What does implied resulting or constructive trust mean?
Also asked, what is the meaning of constructive trust?
A constructive trust is an equitable remedy imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding a legal property right which they should not possess due to unjust enrichment or interference, or due to a breach of fiduciary duty, which is
Additionally, can there be an implied trust? An implied trust may not be expressly defined as a trust in a will or other legal document, rather a court determines that a trust agreement exists by looking at the nature of the arrangement the parties have made. There are three types of implied trusts: statutory trusts, resulting trusts, and constructive trusts.
Simply so, 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.
What are the three requirements of a constructive trust?
“The imposition of a constructive trust requires: (1) the existence of res (property or some interest in property); (2) the right of the complaining party to that res; and (3) some wrongful acquisition or detention of the res by another party who is not entitled to it.” See Burlesci v. Petersen, 68 Cal.