A trust is created where a trustee holds property on behalf of a beneficiary.
The trustee holds the legal title to such property subject to the interest of the beneficiary in such property.
A promisee will be regarded as a trustee of a promise if it was the clear intention of that party at the time of the contract was entered into. Unless an intention to create a trust is clearly to be collected from the language used and the circumstances of the case, the courts will be reluctant to infer such a trust exists.
Whether a trust is created will depend on a true construction of the terms of the contract and the intention of the parties. In deriving intention from the language that the parties have employed the courts may look to the nature of the transaction and the circumstances, including the commercial necessity of the arrangement.
The intention required to create a trust need not be held by both parties, it is sufficient if the promisee alone holds the intention.
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