BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to have held the property for benefit of another person.
Detailed explanation-2: -A resulting trust is an equitable reversion that arises by operation of law whenever a person has created an express intentional trust, but the express trust fails or does not completely dispose of the trust property.
Detailed explanation-3: -The law recognizes several kinds of trusts. Two types of trusts the law recognizes are express trusts and resulting trusts. The main difference between the two trusts is in how they are created. An express trust is intentionally created, while a resulting trust is not.
Detailed explanation-4: -The statement that is true is The allocation of income from a trust is discretionary. Losses that exceed income in a trust cannot be allocated to the beneficiary at the end of the year.