Judiciary-Poetry-Logo
JPoetry

TRUST SIMPLICITER

Reach more audience. Place advert here.

Dictum

Trust, simpliciter, is the right enforceable solely in equity to the beneficial enjoyment of property to which another person holds the legal title. It is a property interest held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). For a trust to be valid, it must involve specific property. Certainty of subject matter is an important element in trust. It should reflect the settlor’s intent and be created for a lawful purpose.

— A. Fabiyi, J.S.C. Ibekwe v. Nwosu (2011) – SC.108/2006

Was this dictum helpful?

SHARE ON

IMPLIED TRUSTS DOES NOT REQUIRE AGREEMENT BETWEEN THE SETTLOR & TRUSTEE

An implied trust founded upon the unexpressed intention of the settlor and same is raised and created by implication of law from the surrounding circumstances of the case. It does not require agreement between the settlor and trustee. See Adekeye v Akin Olugbade (1987) 3 NWLR (Pt. 60) 214 at 227; Kotoye v Saraki (1994) 2 NWLR (Pt. 357) 414 at 443 Paragraph H. Constructive trust is neither granted nor accepted, but it is foisted upon the parties by the operation of law. To that extent, the question of whether the Appellant produced evidence of the resolution of the Board of the Respondent authorizing such a trust does not arise at all.

— P.A. Galumje, JSC. Huebner v Aeronautical Ind. Eng. (2017) – SC.198/2006

Was this dictum helpful?

CONSTRUCTIVE TRUSTS – EQUITY WILL NOT ALLOW LEGAL OWNER RETAIN BENEFICIAL INTEREST

A constructive or implied trust is the formula through which the conscience of equity finds expression. When property has been acquired in such circumstance that the holder of the legal title may not in good conscience retain the beneficial interest, equity converts him into a trustee. See Beatty v Guggenheim Exploration Co. 122 N.E 378, Black’s Law Dictionary 7th Edition, Page 1513.

— P.A. Galumje, JSC. Huebner v Aeronautical Ind. Eng. (2017) – SC.198/2006

Was this dictum helpful?

IMPLIED TRUST

RE: KAYFOLD LTD (In liquidation) 1975 1 All E.R. In that case the Managing Director of the company concerned about protecting customers who had send in money was advised to open a special account called a “customers Trust Deposit Account” into which such customers money will be deposed. The manager rather than open the account, the “Managing director agreed with his Banker to use an existing formal deposit account. After the customers funds had been deposited in the said account for the agreed purpose only, the Bank sought to apply those funds to other purposes. The court held that a trust had been created in favour of the customers of the company as the three certainties were present to create a trust.

Was this dictum helpful?

CONSTRUCTIVE TRUSTS IS NOT BASED ON THE PRIOR INTENTION OF THE PARTIES

In Kotoye v Saraki (1992) NWLR (Pt. 264) 156, (1992) 11/12 SCNJ 26, this Court held that constructive trust, as in this case, imposed by equity on the ground of conscience and is not based on the prior presumed intention of the parties. See Ughtevbe v Shonowo (supra); Ibekwe v Nwosu (2011) 9 NWLR (Pt. 1251) 1 at 5 Paragraphs A-C.

Was this dictum helpful?

CONSTRUCTIVE TRUSTS ON VALIDITY OF TITLE DOCUMENTS

Trust is defined at page 1513 of the Blacks Law Dictionary, 7th Edition as the right enforceable solely in equity to the beneficial enjoyment of property to which another person holds the legal title. Where a party claims certain property that is held in constructive trust for his own benefit, he has a duty to prove that the title document in possession of the trustee is valid and in proper custody. The moment he successfully contradicts and renders the title document in the name of the trustee invalid, his claim automatically fails, since the success of his claim depends largely on the validity of the documents of title in the name of the trustee.

— P.A. Galumje, JSC. Huebner v Aeronautical Ind. Eng. (2017) – SC.198/2006

Was this dictum helpful?

RESULTING TRUST IS TRUST IMPLICIT IN THE CONDUCT OF PARTIES

Resulting Trust is a trust that can be readily deduced as being implicit in the conduct of parties but without express intent. Black’s Law Dictionary relies on the definition of a resulting trust as made out in the case of Lifemark Corp. vs. Newit Jx. App. 14 Dist, 655 SW. 2d 310, 316 as a’ “trust that arises where a person makes or causes to be made a disposition of property under circumstances which raise an inference that he does not intend that person taking or holding that property should have the beneficial interest therein, unless inference is rebutted or the beneficial interest is otherwise effectively disposed of’.

— Pats-Acholonu, JSC. Ezennah v Atta (2004) – SC.226/2000

Was this dictum helpful?

Load More
No more related dictum to show.

Click the icons to like, follow, and join JPoetry

Facebook Twitter Whatsapp Telegram

Humongouz Empire

© 2025

designed by Humongouz Ztudio. 

TO – 2006 | UO – 2 | GO – 1612 | BO – 392

External link(s)

BOOK: First 2-years as a Law Student: Experiences and Lessons.