Resulting trust
The resulting trust, a trust arising by operation of law, is to give legal effect to the implied intention of parties in relation to the acquisition and disposition of both the moveable and immovable property. This is when a person buys a property but the name of another is on the title of the prope...
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| Main Authors: | , |
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| Format: | Book Chapter |
| Language: | English |
| Published: |
Sweet & Maxwell, Thomson Reuters
2022
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/103937/2/103937_Resulting%20Trust.pdf http://irep.iium.edu.my/103937/ http://www.sweetandmaxwellasia.com.my/BookStore/showProduct.asp?countrycode=MLY&bookstore=1&id=2951&ptab=1&&g=e12l2&ec=QSNBGDKTJJVZSVHOCFIZCQJNVZGOSGXENQRSKMPTOBJOJVSHUCN |
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| Summary: | The resulting trust, a trust arising by operation of law, is to give legal effect to the implied intention of parties in relation to the acquisition and disposition of both the moveable and immovable property. This is when a person buys a property but the name of another is on the title of the property either jointly with purchaser or that other person alone. A resulting trust will be presumed in favour of the person who have paid or advanced the purchase money. The supplier of the money or the person who paid purchase money retains the beneficial ownership of the property while the registered proprietor is presumed to hold the property on trust for the former. As from the above, the legal interest of the property is vested in the title holder (the trustee) whereas the beneficial interest results to the settlor “unless from the relation between the two, or from other circumstances, it appears that a gift was intended”. Hence, if the purchased property is conveyed or transferred into the name of a stranger, that person will be deemed to hold the property as trustee for the person who paid the purchase price. Accordingly, this chapter is dedicated to discuss about the resulting trust with regard to its definition, various categories, some exceptions to it, and also the burden of proof in establishing it. |
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