Declaration of Trust

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Declaration of Trust

An assertion by a property owner that he or she holds the property or estate for the benefit of another person, or for particular designated objectives.

The term also signifies the deed or other instrument that contains the statement—which may be either written or oral, depending upon the applicable state law.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

declaration of trust

n. the document signed by a trustor (settlor) creating a trust into which assets are placed, a trustee is appointed to manage the trust (who may be the party who created the trust), the powers and duties of management of the principal and profits of the trust are stated, and distribution of profits and principal is spelled out. (See: trust, trustee, trustor, settlor)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

DECLARATION OF TRUST. The act by which an individual acknowledges that a property, the title of which he holds, does in fact belong to another, for whose use he holds the same. The instrument in which the acknowledgment is made, is also called a declaration of trust; but such a declaration is not always in writing, though it is highly proper it should be so. Will. on Trust, 49, note y; Sudg. on Pow. 200. See Merl. Rep. Declaration au profit d'un tiers.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
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