Implied Trusts Flashcards
1
Q
What is a resulting trust?
A
A trust that arises when an express trust makes an incomplete disposition of assets or fails after property has been conveyed to the trustee
2
Q
What is the effect of a resulting trust?
A
Settlor is left holding the equitable interest in an equitable reversion
3
Q
What is a constructive trust?
A
A constructive trust is an equitable remedy whereby a trust is erected on the holder of specific property to redress wrongdoing or prevent unjust enrichment
