Lord Browne-Wilkinson held that a resulting trust
arises in two sets of circumstances: (50)
presumption of resulting trust
based on contribution to the purchase
171) Therefore, as Millett explains, in the domestic law, "a retransfer in specie after rescission is best regarded, not as a consequence of a constructive trust or resulting trust
, nor as a response to unjust enrichment, but as part of the working out of the equitable remedy of rescission, which is tightly controlled and subject to its own defences.
Also, if the trust document requires the mandatory severance of a trust upon the occurrence of an event (not within the discretion of any person), the resulting trusts
will be treated as separate trusts for GST tax purposes.
As a general rule, where the focus is on the parties' direct financial contributions to the purchase price, a resulting trust
analysis will follow.
The distinction between resulting trusts
and constructive trusts appears to be waning, and courts are simply declaring a trust to be in existence.
15) There is no reference to the significance of the point for our understanding of resulting trusts
The IRS ruled that a resulting trust
was created and the trust assets were not includible in her estate.
These resulting trusts
will remain in existence for the lives of the living children, while trusts for the descendants of deceased children distribute outright to such descendants.
The "magic" occurs because, under a strict application of [section]2013, some of the surviving spouse's interests in the resulting trusts
created under the first to die's estate plan--which are not includible in his or her gross estate (3)--actually generate the TPT credit.
Geared toward the study of English law in a Bachelor of Laws (LLB), postgraduate, or conversion course, this work contains 13 chapters discussing equity and trusts, the creation of express private trusts, purpose trusts, constitution of trusts, secret trusts, protective and discretionary Trusts, Resulting Trusts
and Constructive Trusts, Charitable trusts, the nature of trusteeship, the duties of the trustees, the power of trustees, variation of trusts, breach of trust and remedies.
13 A trustee may make a qualified severance of a trust at any time, and the resulting trusts
are treated as separate trusts for GST tax purposes.