Defition And Classification Of Trust Flashcards
How did Keeton define trust
It is as follows. “ trast is the relationship which arises wherever a person called the trustee is compelled in Equity to hold property, whether real or personal, and whether by legal or equitable title, for the benefit of some persons (of whom he may be one and who are termed cestuis que trust) or for some object permitted by law, in such a way that the real benefit of the property accrues, not to the trustee, but to the beneficiaries or other objects of the trust.”
Is a trust regarded as the legal owner of a property? If so what is the effect
Trust are regarded as the legal owner of property. This has led to the mis use and management of the property without the permission of the cestius que trust.
Who is a settlor in a trust?
Trust is an equitable obligation under which one person who commonly referred to as the settlor transfer or vest property to another person to hold and in some circumstance to manage for the benefit of another person commonly referred to as a beneficiary (ies) for whom he may be also be one of them
Equity plays a role in trust to remedy what?
To remedy most of the anomalies that hat had to deal with trust issue.
Can you name element of trust
a. Intention to creat a trust
b. The subject matter of the trust
c. The object of the trust
How does jegede define trust
The are trust in which he refers to as imperfect obligation he feels such trust should be called purpose driven trust
Section 2 of the act classifies land in two who control and manages each
For Urban areas it is under the control and management of the state government
While rural areas are under control and management of local government
