IMPLIED TRUST Meaning and
Definition
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An implied trust refers to a legal concept that arises when the intentions of a person in relation to their property are inferred or implied by law, even though no written agreement or formal declaration exists. In other words, it is a trust that is not explicitly stated but is understood or implied based on a person's actions, conduct, or relationship with another party.
An implied trust typically emerges in situations where it is assumed that the property owner intended to create a trust arrangement or had an obligation to hold the property for the benefit of another person. For an implied trust to be recognized, certain conditions must be met, such as clear evidence of the owner's intention to create a trust or the existence of a fiduciary relationship between the parties involved.
Implied trusts can be further categorized into two main types: resulting trusts and constructive trusts. Resulting trusts occur when the original owner of the property transfers it to another person but intends for the property to be held in trust for themselves or a third party. On the other hand, constructive trusts are created by the courts to prevent unjust enrichment or to ensure that someone who acquires property through dishonest or unfair means holds it in trust for the rightful owner.
Overall, an implied trust refers to the recognition by law that certain circumstances or relationships give rise to the presumption of a trust, even if not expressly stated, as it aims to uphold fairness and prevent unjust outcomes.
Common Misspellings for IMPLIED TRUST
- umplied trust
- jmplied trust
- kmplied trust
- omplied trust
- 9mplied trust
- 8mplied trust
- inplied trust
- ikplied trust
- ijplied trust
- imolied trust
- imllied trust
- im-lied trust
- im0lied trust
- impkied trust
- imppied trust
- impoied trust
- implued trust
- impljed trust
- implked trust
Etymology of IMPLIED TRUST
The word "implied" comes from the Latin word "implere", which means "to fill", suggesting that something is inferred or suggested without being explicitly stated. The word "trust" has Old Norse and Old English origins. In Old Norse, "traust" means "confidence" or "reliability", while in Old English, "trēowian" means "to have faith in" or "to rely on". The combination of these two words, "implied trust", refers to a legal concept where trust and confidence are inferred based on the circumstances and actions of individuals, even though there is no explicit agreement or formal documentation.
Similar spelling word for IMPLIED TRUST
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