BTC1110 Chapter Notes -Corporations Act 2001, Fide, Punitive Damages
6 Jul 2013
School
Department
Course
Professor
Document Summary
A trust is a relationship pursuant to which a person is obliged by the rules of equity to deal with certain property of other persons or for a particular purpose. Parties to the creation of an express trust: The settlor: the person who creates the trust. The trustee(s) the person appointed to carry out the settlor"s instructions and hold the trust property for the benefit of the beneficiary. The beneficiary (or beneficiaries): the person (or persons) for whose benefit the trust was created. May be a natural person or a body corporate. The law recognises the trustee as the legal owner of the trust property. Trustee can be the settlor and/or one of the beneficiaries but not the sole beneficiary. A trust would be unworkable if the trustee was unable to determine whether any particular person was a beneficiary. A trust is not a separate legal entity.
