Professional Documents
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Discuss
Discuss
Agent of beneficiaries
Implied trust
2 kinds
1. Resulting trust- the one in which imposed by law with intention to form(created by operation of
law) and presumed to be created
2. Constructive trust- imposed of law irrespective of intention(not created by any words)
Other classification
As to Effectivity
1. Testamentary trust
2. Trust inter vivos- living trust
3. Revocable
4. Irrevocable
Express trust
1. Charitable- design for the benefit for the public
2. Accumulation- accumulate income to be re invested for a period
3. Spend trift- one establish when the beneficiary needs to be protected
4. Springkling trust- one which gives the trustee
Acquisitive prescription
10 years, but based exclusively of fraud is 4 years from the time of discovery(apply only if the plaintiff
is not in possession)
If the property is in possession of 3rd person(if sold to another, reconveyance may not be applicable)
Latches- may apply( applies
Implied trust(latches may barr)