<%@LANGUAGE="VBSCRIPT"%>
<%
option explicit
%>
<%
dim rsArticles, sSQL, gStr
set rsArticles = server.createobject("adodb.recordset")
rsArticles.cursorlocation = 3
sSQL = sSQL & "SELECT TOP 10 Articles.Article_ID, Articles.Article_Title, Articles.Article_Excerpt, "
sSQL = sSQL & "Articles.Article_Content, Articles.Article_Posted, Articles.Article_Comments, "
sSQL = sSQL & "Articles.Article_Images, Categories.Category_ID, Categories.Category_Title, Users.User_ID, "
sSQL = sSQL & "Users.User_Name FROM FB_Users AS Users INNER JOIN (FB_Categories AS Categories "
sSQL = sSQL & "INNER JOIN FB_Articles AS Articles ON Categories.Category_ID = Articles.Article_Category_ID) "
sSQL = sSQL & "ON Users.User_ID = Articles.Article_User_ID WHERE Article_Status = 1 AND Article_Level = 0 "
sSQL = sSQL & "ORDER BY Article_Posted DESC;"
rsArticles.open sSQL, adoConn
Do While Not rsArticles.EOF
gStr = gStr & "
" & vbCrLf
rsArticles.MoveNext
Loop
%>
<%=gStr%>
Trusts
The legal definition is “an equitable obligation binding the trustee to deal with property over which he has control (called the trust property) for the benefit of certain persons (called beneficiaries) of whom he may himself be one, and any one of whom may enforce the obligation”.
A trust is a method of setting property aside for another person without letting them have full control over the property. This is often done for people who could not properly deal with the property, such as minors. A family head may use this method to settle property on his family whilst still retaining an element of control over the property. Many trusts are set up for tax reasons.
The trustees possess the legal ownership of the property but can not treat it as their own personal property. The trustees must manage the property for the benefit of the beneficiaries according to the terms of the trust.
The trustees therefore have the legal interest and the beneficiaries the beneficial or equitable interest. The beneficiaries can enforce their rights against the trustees if need be.
A trust is different from a contract in that there need be no agreement between the person creating the trust and the beneficiaries.
The law of trust originates in equity rather than common law and for some time trusts were not recognised in common law. Trust law advanced over centuries based on equitable principals and now much of that law is contained in the Trustee Act 1925 and Trustee Act 2000.
Trust types .
Some of the key categories are dealt with below.
Express trusts.
These are created in writing or orally and provide for an express intention set out in the trust. A trust of a life insurance policy is usually made in writing or by deed.
Implied trusts.
Not created specifically, but implied from actions or things that are done. For instance where a partnership purchases property but the conveyance only names one partner. If they all paid it would be assumed that the property was for the benefit of all.
Resulting trusts.
This is when a trust fails for one reason or another and a replacing trust needs to be created to replace the original trusts. This second trust is for a different reason. An example in is Cleaver v Mutual Reserve Fund Life Association 1892. A man took out a life policy on his own life and it was set in trust for his wife. The wife murdered her husband and it was accepted that it was against public policy for the wife to gain through her own criminal actions. The original trust could therefore not work and a resulting trust was formed.
Bare trusts.
This is where the trust has a single duty to transfer to property under trust to the beneficiary. An example would be where the wife has rights under the policy under the Married Woman’s Property Act and is the sole adult beneficiary. The trustee’s job is simply to transfer the property to the single beneficiary.
Successive trusts.
A single trust set up where a succession of beneficiaries following set events is involved. For example a marriage settlement might be set up on trust for the husband’s life, and then pass to his wife and thereafter the surviving children. The final interest in a successive trust is called the ultimate trust.
Settlements.
In some cases the words settlement and trust are interposed. This is not totally correct as a settlement is slightly different. Under a settlement the trust has a life tenant and then passes to the beneficiaries. For instance property that passes to the wife under trust and then on her death goes to the children.
Fixed trusts.
This is where the beneficiary is fixed and the trustee can not change the position. This may apply to many of the cases above. This is not always suitable and this has lead to the flexible power of appointment.