| 释义 |
sub-trust
(derivative trust) n. A trust created out of a trust such that A holds property on trust for B and B then declares himself to be trustee of his beneficial interest for C. If, in making such a declaration of trust, B has no duties to perform as trustee (because A continues to perform all such duties), then B will simply drop out of the picture leaving the original trustee, A, holding in trust for C (Grainge v Wilberforce (1889) 5 TLR 436). This is not a genuine example of a sub-trust. If B, however, by declaring the trust in favour of C, has some duty to perform in his capacity as trustee, then a genuine sub-trust will have been created and B will not drop out of the picture. For example, if B declares that he is holding his beneficial interest in trust for such of C and D as he shall appoint, he has created a discretionary sub-trust. B cannot drop out of the picture because he still has duties to perform. |