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Information Technology Management Class Notes_199436784-Class-Notes-Trusts

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McClean Spring 2005 Class Notes: Trust0105 Did review of book list. In the faculty on Mon or Wed. 3 hours and 15 minutes reading time on exam. Open book exam = materials, course outline, notes. No textbooks or library materials. Introduction: Definition of trust = An obligation imposed expressly by implication or by law whereby a person is obliged to deal with property to which that person has title for the benefit of people or purposes recognised by law, or for both. Obligation is an important word, all trusts are actually just obligations, are relationships, not stand alone entities like companies. Trusts can arise in 3 ways Expressly X transfers property to Y to hold for Z. Implication (implied intent) Are often called resulting trusts because they result from implied intent. Imposed by law Constructive trust, does not relate to the intention of the parties but according to what the law thought was proper. Terminology Settlor / Testator / Trustor may make the trust. An act is required to transfer the property. May transfer full property at once, or may do many smaller transfers of subsequent amounts. Provision will be made in the trust for the trustee to accept further contributions to the trust. Trusts give lots of flexibility. Initial property may be called trust corpus / trust capital / trust fund / trust res. We must distinguish the corpus from the income because trust may treat capital gain in a specific way. Say capital is $100, and you buy some shares, say increase ...
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