法律英语词汇“trust”的翻译、意思、用法、释义-法律词典

单词

trust

释义

trust

trust an institution, developed in England by the Court of Chancery, whereby ownership of property is vested in one person (called a TRUSTEE) in order that the property be held for the benefit of another person (called a BENEFICIARY). Any property, real or personal, may be held in trust, although in English law, if the trust is other than a sim- ple trust, if land is to be so held the form of trust is required by statute to be either a strict settlement or a trust for sale and conversion. Trusts for sale are now rare since all trusts of land are united in a single regime under the Trusts of Land and Appointment of Trustees Act 1996. Trusts may be classified in a number of ways: they may be express trusts, created by act of the settlor, to give effect to his intentions as expressed in the trust instrument; they may be implied or resulting trusts, where the law implies a trust to give effect to the intentions of the settlor that are not explicitly expressed; or they may be construc- tive trusts, where the court imposes a trust on the legal owner of prop- erty where it feels, in the interests of equity and good conscience, that the beneficial interest should be enjoyed by someone else.

Express trusts may be public trusts or private trusts. Public trusts

are trusts established for the satisfaction of some purpose for the benefit of the public or a section of the public; under English law, such purpose trusts are void unless they are CHARITABLE (although this is not the case with some trust systems – mainly offshore trusts). Trusts may also be classified as to whether they are simple trusts (where the trustees have no active duties to perform, their sole func- tion being to hold the legal title for the beneficiaries) or special trusts, where the trustees manage the trust property for the benefit of the beneficiaries and the satisfaction of their beneficial interests. Special trusts may be either fixed trusts or discretionary trusts; a fixed trust is one in which each beneficiary has a fixed and certain interest under

387

trust corporation

the trust, which interest gives rise to rights that may be enforced against the trustees; an example of a fixed trust is where property is limited to X and Y on trust for A for life with remainder to B absolutely. Both A and B, because of their particular interests, have rights to income and capital respectively that are exercisable against the trustees. In contrast, a discretionary trust is one where the trustees have a discretion to exercise in deciding whether the beneficiaries shall receive what, if any, part of the trust property. Such trusts are usually coupled with a POWER so that the beneficiaries have no inter- est under the trust unless and until the discretion or power is exer- cised in their favour. An example would be where property is limit- ed to X and Y on trust for such of the children of Z as X and Y should in their absolute discretion appoint. See also VARIATION OF TRUSTS.

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