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A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it is entrusted is known as the "trustee", the party for whose ...
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]
When the courts said that one person's legal title to property was subject to an obligation to use that property for another person, there was a trust. The Star Chamber (est. circa 1398) played the role of a criminal court of "equity", where judges on the king's authority could impose punishments that deviated from the law. [ 12 ]
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 cestui que is the person for whose benefit (use) the trust is created. Any such person is, unless restricted by the trust instrument, fully entitled to the equitable interests such as annual rents/produce/interest, as opposed to the legal ones such as any capital gain, of the property forming the trust assets. [1] Two subsets, B and C, can ...
A fiduciary duty is an ethical or legal relationship of trust between two or more parties. Generally, the fiduciary must act in the best interests of the other party.
In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
In common law jurisdictions, a resulting trust is an equitable creation, rather than a common law concept. Consequently, equitable defenses like laches, unclean hands, and the duty to do equity may be recognized in some jurisdictions. For instance, if a transferor conveys property for an unlawful purpose and benefits from it, a court might rule ...
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