Trust property reversion: where a trust cannot be executed or remains unexhausted, assets revert to settlor's estate. Where a trust is incapable of being executed or is completely executed without exhausting the trust-property, the trustee, in the absence of a direction to the contrary, must hold the unexhausted trust-property for the benefit of the author of the trust or his legal representative; illustrations include undeclared trusts, vague or inoperative trusts, renounced interests, and failure of specified purposes, in which event residue or undisposed interest is held for the settlor or the settlor's legal representative as a resulting trust.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Trust property reversion: where a trust cannot be executed or remains unexhausted, assets revert to settlor's estate.
Where a trust is incapable of being executed or is completely executed without exhausting the trust-property, the trustee, in the absence of a direction to the contrary, must hold the unexhausted trust-property for the benefit of the author of the trust or his legal representative; illustrations include undeclared trusts, vague or inoperative trusts, renounced interests, and failure of specified purposes, in which event residue or undisposed interest is held for the settlor or the settlor's legal representative as a resulting trust.
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