownership of the property is transferred to a third person, termed the ...