Resulting Trusts & Constructive Trusts
Unlike the “traditional” trust, which is created only by the execution of a legal document, a resulting trust arises from the intention of the parties or the nature of the transaction.
When a Resulting Trust Arises
A resulting trust can arise in three main types of circumstances: (1) One party pays the purchase price for the property and causes the title to be taken in another party’s name; (2) The Testator makes an incomplete disposition of Trust Property; or (3) An express trust fails in whole or in part. There are other circumstances when such a trust can arise, so it is important that the attorney reviews all of the facts and evidence you have in support of your side of the controversy.
Because a resulting trust usually infringes upon the express language of a written document, an individual seeking to establish such a trust must do so by clear and convincing evidence. The Attorneys at Hale Ball have handled multiple resulting trust cases, and we stand ready to assist you whether you might be considering this type of case, or if you are defending a claim being brought against you.
A constructive trust, on the other hand, is a tool of equity to prevent unjust enrichment or remedy a fraud. It is a type of “implied” trust which arises as a result of a judicial ruling rather than explicitly by a document.
When are Constructive Trusts Imposed?
Constructive trusts are often imposed where a person in a fiduciary capacity (such as an executor, administrator, or trustee) breaches a duty owed to a Plaintiff (such as a beneficiary of an estate). For example, if a beneficiary can prove to the court that a trustee took the property in the trust that was intended for the beneficiaries, the court can compel the trustee to surrender the wrongfully obtained property, or if that property was exchanged for money, a constructive trust could be imposed over whatever the individual used the money to purchase. If you have been wronged by fraud or breach of fiduciary duty, then this might be an option for you to pursue. The Attorneys at Hale Ball have helped clients dealing with constructive trusts in regard to the elderly, attorneys-in-fact, estate administration, business litigation, and more, both on the plaintiff’s side and the defense side.
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