Can there be an implied trust?
Thereof, what is an implied trust in land?
When co-ownership of a land is granted to a person whose name is not recorded as trustees or under the title, it is called as implied trust. This usually happens when someone buys the land or pays for improvement of the property, thereby acquiring an interest on it. Implied trusts are of two different types.
Subsequently, question is, is a trust a person? A trust is a legal relationship between a trustee, a trustor and a beneficiary. The trustee is the person responsible for managing the assets and handling the trust on behalf of the beneficiary. A trustor is the person who creates the trust and the beneficiary is the person for whose benefit the trust is created.
Correspondingly, what is the difference between a constructive trust and a resulting trust?
A resulting trust is based upon the presumed intention that arises where a person provides funds for the purchase of property. A constructive trust is founded upon a common intention that can either be expressed or inferred but cannot be based upon an intention that the parties never in fact had.
What are the two forms of implied trust?
There are three types of implied trusts: statutory trusts, resulting trusts, and constructive trusts. A statutory trust arises when a statute, or law, creates a trust. One type of statutory trust exists when a state's law allows a trustee to sell a real property for a beneficiary.