{"id":7457,"date":"2017-11-09T03:04:32","date_gmt":"2017-11-09T03:04:32","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=7457"},"modified":"2018-06-10T17:32:41","modified_gmt":"2018-06-10T17:32:41","slug":"trust","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=7457","title":{"rendered":"Trust – a property interest held by one\u00a0person (the trustee) at the request of another (the settlor) for the benefit of a third\u00a0party (the beneficiary)"},"content":{"rendered":"

trust<\/span>:<\/span><\/strong>
\nverb.<\/em><\/span><\/p>\n

1.\u00a0<\/em>To have confidence in a person; to extend credit to a person.\u00a0 Putnal v Inman<\/em>, 76 Fla 553, 80 So 316, 3 ALR 1580<\/span>.<\/span><\/strong><\/p>\n

trust<\/span>:
\n<\/strong><\/span>n<\/em>. (15c.)<\/span><\/p>\n

1. A fiduciary relationship; a matter of confidence.\u00a0 54 Am J1st Trusts \u00a7 4<\/span>. <\/span><\/strong><\/p>\n

2. A confidential relationship involving a trustee, beneficiary, and a res consisting in property.\u00a0\u00a054 Am J1st Trusts \u00a7 4<\/span>. <\/span><\/strong><\/p>\n

3. The legal relationship between one person having an equitable ownership in property and another person owning the legal title to such property, the equitable ownership of the former entitling him to the performance of certain duties and the exercise of certain powers by the latter, which performance can be compelled in a court of equity or a court which follows equitable principles.\u00a0 54 Am J1st Trust \u00a7 4<\/span>. <\/span><\/strong><\/p>\n

4. The separation of the same estate into parts, legal and equitable, the owner of either part being entitled to the aid of the court in establishing and enforcing his rights. McDonogh v Murdoch<\/em> (US) 15 How 367, 14 L Ed 732. <\/span><\/strong><\/p>\n

5. A monopoly.\u00a0 State ex rel. Watson v Standard Oil Co<\/em>. 49 Ohio St 137, 30 NE 279<\/span>. <\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u00a0The word is often employed in law, as well as in popular language, in a sense which is much broader than its ordinary technical significance, as denoting or as synonymous with confidence, fiduciary relationship, etc., and it is often used in reference to the confidential aspect of any kind of a bailment or possession by one person of the property of another.\u00a0 In its literal significance the word \u201ctrust\u201c implies nurturing and sheltering of a sacred confidence.\u00a0 In its more technical significance, the word still implies such confidence in a relationship which\u00a0<\/span>involves a trustee, beneficiary, and a res.\u00a0 55 Am J1st Trusts \u00a7 4<\/span>.<\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u00a0As the word is used in the law pertaining to unlawful combinations and monopolies, a \u201ctrust\u201d\u00a0<\/span>concerning the administration of the estate.\u00a0 9 Am\u00a0<\/span><\/span><\/strong>J2d Bankr \u00a7 623<\/span>.<\/strong>\u00a0 See official trustee<\/em>. [1]<\/span><\/p>\n

1. The right, enforceable solely in equity<\/a>, to the beneficial enjoyment of\u00a0<\/strong>property<\/a> to which another person holds the legal title; a property interest held by one\u00a0<\/strong>person (the trustee)<\/em> at the request of another (the settlor)<\/em> for the benefit of a third\u00a0<\/strong>party (the beneficiary)<\/em>.\u00a0 For a trust to be valid, it must involve specific property<\/a>,\u00a0<\/strong>reflect the settlor\u2019s intent, & be created for a lawful purpose. The two primary types\u00a0<\/strong>of trusts are private trusts & charitable trusts.\u00a0 <\/strong><\/span><\/p>\n

2. A fiduciary relationship<\/a>\u00a0<\/strong><\/span>regarding property & charging the person with title to the property with equitable\u00a0<\/strong>duties to deal with it for another\u2019s benefit; the confidence placed in a trustee, together\u00a0<\/strong>with the trustee\u2019s obligations toward the property & the beneficiary. \u00a0A trust arises as\u00a0<\/strong>a result of a manifestation of an intention to create it. <\/strong><\/span><\/p>\n

