Equity and Trust Law

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Brief : 189084 Delivery Date : 18/08/06 Title: “There is no single convincing explanation for the operation of the resulting trust..” Discuss ANSWER Introduction It is submitted that the resulting trust is a form of implied trust that is created by the inference of the law in circumstances in which the actions of the parties concerned and the characteristics of the transaction between them suggests a legal intent to establish a trust relationship. Resulting trusts resemble express trusts from many perspectives, in particular because intent is a prerequisite to the creation of the former mode of trust, that said however, intent in the case of a resulting trust is presumed by the law to exist between the parties instead of being directly proved by means of evidence before the court.[1] In essence a resulting trust occurs where although legal title becomes vested in a trustee, equitable title remains vested in the trust settlor. A resulting trust will typically arise in situations where it would be deemed in conflict with the fundamental principles of equity for a person in which property becomes vested to hold that property and enjoy legal rights over it otherwise than as a legal trustee with the commensurate responsibilities.[2] By way of example, in circumstances where property is purchased in the name of one party, but the purchase price is settled by another party, a resulting trust is created in favour of the person who actually paid the consideration. A resulting trust may also be created in a situation where a contract is formed for the sale of real estate property. In this case a trust will result to the purchase at the point of completion of the contract, and the vendor thereafter stands as trustee for the purchaser until the conveyance of the legal estate is subsequently made. Resulting trusts may occur in a variety of situations. For example, where an express trust fails due to an absence of formalities, or in circumstances where completion is not possible (known as dispositive failure), a resulting trust may arise. Moreover, in the case of an apparent gift, where a presumption of advancement is lacking (namely a presumption that the intention was to make a gift), equity principle dictates the conclusion that the donor must have been bereft of the intention to forfeit his entire interest in the property in question. It is contended that resulting trusts most often arise in circumstances where one party fails effectively to transfer his beneficial interest in the property concerned with the trust. This may be an accidental or deliberate occurrence and Re Vandervell’s Trusts (No..2)[3], for example, offers an erudite and illuminating discussion of the classification.. This case is discussed below. Discussion of the conceptual foundations of the resulting trust Resulting trusts were not often subject to detailed analysis during the twentieth century, presumably because until the relatively recent past,

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