StudentShare solutions
Triangle menu

Express Trust - Essay Example

Extract of sample
Express Trust

This may also be associated with duty which by the ethical and moral norms of society you must perform. This is even characterized as a higher form of justice and so important to modern human relations that it has been transformed from a purely ethical concept with limited application to a moral norm of society. Every member of society is bound to uphold it and even becomes embodied in laws.
Express trusts are "built around concepts of loyalty and good faith" (Hudson 2008). In an express trust there exist a relationship where a person entrusts his or her property to another to keep, preserve and latter to give the same property to another person who is meant to benefit from that property. Moreover "The trustee is one example of a more general concept of English law: the fiduciary. Thus, it is often said that trustees bear 'fiduciary duties'. For our purposes the terms 'trustee' and 'fiduciary' can be read as being synonymous. The fiduciary principle in express trusts is the idea that such trusts have a nature that it is a matter of confidence, good faith, loyalty and legal obligation to the purpose of such trusts.
An example of this is when a grandfather entrusts a piece of land to his son which his son will give to the grandson on his 18th birthday. The father, son of the grandfather, has the duty to his father, the grandfather to keep, preserve and maintain the piece of land and later give the land to his son, the grandson.


Duties & Powers
Question: What are the powers and duties of the settlor What are the powers and duties of a trustee What are the powers and duties of the beneficiary
Answer: The settlor is duty bound to make certain that the property that will be put into an express trust is truly owned by him because "the settlor must have had all of the rights in that property, or 'absolute title', before the declaration of the trust". Clearly, one cannot deal with property in which one has no rights: therefore, the settlor must hold all of the rights to be settled on trust before that trust can be declared" (Hudson 2008). The settlor is the original owner of the property involved in the trust. Thus absolute title means that the right to do with the property as he or she pleases regardless of the concern of others or free of implications to other individuals. This includes sell, lease, destroy and even donate. The settlor has absolute power over the property up to when the trust is constituted. Once it begins his direct power over the property is set aside and he is duty bound to give possession of the property to the trustee.
"Once the trust is created, the trustee acquires 'legal title' in the trust fund and the beneficiaries acquire the 'equitable interest' (or, sometimes, 'beneficial interest') in the trust fund in accordance with the terms of the trus ...Show more

Summary

Answer: The fiduciary principle comes from the "term fiduciary itself is derived from the Latin fiduciarius, meaning 'faithful'." (Hudson 2008) It is a characteristic that covers certain relationships and it integrates into those relationships good faith, loyalty, confidence and legal obligation to uphold the purpose of that certain relationship.
Author : priscillasimoni
Express Trust essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Express Trust"
with a personal 20% discount.
Grab the best paper

Related Essays

Are the constructive trust rules affecting co-owned housing based on the common intention of the parties
Essay Topic: 3j. Are the constructive trust rules affecting co-owned housing based on the common intention of the parties? Introduction While there are several principles and methods for the imposition of the constructive trust the common intentions of the parties is specifically applicable to co-owned housing disputes.1 The rules relative to constructive trusts in the context of co-owned housing focus on the unconscionable conduct of the legal owner of the property in question.2 Unconscionable conduct as a prevailing legal theme in the rules applicable to constructive trusts in the context of co-ownership is particularly important to intimate relationships.
11 pages (2750 words) Essay
Quistclose trust and the requirements for its creation
6 Conclusion 8 References: 9 “My Lords, there are two issues in this appeal. The first is concerned with the nature of the so-called “Quistclose trust” and the requirements for its creation. The second arises only if the first is answered adversely to the appellant.
7 pages (1750 words) Essay
Equity and Trust Law Essay
The trust developed between the parties provides a sufficient mechanism for several situations which may arise. Such situations include, pension funds, relationships and charities. Fascination of concepts and procreation of secret trusts allows the court to decide on the formalities to use in dealing with the property involved.
3 pages (750 words) Essay
Equity and trust, Case Study. Case-Barclays Bank v Quistclose (1970) AC 567
The principle established in this case is the equity requiring that the person receiving a property from another person for a specific purpose cannot treat it as his or her own and should use it only for that specific purpose; also, the transferee cannot keep that property if that specific purpose cannot be fulfilled, as interpreted by Peter Gibson J 1 Thus, this landmark decision has led to the concept of Quistclose trust, which has become a form of trust as a way of protection to the lender 2.
6 pages (1500 words) Essay
Equity and trust
The certainty needs of a trust mirror the truth that a trustee is under onerous to a beneficiary with regard to an unambiguous right. Thus, the certainty of objects needs a guarantee that the trustee is having a duty to a specified beneficiary, and his obligation is so precise so that it can be implemented without any ambiguity.
11 pages (2750 words) Essay
Property Law and Express Trust
It may be term of years or fixed term i.e. 6 months,1 year, 21 years, 99 years etc or a specific period a periodic tenancy - yearly, monthly, weekly, even daily. A license gives someone access to and the use of whatever rooms (or equipment) the owner gives them license to use, but does not give a right to use that space exclusively.
4 pages (1000 words) Essay
Constructive Trust Law
And when these two words join in a sentence where a level of consciousness is reached to give a righteous decision, then we tend to believe that the judgment is an accurate one. So, what is the definition of trust in a legal context There is a myriad of definitions because each trust case carries its specific characteristics making it a unique entity of its own.
8 pages (2000 words) Essay
What does an examination of 'secret trusts' mean Rationale behind the Secret Trust
Secret and half-secret trusts are invented by English. They have come into existence on the slender of grounds, and been nurtured over the years because nobody seems to have the heart to put them out as it is deep rooted in the field of trust.
10 pages (2500 words) Essay
Equity And the Law of Trust
The party who creates a trust is known as the settlor who might make himself either the trustee or the beneficiary. Based on their creation, Trusts are classified as express, resulting or
8 pages (2000 words) Essay
Trust and trustees
is no longer considered important and this is prompting many couples to consider cohabitation as the best option rather than marriage.1 Over the past decade the rate of couples who choose to cohabite have increased tremendously. The major challenge with this phenomenon is that
16 pages (4000 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation