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I need some assistance with these assignment. secret trust: rationale behind the secret trust Thank you in advance for the help!
I need some assistance with these assignment. secret trust: rationale behind the secret trust Thank you in advance for the help! The Law of equity and trust confers the provision regarding trust. It laid down several duties and responsibilities for the trustees. As said before, generally we can define trust as a capacity by which a person can transfer title of the specific property to another who agrees to hold or manage it for the benefit of a third person. But when a person transfers his property to another person by way of gift or any other manner and it is implied that the same is to be kept as the trust on behalf of the beneficiary, then what will be the status of such property. .
Any description of trust includes an implied resulting or constructive trust and a bare trust. (1) (Sub-section (1) (a), Trust of land and Appointment of trustees Act 1996) an implied trust is based on the presumed intention of the parties at the time the property is acquired by the resulting trustee. That is the point at which the contributors' beneficial interests crystallize. The beneficial shares are unaffected by subsequent conduct. This scope of implied trust has been rightly explained in
A secret trust is an undercover arrangement between a testator and a trustee which operates outside the terms of the will. Equity enforces the settler’s true intentions to benefit the third party even though this is contrary to the provisions of the Wills Act 1837, which was itself based on long-standing principles of the old Statute of Fraud 1677.
Until 1677, there was no formality attached to the making of the will. Before the enactment of the 1677 statute, any person could deceive in the name of the bequest as it was made on behalf of him. But 1677 statute put an end to this fraud play by laid down the provision of the importance of signature and writing at the time of making Will. It was extended to all assets under section 9 of the Wills Act 1837.
