Resulting trusts

RESULTING TRUSTS, estates. Resulting, implied or constructive trusts, are those which arise in cases where it would be contrary to the principles of equity that be in whom the property becomes vested, should hold it otherwise than as a trustee. 2 Atk. 150.
     2. As an illustration of this description of a resulting trust, may be mentioned the case of a contract made for the purchase of a real estate; on the completion of the contract, a trust immediately results to the purchaser, and the vendor becomes a trustee for him till the conveyance of the legal estate is made. Again, when an estate is purchased in the name of one person, and the purchase money is paid by another, there is a resulting trust in favor of the person who gave or paid the consideration. Willis on Tr. 55; 1 Cruise, Dig. tit. 12, s. 40, 41; Ch. Ca. 39; 9 Mod. 78; 7 Ves. 725; 3 Hen. & Munf. 367; 1 Supp. to Ves. jr. 11; Pow. Mortg. Index, h.t.; 2 John. Ch. R. 409, 450; 3 Bibb, R. 15, 506; 4 Munf. R. 222; 1 John. Ch. Rep. 450, 582; Sugd. on Vend. ch. 15, s. 2 Cox, Ch. Rep. 93; Bac. Ab. Trusts, C; Bouv. last. Index, h.t. Vide Trusts; Use.

References in periodicals archive ?
Some who endorse the absence of intent theory have argued that the doctrine of resulting trusts provides a coherent basis for proprietary restitution.
The "magic" occurs because, under a strict application of [section]2013, some of the surviving spouse's interests in the resulting trusts created under the first to die's estate plan--which are not includible in his or her gross estate (3)--actually generate the TPT credit.
as it departs from traditional resulting trusts principles (such as the
Geared toward the study of English law in a Bachelor of Laws (LLB), postgraduate, or conversion course, this work contains 13 chapters discussing equity and trusts, the creation of express private trusts, purpose trusts, constitution of trusts, secret trusts, protective and discretionary Trusts, Resulting Trusts and Constructive Trusts, Charitable trusts, the nature of trusteeship, the duties of the trustees, the power of trustees, variation of trusts, breach of trust and remedies.
In analyzing the classification process at the private international law level, the author attempts to address all of the major domestic law proprietary restitutionary claims such as claims to traceable proceeds, proprietary claims to the profits of wrongdoing, resulting trusts, constructive trusts arising in mistaken transfers and remedial constructive trusts.
13 A trustee may make a qualified severance of a trust at any time, and the resulting trusts are treated as separate trusts for GST tax purposes.
Regulations provide that, with respect to a qualified severance of a trust with an inclusion ratio greater than zero and less than one, one or more resulting trusts must be funded with an amount equal to the GST applicable fraction (used to determine the GST inclusion ratio for the original trust immediately before the severance) times the value of the original trust on the date of severance.
The distinction between resulting trusts and constructive trusts appears to be waning, and courts are simply declaring a trust to be in existence.
The pot provision will then divide the assets into shares for the descendants and direct the disposition to the resulting trusts.
The main focus of the discussion will be on resulting trusts because, as will be shown below, the Court in Cummins restricted its reasoning to resulting trust principles, omitting any mention of the constructive trust.
2642(a)(3), enacted as part of the generation-skipping transfer tax (GSTT) provisions of EGTRRA, provides rules for severing a trust into two or more trusts so that the resulting trusts will be recognized as separate trusts for GSTT purposes.
2642(a)(3), enacted as part of the GST tax provisions of EGTRRA, provides rules for severing a trust into two or more parts so that the resulting trusts will be recognized as separate trusts for GST tax purposes.