Trust obligation: purchaser who buys under a contract must hold the property for beneficiaries to give effect to the contract. Where a person contracts to buy property to be held on trust for certain beneficiaries and buys the property accordingly, the purchaser must hold the property for those beneficiaries' benefit to the extent necessary to give effect to the contract, reflecting the principle of a contractual trust and limiting the duty to what is required to implement the contractual arrangement.
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 obligation: purchaser who buys under a contract must hold the property for beneficiaries to give effect to the contract.
Where a person contracts to buy property to be held on trust for certain beneficiaries and buys the property accordingly, the purchaser must hold the property for those beneficiaries' benefit to the extent necessary to give effect to the contract, reflecting the principle of a contractual trust and limiting the duty to what is required to implement the contractual arrangement.
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