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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 this person be compelled to use it for the benefit of another. This recognised as a split between legal and beneficial ownership: the legal owner was referred to as a ...
The Rockefeller-Morgan Family Tree (1904), which depicts how the largest trusts at the turn of the 20th century were in turn connected to each other. A trust or corporate trust is a large grouping of business interests with significant market power, which may be embodied as a corporation or as a group of corporations that cooperate with one another in various ways.
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. [4] Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States.
Trust-diagnostic situations occur throughout everyday life, though they can also be deliberately engineered by people who want to test the current level of trust in a relationship. [43] A low-trust relationship is one in which a person has little confidence their partner is truly concerned about them or the relationship. [47]
In an irrevocable trust, there has developed a growing use of a so-called trust protector. This is generally an unaffiliated, third party (often a lawyer or an accountant) who is granted the power to amend or change the terms of the trust in order to accommodate unexpected changes in tax or fiduciary law, unexpected changes in the trust's ...
the test is satisfied if, as regards at least a substantial number of objects, it can be said with certainty that they fall within the trust; even though, as regards a substantial number of other persons, if they ever for some fanciful reason fell to be considered, the answer would have to be, not ‘they are outside the trust’, but ‘it is ...
McPhail v Doulton [1970] UKHL 1, also known as Re Baden's Deed Trusts (No 1) is a leading English trusts law case by the House of Lords on the certainty of beneficiaries.It held that so long as any given claimant can clearly be determined to be a beneficiary, or not, a trust is valid.
In 1995, the similar phrase "Trust and Verify" was used as the motto of the On-Site Inspection Agency (now subsumed into the Defense Threat Reduction Agency). [11]In 2000, David T. Lindgren's book about how interpretation, or imagery analysis, of aerial and satellite images of the Soviet Union played a key role in superpowers and in arms control during the Cold War was titled Trust But Verify ...