Resulting trusts-trusts laws and accounts, Financial Accounting

Assignment Help:

Resulting trusts

Resulting trusts occur where equity regards the property which is held by a trustee as belonging in equity to the person who transferred it to, or caused it to be vested in, the trustee.
 
They may arise in four situations -
 
1. Purchase of property by one person in the name of another:

  1. Where a person buys land or pure personalty and has it conveyed into the name of another, or into the joint names of himself and another, there is a presumption that the property is held on trust for the person supplying the purchase money;
  2. If two people advance money to purchase property, but the conveyance is taken in the name of one only, the other takes a beneficial interest in the property in proportion to the money advanced by him.

 

In some cases the relationship between the two parties will raise a presumption of advancement which displaces the presumption of a resulting trust i.e where the person supplying the purchase money is under an obligation to maintain the other e.g. a father or a husband.
 
2. Voluntary transfer of personal property by the owner into the name of another or into their joint names (e.g Re Vinograndoff).

3. Failure to exhaust the beneficial interest. The settlor fails to dispose of the whole of the beneficial interest in the trust fund.  The undisposed of part is held by the trustees on resulting trust for the settlor or his estate (Re Abbots Fund).

 4. Where a private express trust fails for uncertainty of objects or for non-compliance with statutory formalities there will be a resulting trust in favour of the settlor.


Related Discussions:- Resulting trusts-trusts laws and accounts

Introduction to pension funds, Introduction to Pension funds Pension fu...

Introduction to Pension funds Pension funds are normally set up to provide pension benefits to employees who have retired. The pension funds receive contributions mainly from e

Prepare the journal entry at the date of the bond issuance, On January 1, 2...

On January 1, 2012, Osborn Company sold 12% bonds having a maturity value of $800,000 for $860,651.79, which provides the bondholders with a 10% yield. The bonds are dated January

Provide doubtful debt , provide 5% for doubtful debt what is the journal en...

provide 5% for doubtful debt what is the journal entry

Classifying expenses by nature-income statement, Classifying expenses by na...

Classifying expenses by nature Under this format, expenses are not classified by their nature i.e. referred to specifically according to their type and the major categories of ex

Treasury security, The real risk-free rate is 3%. Inflation is usual to be ...

The real risk-free rate is 3%. Inflation is usual to be 3% this year, 4% next year, and then 5% afterthat. The maturity risk premium is estimated to be 0.0007 x (t - 1), where t =

Compute earnings per share, Here is the income statement for Belding, Inc. ...

Here is the income statement for Belding, Inc. BELDING Inc. Income statement for the year ended December 31, 2012 Sales $400,000 costs of goods sold 250,000 gross profit 150,000 ex

Market segmentation analysis, Task This task is designed to further dev...

Task This task is designed to further develop your critical analysis and research skills related to the tourism or hospitality enterprise you selected for Assignment 1. You are

Determine the price of an asset paying - one period bond , Suppose the inte...

Suppose the interest rate for a one-period bond is 4%. (a) What is the price of an asset paying (1,1,1) which means 1 after 1 period, 1 after 2 periods, and 1 after 3 periods.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd