72-38-120. Resulting trust upon failure of trust.
106 words·~1 min read·
/mt/title-72/chapter-38/part-1/72-38-120·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
72-38-120 . Resulting trust upon failure of trust. When the owner of property gratuitously transfers it and manifests in the trust instrument an intention that the transferee should hold the property in trust but the trust fails, the transferee holds the trust estate as a resulting trust for the transferor or the transferor's estate unless:
(1)the transferor manifested in the trust instrument an intention that no resulting trust should arise; or
(2)the intended trust fails for illegality and the policy against unjust enrichment of the transferee is outweighed by the policy against giving relief to a person who has entered into an illegal transaction.