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The public trust doctrine is the principle that the sovereign holds in trust for public use some resources such as shoreline between the high and low tide lines, regardless of private property ownership.
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 ...
The first public trustee is that of New Zealand; it was proposed by Edward Cephas John Stevens in 1870 due to the difficulty of finding reliable private trustees in the colony and adopted by Prime Minister Julius Vogel who established the Public Trust and installed Jonas Woodward as the world's first public trustee on January 1, 1873. Initially ...
There is also a requirement that the trust's purposes benefit the public (or some section of the public), and not simply a group of private individuals. Such trusts will be invalid in several circumstances; charitable trusts are not allowed to be run for profit, nor can they have purposes that are not charitable (unless these are ancillary to ...
Blind trusts are designed so that the beneficiary cannot control the management of, or see the value of the corpus within the trust. Often, in the case of public servants, or other individuals with notable fiduciary responsibility, assets are placed into a blind trust wherein they are the grantor and the beneficiary so their decisions are not ...
In English law, a purpose trust is a trust created for the fulfillment of a purpose, not for the benefit of a person. These are normally considered invalid by the courts because they have no legally recognized beneficiaries, therefore nobody to enforce the trust, with the exception of charitable trusts, which are enforceable by the Attorney General as they represent the public interest.
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] As of 2010, the courts of 35 states had cited Illinois Central in their articulation of the public trust doctrine. [2]
The declaration of a trust is through a "deed to trustee". If the trust is filed as a public document, it removes all of the asset protection provided by the formation of the land trust. Robert Pless pioneered the use of the land trust that has been used by many firms throughout the United States since the early 1990s. [citation needed]