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40 Pages • Complete Study Notes • Year: Pre-2021
INTRODUCTION AND CLASSIFICATION OF TRUSTS DEFINING A TRUST · Trust is the relationship that exists between a person who holds legal title to property (trus-tee) for the benefit of other persons (beneficiaries/cestui qui trust) · Nature of beneficiary’s interest: Equitable interest in the property (enforceable against any subsequent holder of property except purchaser for value without notice) · Nature of trustee’s obligation: Fiduciary personal obligation to manage trust property for exclusive benefit of the beneficiaries, which beneficiaries can enforce
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