Express trusts-trusts laws and accounts, Financial Accounting

EXPRESS TRUSTS

Creation:
An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart)

Completely and incompletely constituted trusts:
In all cases the trust must be completely constituted. A trust is completely constituted when the trust property has been vested in trustees for the benefit of the beneficiaries. Where there is merely a contract or covenant to create a trust, the trust is said to be incompletely constituted

Form:
No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved by some writing signed by some person who is able to declare such trust

The three certainties:
A trust will be valid only if the three certainties are present i.e. certainty of words, certainty of subject, and certainty of objects.

Absence of the certainties

  • In the absence of certainty of words the donee generally takes beneficially.
  • In the absence of the other certainties there is generally a resulting trust in favour of the settlor or his estate.
Posted Date: 12/13/2012 5:41:59 AM | Location : United States







Related Discussions:- Express trusts-trusts laws and accounts, Assignment Help, Ask Question on Express trusts-trusts laws and accounts, Get Answer, Expert's Help, Express trusts-trusts laws and accounts Discussions

Write discussion on Express trusts-trusts laws and accounts
Your posts are moderated
Related Questions
EXECUTORSHIP Executorship is the body of statute law, case law and practice concerning the management of the estate of a deceased person. In what follows, we shall express the

1.) Assume a $1000 face value bond has a coupon rate of 8.5 percent, pays interest semi-annually, and has an eight-year life. If investors are willing to accept a 10.25 percent rat

The optimal distribution policy strikes that balance between current dividends and capital gains that maximizes the firm's stock price

Q. What do you mean by Grant date in Stock Option? Grant date - The date at which an employee and an employer reach a mutual understanding of key terms and conditions of a shar

Pooling of Interest - Used to account for acquisition of another company when acquiring company exchanges its voting COMMON STOCK for voting common stock of the attained company wh

Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . . . . . . . . . . . . . . . . . . . .

A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c

(a)  In order to obtain free cash flow to equity (FCFE), the two adjustments that Shaar must make to cash flow from operations (CFO) are  i.   CFO does not consider the inves

Revaluations Partners rarely revalue their assets and any revaluations may be carried out when a new partner is being admitted or an old partner is retiring.   To facilitate th

Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank''s swap trading desk