6) Trusts by operation of law

Question 1

resulting trust: when

Answer 1

occurs whenever failed express trust

Question 2

resulting trust: def

Answer 2

implied trust created by operation of law. Court returns trust corpus to settlor. Imposed to prevent unjust enrichment

Question 3

constructive trust: def

Answer 3

equitable remedy imposed by court to prevent unjust enrichment (ex where trustee violated duties)

Question 4

purchase money resulting trust

Answer 4

–transfer of assets where one part holds $ in trust to undertake a particular purpose for another party (check if it was a gift first)