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TRUSTS (n)
CHAPTER 1
General Provisions
Trust it is the right to the beneficial enjoyment of property, the
legal title to which is vested in another; it is a fiduciary
relationship concerning property which obliges the person
holding it to deal with the property for the benefit of another
CHAPTER 2
Express Trusts
Express Trust a trust intentional in fact (Art. 1441)
Characteristics of a Trust:
1.
2.
3.
It is a fiduciary relationship;
Created by law or agreement;
Where the legal title is held by one, and the equitable
title or beneficial title is held by another.
AGENCY
Essentially revocable;
TRUST
Essentially obligatory in its
terms and period, and can
only be rescinded based on
breach of trust;
Agent
must
act
upon
instructions of the principal;
1.
2.
3.
4.
receive
to
Elements of trust:
1.
2.
capacitated
4.
5.
2.
3.
2.
CHAPTER 3
Implied Trusts
Implied Trusts those which, without being expressed, are
deducible from the nature of the transaction as matters of
intent, or which are superinduced on the transaction by
operation of law, as matters of equity, independently of the
particular intention of the parties
Two kinds of Implied Trust:
1.
2.
3.
4.