3. The property so held.\u00a0<\/strong>[2]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from William C. Dunn’s\u00a0Trusts for Business Purposes<\/em><\/a>\u00a0(1922):<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cIn its technical sense, a trust is the right, enforceable\u00a0<\/span><\/strong>solely in equity to the beneficial enjoyment of property, the\u00a0<\/strong>legal title of which is vested in another and implies separate\u00a0<\/strong>coexistence of the legal and the equitable titles vested in\u00a0<\/strong>different persons at the same time; in its more comprehensive\u00a0<\/strong><\/span><\/span>sense the term embraces every bailment, every transaction by\u00a0<\/strong>agent or factor, every deposit, and every matter in which the\u00a0<\/strong>slightest trust or confidence exists. The word trust, however, is\u00a0<\/strong>frequently employed to indicate duties, relations, and\u00a0<\/strong><\/span>responsibilities which are not strictly and technically trusts.<\/span>\u201d\u00a0<\/strong>[3]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from Tony Honor\u00e9’s\u00a0The South African Law of Trusts<\/em><\/a>\u00a0(1985):<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cOne must distinguish,\u2026 [in] countries where English is\u00a0<\/span><\/strong>spoken, between a wide and a narrow sense of the word \u2018trust.\u2019 \u00a0<\/strong>In the wide sense a trust exists when property is to be held or\u00a0<\/strong>administered by one person on behalf of another or for some\u00a0<\/strong>purpose other than his own benefit\u2026 In the narrow or strict\u00a0<\/strong><\/span><\/span>sense a trust exists when the creator of the trust\u2026 hands over\u00a0<\/strong>or is bound to hand over the control of an asset which, or the\u00a0<\/strong>proceeds of which, is to be administered by another (the trustee<\/strong><\/span>
\nor administrator) in his capacity as such for the benefit of some\u00a0<\/strong>person (beneficiary) other than the trustee or for some\u00a0<\/strong>impersonal object. A trust in this sense is a species of the genus\u00a0<\/strong><\/span>\u2018trust\u2019 in the wide sense.<\/span>\u201c\u00a0<\/strong>[4]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from Austin W. Scott & William F. Fratcher, The Law of Trusts<\/em><\/a> (4th ed. 1987):<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cSome courts and legal writers have defined a trust as a\u00a0<\/span><\/strong>certain kind of right that the beneficiary has against the\u00a0<\/strong>trustee, or a certain kind of interest that the beneficiary has\u00a0<\/strong>against the trustee, or a certain kind of interest that the\u00a0<\/strong>beneficiary has in the trust property, thus looking at it from the\u00a0<\/strong>point of view of the beneficiary. While it is true that the\u00a0<\/strong>beneficiary has the right or interest described, the trust is\u00a0<\/strong>something more than the right or interest of the beneficiary. \u00a0<\/strong>The trust is the whole juridical device: the legal relationship\u00a0<\/strong>between the parties with respect to the property that is its\u00a0<\/strong>subject matter, including not merely the duties that the trustee<\/strong><\/span><\/span>
\nowes to the beneficiary and to the rest of the world, but also the\u00a0<\/strong>rights, privileges, powers, and immunities that the beneficiary\u00a0<\/strong>has against the trustee and against the rest of the world. It\u00a0<\/strong>would seem proper, therefore, to define the trust either as a\u00a0<\/strong>relationship having certain characteristics stated in the\u00a0<\/strong>definition or perhaps as a juridical device or legal institution\u00a0<\/strong><\/span>involving such a relationship.<\/span>\u201d\u00a0<\/strong>[5]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from\u00a0Restatement (Third) of Trusts<\/a><\/em> 5 2 cmt. f (2003):<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cIn the strict, traditional sense, a trust involves three\u00a0elements:<\/span><\/strong><\/span><\/p>\n

(1) a trustee, who hold the trust property & is<\/strong><\/span>
\n subject to deal with it for the benefit of one or<\/strong><\/span>
\n more others<\/strong><\/span>
\n (2) one or more beneficiaries, to whom & for<\/strong><\/span>
\n whose benefit the trustee owes duties with respect\u00a0<\/strong>to the trust property<\/strong><\/span>
\n (3) trust property, which is held by the trustee for<\/strong><\/span>
\nthe beneficiaries. \u00a0<\/strong>In a more comprehensive sense, the trust purpose is\u00a0<\/strong>often included in discussions of the elements of the trusts\u2026 \u00a0<\/strong>Although all of these elements are present in a complete trust,\u00a0<\/strong>either or both of elements (1) and (2) above may be temporarily\u00a0<\/strong><\/span>absent without destroying the trust or preventing its creation.<\/span>\u201d\u00a0<\/strong>[6]<\/span><\/p>\n

Related Terms:<\/strong><\/span><\/p>\n

tenancy attendant on the inheritance<\/span><\/a> – a tenancy for a term vested in a trustee in trust for the owner of the inheritance, as a form of personal property to the trustee. <\/strong>\u2014 aka tenancy attendant on an inheritance<\/span><\/strong><\/em>; term attendant on the inheritance<\/span><\/strong><\/em>.<\/span><\/p>\n

References:<\/strong><\/span><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use<\/a>.<\/span><\/strong><\/p>\n

\n

[1]:\u00a0\u00a0\u00a0Ballantine\u2019s Law Dictionary\u00a0with Pronunciations
\n<\/em>Third Edition<\/a>\u00a0by James A. Ballantine\u00a0(James Arthur 1871-1949).\u00a0\u00a0<\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/strong><\/span><\/p>\n

[2]:\u00a0Black\u2019s Law Dictionary Deluxe Tenth Edition<\/em><\/a> by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/strong><\/span><\/p>\n<\/div>\n

[2]:\u00a0William C. Dunn, Trusts for Business Purposes<\/em><\/a> 2 (1922)<\/strong><\/span><\/p>\n

[3]:\u00a0Tony Honor\u00e9, The South African Law of Trusts<\/em><\/a> 55 1-2, at 1-3\u00a0(3d ed. 1985).<\/strong><\/span><\/p>\n

[4]:\u00a01 Austin W. Scott & William F. Fratcher, The Law of Trusts<\/em><\/a> 5<\/strong><\/span>2.4, at 42 (4th ed. 1987)<\/strong><\/span><\/p>\n

[5]:\u00a0Restatement (Third) of Trusts<\/a><\/em> 5 2 cmt. f (2003)<\/strong><\/span><\/p>\n

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