scope of VA UTC Flashcards
1
Q
express trust
A
settlor creates
T holds
B enjoys
2
Q
constructive trust
A
equitable remedy to prevent fraud
3
Q
resulting trust
A
implied trust
I buy land from brian, tell him to deed it to kayla.
4
Q
trustee holds
A
legal title
5
Q
beneficiaries hold
A
equitable title
6
Q
can the trustee’s personal C’s reach trust assets?
A
no
7
Q
what is governed by VA UTC?
A
express trust
testamentary trust
8
Q
what is NOT governed by VA UTC?
A
constructive trust
pension, church, cemetary
9
Q
how does VA UTC define knowledge?
A
actual
constructive
inquiry
10
Q
what is a qualified beneficiary?
A
permissible distributee of trust income or principal
