A resulting trust arises where:a.a parent transfers property to a son or daughter.b.property is transferred from one person to another person without payment with no evidence of intention to make a gift;c.a person finds property and holds it for the benefit of the owner;d.a trust is created but no beneficiaries are named;
Question
A resulting trust arises where:a.a parent transfers property to a son or daughter.b.property is transferred from one person to another person without payment with no evidence of intention to make a gift;c.a person finds property and holds it for the benefit of the owner;d.a trust is created but no beneficiaries are named;
Solution
A resulting trust arises in the situation where property is transferred from one person to another person without payment and there is no evidence of intention to make a gift. This is because in a resulting trust, the legal title is transferred to one person but the beneficial interest remains with the person who transferred the property or with the person who funded the purchase of the property.
In the other scenarios:
a. A parent transferring property to a son or daughter could be a gift or an advancement, not necessarily a resulting trust.
c. A person finding property and holding it for the benefit of the owner is more akin to a constructive trust, where the person who found the property has a duty to return it to the rightful owner.
d. A trust created but no beneficiaries are named could be a purpose trust or a discretionary trust, depending on the other terms of the trust. It does not necessarily result in a resulting trust.
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