TRUST, DEFINED

> A trust is a fiduciary relationship with respect to property which involves the existence of equitable
duties imposed upon the holder of the title to the property to deal with it for the benefit of another

> A person who establishes a trust is called the trustor while the one whose confidence is reposed is the
trustee, and the person for whose benefits the trust has been created is referred to as the beneficiary

> It is the right to the beneficial enjoyment of property, the legal title to which is vested in another

PARTY ACQUIRING PROPERTY BY MISTAKE CONSIDERED

TRUSTEE OF AN IMPLIED TRUST

NO TRUST CAN RESULT IN FAVOR OF A PARTY WHO IS

GUILTY OF FRAUD OR VIOLATES PUBLIC POLICY
> There can be no implied trust where the purchase is made in violation of an existing statute and in
evasion of its express provision, since no trust can result in favor of the party who is guilty of the fraud

NO PARTICULAR FORM REQUIRED BY LAW WITH

REGARD TRUSTS PRESCRIPTIVE PERIOD
> Ten years from the repudiation of the trust

> It is ten years because just as a resulting trust is an offspring of the law, so is the corresponding
obligation to convey the property and title thereto to the true owner.

> Reckoning point of repudiation is from the moment his possession thereof becomes adverse

TRUSTS, HOW EXPRESSED AND REGISTERED

> If a deed or other instrument is filed in order to transfer registered land in trust, or upon any equitable
condition or limitation expressed therein, or to create or declare a trust or other equitable interests in such
land without transfer, the particulars of the trust, condition, limitation or other equitable interest shall not
be entered on the certificate but only a memorandum thereof shall be entered by the words in trust, or
upon condition, or other apt words, and by a reference by number to the instrument authorizing or
creating the same

> A similar instrument shall be made upon the original instrument creating or declaring the trust or other
equitable interest with a reference by number to the certificate of title to which it relates and to the
volume and page in the registration book in which it is registered